Year after year, corporate profits soar for executives & shareholders – but workers’ wages barely budge. I’m reintroducing my Accountable Capitalism Act with @repbenraylujan to empower workers & help fix this fundamental problem with our economy. vox.com/2018/8/15/1768…
The Accountable Capitalism Act holds businesses accountable to their employees, not just shareholders:
✅Requires workers to elect 40% of board
✅Restricts board & execs’ company stock sales
✅Requires 75% of execs & shareholders' approval for political expenditures
✅Requires workers to elect 40% of board
✅Restricts board & execs’ company stock sales
✅Requires 75% of execs & shareholders' approval for political expenditures
It also requires billion-dollar companies to obtain a federal charter requiring directors to consider the interests of ALL their stakeholders, including employees, customers, & their communities. That charter can be revoked if a company has egregious & repeated illegal conduct.
181 CEOs signed a @BizRoundtable non-binding pledge to account for workers & consumers in their decisions. I’m urging companies like @Amazon, @Walmart, @GM, @JPMorgan, @ATT, & @Comcast to keep that promise by supporting our Accountable Capitalism reforms. warren.senate.gov/oversight/lett…
For most of America’s history, when our companies did better, our workers did better – and America built a thriving middle class. The Accountable Capitalism Act will help realign our skewed market incentives so companies & workers can once again do well together.
