Banks argues in the memo that “both parties are undergoing coalitional transformations” and that Republicans shouldn’t fight the trend of corporate donors pulling back from the GOP.

“Our electoral success in the 2022 midterm election will be determined by our willingness to embrace our new coalition,” the memo says. “House Republicans can broaden our electorate, increase voter turnout, and take back the House by enthusiastically rebranding and reorienting as the Party of the Working Class.”

“There is an embittered and loud minority in the GOP that finds our new coalition distasteful, but President Trump’s gift didn’t come with a receipt,” he adds.

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