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🍿Justice is Served @pleasesaveour
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💥Thread: Warren Introduces Accountable Capitalism Act
Comprehensive Legislation to Eliminate Skewed Market Incentives and Return to the Era When American Corporations and American Workers Did Well Together
warren.senate.gov/imo/media/doc/…
1. Requires very large American corporations to obtain a federal charter as a "United States corporation," which obligates company directors to consider the interests of all corporate stakeholders: American corporations with more than $1 billion in annual revenue must obtain a 2/
federal charter from a newly formed Office of United States Corporations at the Department of Commerce.
•Empowers workers at United States corporations to elect at least 40% of Board members
•Restricts the sales of company shares by the directors and officers of
US corporations
the bill prohibits directors and officers of United States corporations from selling company shares within five years of receiving them or within three years of a company stock buyback. 4/
•Prohibits United States corporations from making any political expenditures without the approval of 75% of its directors and shareholders
•Permits the fed to revoke the charter of a United States corporation if the company has engaged in repeated and egregious illegal conduct
@Forbes •Sen. Elizabeth Warren proposes a new bill that would ban members of Congress and the White House staff from owning individual stocks. As an ,alternative, the legislation would create "conflict-free investment opportunities for federal officials with new investment acct.
Warren said the bill is designed to "eliminate the influence of money in federal government."
💥Warren's bill would also impose a lifetime ban on lobbying for presidents and federal lawmakers, and would bar U.S. lobbyists from using foreign cash to affect American policy.
💥It would slap new taxes on "excessive lobbying" of more than $500,000 a year.
💥It would bind Supreme Court justices to a code of conduct recognized by other federal judges.
💥the measure would require presidential candidates to share years of previous tax returns every year
This problem is far bigger than Trump," Warren said. "It is a crisis. A crisis of faith."

💥In pursuit of ending both the appearance and the potential for financial conflicts of interest, Warren's bill would prohibit federal lawmakers, judges, Cabinet secretaries and other
senior congressional staff from owning individual stocks while in office. It would also bar all government officials from holding stocks the value of which might be influenced by their work in office.
Her list of targets included Trump administration officials such as Education Secretary Betsy DeVos, former Health and Human Services Secretary Tom Price and former EPA chief Scott Pruitt. The latter two left the administration under a cloud of scandal.

She accused Citibank of working to erode financial regulations, and criticized Exxon Mobil, which she said employs nearly two dozen lobbyists who previously worked for Republicans and Democrats on Capitol Hill.



forbes.com/sites/rhockett…
A few more points:
💥It requires ultra-large corporations, which are too big to be controlled by the states that charter them, to receive a federal charter as well.
💥It requires the boards of these mega-firms to consider the interests of more than just mega-shareholders in corp.
decision-making; they must also consider the interests of their workers and their surrounding communities.
💥Requires the mega-firms to include worker representation on their boards, to disclose their political lobbying activities, and to receive 75% board and shareholder app.
roval before trying to influence our elections and our elected legislators through those forms of ‘laundered’ bribery and extortion known as ‘campaign contributions’ and ‘political expenditures.’ It also prohibits mega-firms’ officers from profiting by sales of their firms’
stock until after a ‘cooling off period’ that eliminates the incentive to engage in short-term stock price manipulation.
The Accountable Capitalism Act is meant to begin to restore some semblance of that pragmatic balance among growth, inclusivity, and responsibility that was
the hallmark of American-style capitalism for decades – indeed, for over a century. That was a kind of ‘social contract’ pursuant to which workers and owners shared in the nation’s productivity gains, corporate officers looked out for their workers and surrounding communities in
addition to their largest shareholders, and our elected representatives oversaw our firms rather than being owned by them.
These were the minimal ‘strings’ attached to those extraordinary privileges – including limited liability (a synonym for which is ‘limited accountability’)
privileges that only we the people through our elec officials could bestow in the first place. What Warren’s legislation does is 1st to remind us of the very ex of this social contract to restore that is to restore our Am form of capitalism itself and with it the middle class.👊
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