Sen. Elizabeth Warren Reintroduces the 2018 Accountable Capitalism Act
Likely inspired by the anger displayed against capitalism with the surprising support in social media for the cold-blooded murder of Brian Thompson, a health care executive, the Massachusetts senator brings back a law that failed to pass when first introduced.Click here for links to information about EEA sponsors; here to subscribe to ESM weekly; here for an ESM media kit.
Sen. Elizabeth Warren of Massachusetts re-introduced her 2018 Accountable Capitalism Act, which would establish an unprecedented level of government oversight over large corporations. The law would require companies with revenue exceeding $1 billion to secure a US charter that could be revoked should they fail to comply.
Employees would have the right to elect 40% of the board, and 75% vote of shareholders and directors would have to sign off on campaign or political contributions.
Directors would have a legal duty to take into account the interests of all stakeholders, including shareholders, employees, and the environment, as well as consider the long-term interests of the enterprise.
It would also include restrictions on the ability for board members and management to take advantage of stock buybacks.
The bill is unlikely to go anywhere in the next Senate and has as a result so far received little media attention.
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