1792 Insights
The 1792 Exchange is committed to delivering sharp, data-driven analysis of corporate America’s political entanglements. Discover what investors, executives, and concerned citizens should know regarding why businesses should return to neutral, mission-focused operations.
Schwab and Walmart get it right on not covering “gender transitions” for minors
July 28, 2026Consider the millions of working parents who show up every day at their jobs, work hard to support their families and pay into their company’s healthcare plans. They trust that their premiums will fund genuine medical care, not repeat one of medicine’s darkest mistakes. In our not-so-distant past, frontal lobotomies were performed to “treat” psychiatric conditions — despite limited evidence of effectiveness. The operations had devastating long-term effects and no proven medical benefit. It was not long before the world realized what a serious mistake was being committed and put a stop to this abusive “treatment.” Today’s unproven “gender-affirming” interventions on minors use surgery, hormones and puberty blockers to address a mental health condition with similarly irreversible consequences: permanent sterilization, the removal of healthy organs and lifelong physical and emotional damage. No responsible modern healthcare plan would cover frontal lobotomies, yet many quietly fund these experimental sex-denying procedures on children. Let us not repeat that shameful history on our gender-dysphoric youths. This is not healthcare. These are not medically necessary procedures. These are not minor adjustments or reversible treatments. They are costly, permanently damaging experiments on our children, who lack the maturity and legal capacity to count the cost of …
550+ Companies Covering Sex-Denying Procedures for Minor Dependents
July 28, 2026According to February 2026 data from the Human Rights Campaign, 550+ companies provide health insurance coverage for transgender medical interventions, including puberty blockers, hormones, and surgical procedures, to covered minor dependents through their employee health plans. HRC reports this information after a corporate representative uses an online HRC portal to upload, or affirm a previously uploaded copy of, the company’s Summary Plan Description (SPD) or Summary of Material Modification (SMM) that explicitly shows coverage for transition-related care. The representative must also upload a copy of the company’s applicable clinical guidelines (medical policy). These companies range from major financial institutions and law firms to retailers, insurers, and tech giants. Shareholders, customers, parents, and employees deserve to know where their companies stand. 1792 Exchange calls on every company on this list to adopt clear protections for minor dependents in their healthcare plans and get back to business. A&O Shearman Adaptive Biotechnologies Corporation Billtrust Box Inc. Griffith Foods Group Hanover Insurance Horizon Blue Cross Blue Shield of New Jersey HSBC Holdings Linklaters Mayer Brown MERGE Moderna Neuberger Berman Group NTT DATA Services NTT Global Data Centers Americas PGA TOUR Publicis Health Publicis Media Sony Interactive Entertainment Sony Music Sony Pictures Steptoe Sutherland Global …
DOJ Sides With Insurer That Won’t Cover “Transition” Surgery for Minor
July 27, 2026On July 13, 2026, the Department of Justice urged the Ninth Circuit to reverse a ruling that had ordered Premera Blue Cross to cover chest surgery for a young girl. The Justice Department’s brief argues the exclusion is not sex discrimination but a “sensible policy … rooted in biological reality, developmental psychology, and medical diagnosis.” Premera covers a mastectomy for a boy with gynecomastia and for a girl with breast cancer, but declines the same surgery when it is performed on a healthy adolescent, boys and girls alike. The line, the brief says, is the diagnosis, not the patient’s sex, and it reads the Supreme Court’s 2025 decision in Skrmetti to say exactly that. Every federal appeals court to weigh the question since, the brief notes, has rejected the lower court’s reasoning. The whole dispute turns on one phrase, “medically necessary.” That label rests heavily on the standards of the World Professional Association for Transgender Health, the same WPATH the FTC and multiple states are now suing for stripping surgical age limits without evidentiary basis and calling virtually every pediatric “transition” service “medically necessary.” The brief itself cites England’s Cass Review and a 2025 HHS review that found the evidence …
1792 Exchange applauds the meaningful progress at Charles Schwab
July 8, 2026Inspire Investing deserves strong credit for years of dedicated corporate engagement and a broader commitment to policies that advance human dignity, viewpoint diversity, and long-term shareholder value. Inspire began engaging Schwab in 2023, constructively raising key issues around political neutrality, employee benefits, and workplace culture. Their persistence helped bring these matters forward and supported productive, ongoing dialogue with the company. We especially commend Charles Schwab for their action to stop covering medical gender interventions for minors and to exit the Human Rights Campaign’s Corporate Equality Index. The company confirmed to Inspire that its current self-insured health plan, as well as third-party administered plans available to employees, no longer cover gender-transition surgeries or pharmaceutical treatments for minors. Schwab has also ceased participation in the HRC’s index. These steps reflect strong leadership in refocusing on core business priorities rather than ideological agendas. The company further clarified that religious organizations remain eligible for its employee gift-matching program. Based on these developments, Inspire withdrew its shareholder proposal. Schwab is to be applauded as only the second major company we know to publicly taking this step to protect minors (after Walmart). We know other companies have taken or are considering taking similar action, and we encourage …
The Full CEI Equality 100 List
July 8, 2026A verified 100 on HRC’s Corporate Equality Index means the employer has adopted every policy on the Human Rights Campaign’s checklist. To score 100, an employer must, among other things, cover gender-transition procedures in its health plans with no exclusions (including minor dependents). HRC can also strip points for any activity it deems to “undermine” LGBTQ+ equality. The CEI is voluntary. Companies choose to log into the HRC portal and submit public and private company documents for a rating. The HRC expands the criteria every few years, meaning a 100 over time indicates continual adoption of new policies and practices it introduces. A&O Shearman Attentive Mobile Inc. Avita Care Solutions Box Inc. ClearView Healthcare Partners Factor Systems, LLC dba Billtrust Griffith Foods Group Inc. The Hanover Insurance Group Inc. Hitachi Digital Services Horizon Blue Cross Blue Shield of New Jersey Linklaters Mayer Brown LLP MERGE Moderna Inc. Neuberger Berman Group LLC NTT DATA Services, LLC PGA TOUR, Inc. PointClickCare Technologies Inc. Publicis Health RBC Capital Markets RBC Wealth Management Sony Interactive Entertainment LLC Steptoe LLP Sutherland Global Services Inc. List based on data from Human Rights Campaign as of July 8, 2026.
Doug Napier on Getting Corporate America Back to Business
July 7, 2026Christian Business Leaders Podcast with Darren Shearer 1792 Exchange Executive Chairman and CEO Douglas Napier joined Darren Shearer on the Christian Business Leaders Podcast to discuss the growing corporate accountability movement, the legal and reputational risks of DEI programs, Benevity’s use of the SPLC’s discredited hate list, and what it truly means to get Corporate America back to business. DEI Is Discrimination — and Companies Are at Legal Risk Most corporate DEI policies carry real legal exposure. Doug explains why the Supreme Court’s affirmative action ruling is closer to the boardroom than most companies realize — and how 1792 Exchange helps companies chart a roadmap out. Companies Are Tired of Activist Pressure After years of activist organizations demanding more, companies are saying enough is enough. Doug breaks down 1792 Exchange’s Back to Business tracker and what 250+ corporate engagements last year revealed about where corporate America is heading. The SPLC’s Hate List Embedded in Corporate Charitable Giving. Benevity built the SPLC’s hate list directly into its platform — as the default filter — for 200+ Fortune 1000 companies, many of which had no idea it was there. Shareholders vs. Stakeholders: How the Purpose of a Corporation Changed Five years ago, …