There’s something rotten at the core of our economy.
And I’ve just introduced a new bill to help fix it.
For the past few decades, the wealthy shareholders of giant corporations have gobbled up trillions of dollars in surging profits. But even though workers have been getting more and more productive, their wages have stayed flat.
The rich have gotten richer, and workers aren’t getting their fair share.
That’s why I’ve introduced a big new bill, the Accountable Capitalism Act, to get giant corporations to focus more on the interests of their workers – not just their wealthy shareholders.
If you think workers have been getting a raw deal, and if you want to see a solution, join me and become a citizen co-sponsor. This bill is for the people – and the people need to raise their voices to turn it into law.
The Accountable Capitalism Act wouldn’t cost taxpayers a penny, but it would do four big things to help un-rig our economy so that it works for workers, not just the wealthy and well-connected.
I’ll get wonky for a minute – here are the details:
- Big corporations that make more than $1 billion a year in revenue would need to get new charters from the federal government. Those new charters would make it clear that the companies must consider the interests of their workers – and other people affected by the company – not just shareholders.
- Workers would elect at least 40% of board members for big corporations – giving them seats at the table when big decisions need to be made.
- To make sure CEOs are focused on the long-term success of the company, rather than the short-term interests of shareholders, executives at big corporations wouldn’t be able to sell company shares for at least five years after receiving them – and for at least three years after a stock buyback.
- And corporate executives wouldn’t be able to use company dollars to make political contributions unless they got approval from 75% of directors and shareholders.
The bill covers a lot of ground. Its scope is wide – to match the scale of the problem we face.
Right now, big corporations work only for their shareholders, which means they focus too much on the needs of the wealthy – because more than 80% of shares are held by the wealthiest top 10% of Americans.
Things weren’t always this way. Back in the early 1980s, big corporations directed less than half of their earnings to shareholders. But between 2007 and 2016, that shot up to 93%. That only leaves 7% for everything else – including letting workers share in the success that they’ve helped make possible, building a new factory and creating more jobs, or investing in the company’s next big idea.
The long-term effect on American workers has been devastating: Trillions of dollars in corporate profits have been redirected from the workers who helped produce them.
My bill will help restore balance and level the playing field. Big corporations would need to focus more broadly on what’s good for their workers and customers – not just single-mindedly sending as much money to their shareholders as possible.
But this will only get done if we all raise our voices.