And it's not just businesses, but local Chamber of Commerce chapters -- at least 60 have left since 2009 because of the Chamber's "extreme positions." (Only 249 of the 7,000 local chambers are members of the national organization.)
Ignoring those companies opposed to the Chamber's stand on climate change is easy. Why? Money, of course. A third of the Chamber's revenue comes from just 19 companies, many of them in the energy industry.
The case of pharmacy giant CVS Health is also instructive. In 2014, it became the first big drug-store chain to remove cigarettes and other tobacco products from its stores -- the reasoning being that it's in a business related to health care. The following year, after reports that the Chamber was working around the world to fight antismoking measures, CVS decided to drop its membership.
Another schism between the Chamber and most of its membership is over the minimum wage. The Washington Post reported that leaked documents from Republican pollster Frank Luntz showed that 80 percent of business owners supported raising the pay floor:
LuntzGlobal managing director David Merritt told state chamber executives in a webinar describing the results…that it squares with other polling they’ve done. "And this is universal. If you’re fighting against a minimum wage increase, you’re fighting an uphill battle, because most Americans, even most Republicans, are okay with raising the minimum wage."
The Chamber is opposed to a higher minimum wage.
Some of the dissatisfaction with the Chamber is reflected in the growth of alternative business lobbying groups. Groups such as the American Sustainable Business Council, the Main Street Alliance and the Small Business Majority have blossomed. A number of larger corporations (including Bloomberg LP, parent of Bloomberg News), have joined Ceres, which is committed to creating "a thriving, sustainable global economy" -- a charge that puts it at odds with the U.S. Chamber on a number of issues.
The Chamber’s priorities are aligned with the small number of companies that are its largest contributors. Maybe that's only natural. In any case, it no longer seems like the organization serves the interests of business at large.
Barry Ritholtz started the Big Picture blog in 2003 and is the founder of Ritholtz Wealth Management, an asset management and financial planning firm.