Person

David Wallack

Nationality:

American

Occupation:

Fundraising

David Wallack is a Democratic Party fundraiser who is the executive director of For The Long Term, a nonprofit on which promotes investment practices in line with left-progressive environmental, social, and governance (ESG) policy goals. In this role, he pressures corporations into adopting left-of-center climate change and racial and gender programs by threatening to withhold the investments of state, county, and tribal pension programs. He has also held positions with the Democratic Treasurers Association, including executive director. [1]

Education and Early Career

After a brief stint with the Democratic Senatorial Campaign Committee (DSCC) in 1996, Wallack spent the next two years working as the western regional finance director of the Democratic Congressional Campaign Committee (DCCC). Wallack then returned to college and earned a master of business administration (MBA) from Stanford University Graduate School of Business. After graduation, he founded the California-based fundraising consultancy group Evans and Wallack LLC, where he worked until 2006. [2]

Wallack’s firm received seven payments totaling $57,452 from then-U.S. Senator Bob Graham (D-FL) during the 2003-2004 election cycle, while he sought the Democratic presidential nomination. [3] In 2007, Wallack began working for the Dvara Trust, which makes microloans for entrepreneurial undertakings in India. [4] [5] He remains a trustee at Dvara. [6]

For The Long Term

Since January 2020, Wallack has also worked as the executive director of For The Long Term, a nonprofit advocacy group whose headquarters are based in Morrisville, Vermont. For The Long Term has been characterized as the nonprofit arm associated with the Democratic Treasurers Association (DTA), and its members manage pension funds worth more than $1.2 trillion. [7] Wallack has been listed as executive director of DTA on regulatory filings. [8]

For The Long Term pressures targeted corporations to adopt ESG policies, such as divesting from conventional fuels [9] and promoting affirmative action programs based on race and gender. Wallack claims this political agenda promotes their constituents’ well-being on the basis that climate change threatens the security of public pensions. [10]

Several individual members have adopted these programs. For example, Illinois State Treasurer Michael Frerichs (D) said in a 2021 statement that the state would take racial and gender diversity into account in the state’s investments. [11] The group also unsuccessfully pressured Activision Blizzard Inc. to fire CEO Bobby Kotick in November 2021 over allegations that he knew of a culture of sexual harassment inside the corporation. [12]

The organization, which attained nonprofit status in August 2021 had not yet released publicly available financial information. [13]  However, its website states that the nonprofit is supported by the Ford Foundation and the Omidyar Network. [14] [15]

For The Long Term states that it has the support of 17 treasurers, most from liberal states like Vermont and Washington State but also from more conservative states like Kansas and Iowa. For The Long Term also includes three treasurers from major U.S. counties: Sarah Benetar of Coconino County, Arizona; Hank Levy of Alameda County, California; and Robert Wittenberg of Oakland County, Michigan. [16]

Democratic Treasurers Association

Wallack is listed as the executive director of the Democratic Treasurers Association (DTA) in a 2020 filing with North Dakota, which describes DTA as a “Political Action Committee.” [17]The DTA was created in 2019. [18] The organization advocates for left-of-center priorities on matters related to education, infrastructure, the environment, and workplace equality; and published a number of Medium.com posts in 2020 about honoring election results, essential workers, and other matters. [19] [20]Also in 2020, it endorsed President Joe Biden over then-President Donald Trump, citing reasons related to states’ finances because of the COVID-19 pandemic, Biden’s personality, and government-funded programs Biden endorsed on the campaign trail. [21]

In April 2020, Wallack signed onto a letter with other left-of-center organizations urging AT&T to change a new policy related to shareholder participation in a virtual shareholder meeting. The signers said AT&T’s policy may have violated multiple shareholder participation laws. [22]

References

  1. “Democratic Treasurers Association – North Dakota.” North Dakota secretary of State – Campaign Finance Online. Accessed April 4, 2022. https://cf.sos.nd.gov/search/showcommittee.aspx?cid=2661&yr=2020. ^
  2.  “Dave Wallack.” LinkedIn. Accessed March 21, 2022. https://www.linkedin.com/in/dave-wallack-38313a39 ^
  3. “Bob Graham, Expenditures 2003 – 2004.” OpenSecrets.org. Accessed March 21, 2022. https://www.opensecrets.org/members-of-congress/bob-graham/expenditures?cid=N00002742&cycle=2004 ^
  4. Dave Wallack.” LinkedIn. Accessed March 21, 2022. https://www.linkedin.com/in/dave-wallack-38313a39 ^
  5. “Overview.” Dvara Holdings. Accessed March 21, 2022. https://www.dvara.com/about-us/overview ^
  6. [1]“Dave Wallack.” Dvara Holdings. Accessed March 21, 2022. https://www.dvara.com/governance/dave-wallack ^
  7. 350 Butte County Facebook post, May 17, 2021. Accessed March 21, 2022. https://www.facebook.com/chico350buttecounty/posts/for-the-long-term-is-the-501c3-for-the-democratic-treasurers-association-they-se/4318432788190554 ^
  8. “Democratic Treasurers Association – North Dakota.” North Dakota Campaign Finance Online. Accessed March 21, 2022. North Dakota Secretary of State – Campaign Finance Online (nd.gov) ^
  9. Matthew Choi. “The industrial strength climate test.” Politico. February 15, 2022. Accessed March 21, 2022. https://www.politico.com/newsletters/morning-energy/2022/02/15/the-industrial-strength-climate-test-00008857 ^
  10. Zack Colman and Jordan Wolman. “Climate investing ‘boycott bills’ flood state capitals.” Politico. February 15, 2022. Accessed March 21, 2022. https://www.politico.com/news/2022/02/15/climate-investing-boycott-bills-flood-state-capitals-00008641 ^
  11. Michael Frerichs. “2021 Proxy Voting Policy Statement.” February 24, 2021. Accessed March 21, 2022. https://illinoistreasurergovprod.blob.core.usgovcloudapi.net/twocms/media/doc/sto%20-%202021%20proxy%20voting%20policy%20statement.pdf ^
  12. The Long Term letter to Activision Blizzard Board Members. November 23, 2021. Accessed March 21, 2022. https://illinoistreasurergovprod.blob.core.usgovcloudapi.net/twocms/media/doc/ftlt%20letter%20to%20activision%20blizzard%20(11.23.2021).pdf ^
  13. “For The Long Term.” ProPublica. Accessed March 21, 2022. https://projects.propublica.org/nonprofits/organizations/853008040 ^
  14. “For The Long Term.” Guidestar. Accessed March 21, 2022. https://www.guidestar.org/profile/85-3008040 ^
  15. “For The Long Term.” Accessed March 21, 2022. https://www.forthelongterm.org ^
  16. “Treasurers.” For The Long Term. Accessed March 21, 2022. https://www.forthelongterm.org/treasurers ^
  17. [1]“Democratic Treasurers Association – North Dakota.” North Dakota Campaign Finance Online. Accessed March 21, 2022. North Dakota Secretary of State – Campaign Finance Online (nd.gov) ^
  18. About Us, Democratic Treasurers Association. Accessed March 21, 2022. Partner (democratictreasurers.org) ^
  19. Democratic Treasurers Association, Medium.com profile page. Accessed March 21, 2022. Democratic Treasurers Association – Medium ^
  20. Democratic Treasurers Association profile page, Gain Power. Accessed March 21, 2022. Democratic Treasurers Association – GAIN Power ^
  21. “Democratic Treasurers Association endorses Joe Biden for President.” The American Presidency Project. July 28, 2020. Accessed March 21, 2022. Campaign Press Release – ICYMI: Democratic Treasurers Association (DTA) Endorses Joe Biden for President | The American Presidency Project (ucsb.edu) ^
  22. Shareholder letter, AT&T shareholder meeting, April 21, 2020. Accessed March 21, 2022. Microsoft Word – Investor letter to ATT v3 (cii.org) ^
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