Elizabeth Warren introduces Senate bill to hold capitalism ‘accountable’

https://www.theguardian.com/us-news/2024/dec/11/elizabeth-warren-capitalism-accountable-senate-bill

22 comments

  1. A bit from the article:

    > The Accountable Capitalism Act proposes a series of reforms to increase corporate responsibility, strengthen the voices of workers and others in corporate decisions and shift companies away from their focus on shareholders.
    >
    > In the 1980s, the largest corporations in the US dedicated less than half of profits to shareholders, reinvesting the rest into the company, according to a fact sheet on the bill provided by Warren’s office to the Guardian.
    >
    > But over the past decade, more and more profits have gone to shareholders rather than workers or long-term investments. During the same period, worker productivity has risen, with only modest increases to real wages for the median worker, while income and wealth inequality have soared.
    >
    > “Workers are a major reason corporate profits are surging, but their salaries have barely moved while corporations’ shareholders make out like bandits,” said Senator Warren in a statement on the bill “We need to stand up for working people and hold giant companies responsible for decisions that hurt workers and consumers while lining shareholders’ pockets.”

  2. I appreciate her efforts but am pessimistic that it will make any difference.

  3. Here’s more about the bill:

    > The bill would mandate corporations with over $1bn in annual revenue obtain a federal charter as a “United States Corporation” under the obligation to consider the interests of all stakeholders and corporations engaging in repeated and egregious illegal conduct can have their charters revoked.

    > The legislation would also mandate that at least 40% of a corporation’s board of directors be chosen directly by employees and would enact restrictions on corporate directors and officers from selling stocks within five years of receiving the shares or three years within a company stock buyback.

    > All political expenditures by corporations would also have to be approved by at least 75% of shareholders and directors.

  4. No helping.

    You only win by telling the public it was the poor that took all your money, then blame anything that goes wrong on the opposition.

    POOF!

    Presto Chango, you will win re-election with ease.

    ~

    Americans are suckers ~~for a sob story~~.

  5. Not a chance in hell these greedy politicians pass any of it. I do support her efforts however.

  6. She should call for capitalism to come testify. Really see what capitalism is up to 

  7. America was founded under capitalism. There is no way the government and the corporate entities which government serves under would allow any legislation that restricts it.

  8. I’m not a fan of Warren. I honestly think she’s a moron.

    But….she is onto something with this concept of a registered US corporation.

    One of the problems with our system is that we’re not in an era where “What’s good for Ford Motor is good for Americans too….” because companies make stuff all over the world. Who cares if their marketing department is in the US?

    And we should treat some of these companies almost like other countries. Like I want to say that Amazon has a revenue that’s similar to Ecuador’s GDP. Why does Ecuador have to have an ambassador and we can google where the embassy is…..but Amazon is just “a company”? I mean, they both clearly have their own interests and will (understandably) advocate for their interests.

    So I do like that she’s suggesting making companies pick a side.

  9. Love the idea but does she have a plan on how to get this thing passed?

  11. Lol oh great, NOW Senator Warren wants to take action?

    Where was she 4 years ago?

    Oh right, having champagne with her Republican friends.

  12. Basically bringing back the original corporation charter. Good. Im also a believer in following citizens united to its logical endpoint (thanks Dollop) – convict a board or two of manslaughter or homicide. Neither of these will happen, but at least she’s trying *something*. 

  13. They have accountants. Make their Accountants pay taxes.

  14. Maybe this woman should try something else.

    She sucks as a Senator. All I see are speeches and tweets saying she’ll get things changed. Yet, it’s always the status quo.

    What an ineffective leader.

  15. Here’s an idea. Kill Citizens United.. good place to start.

  17. I am so glad she lost her primary. This country is built on capitalism.

  18. Nice performance, but where was this when the Dems had the. House from 2021-2023?

  19. If ever there was a time to talk about doing something about reigning in corporations, it’d be now after a CEO got assassinated. Everyone’s of one mind that their tyranny has gone too far

  20. This is why I wanted Trump to win – To piss off the left (“the left”) to the point of ***actually*** radicalizing this economy. I’m so sick of centrist corporate cucks posing as “the people’s party” as they continue to pocket and launder their corporate donors’ kickbacks.

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