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Pocan and Lujan join Warren’s Accountable Capitalism Act - Vox
Warren and her allies want to create an Office of United States Corporations inside the Department of Commerce and require any corporation with revenue more than $1 billion — only a few thousand companies, but a large share of overall employment and economic activity — to obtain a federal charter of corporate citizenship.

The charter tells company directors to consider the interests of all relevant stakeholders — shareholders, but also customers, employees, and the communities in which the company operates — when making decisions. That could concretely shift the outcome of some shareholder lawsuits but is aimed more broadly at shifting American business culture out of its current shareholders-first framework and back toward something more like the broad ethic of social responsibility that took hold during World War II and continued for several decades.

Business executives, like everyone else, want to have good reputations and be regarded as good people but, when pressed about topics of social concern, frequently fall back on the idea that their first obligation is to do what’s right for shareholders. A new charter would remove that crutch, and leave executives accountable as human beings for the rights and wrongs of their decisions.

More concretely, US corporations would be required to allow their workers to elect 40 percent of the membership of their board of directors.

Warren also tacks on a couple of more modest ideas. One is to limit corporate executives’ ability to sell shares of stock that they receive as pay — requiring that such shares be held for at least five years after they were received, and at least three years after a share buyback. The aim is to disincentivize stock-based compensation in general as well as the use of share buybacks as a tactic for executives to maximize their own pay.

The other proposal is to require corporate political activity to be authorized specifically by both 75 percent of shareholders and 75 percent of board members (many of whom would be worker representatives under the full bill), to ensure that corporate political activity truly represents a consensus among stakeholders, rather than C-suite class solidarity.
policy  economics  Warren 
8 days ago by gsanders
Should the Left Unite Behind Elizabeth Warren?
Now that Warren is (all-but) officially running for president, should Sanders stand down in the interest of uniting the party’s populist forces against the BidenBros and BetoBots — or is Sanders the super
politics  2020  warren  sanders 
19 days ago by kbrobeck
How Elizabeth Warren Could Win The 2020 Democratic Primary | FiveThirtyEight
It’s as if we skipped right from 2018 to 2020. On Monday, Sen. Elizabeth Warren became the first major Democratic candidate to formally dip a toe in the water of the 2020 presidential campaign, announcing the creation of an exploratory committee. Not everyone who creates an exploratory committee ends up becoming an official candidate, but Warren is very likely to. For all intents and purposes, she is now running for president.
Warren has experienced a swift rise, if not a meteoric one, to political stardom. A celebrated consumer advocate and law professor, she oversaw the Troubled Asset Relief Program (better known as the post-financial crisis “bailout”) and shepherded the creation of the Consumer Financial Protection Bureau during President Obama’s first term. In 2012, she ran for and won elected office for the first time, defeating Republican incumbent Scott Brown 54 percent to 46 percent in the U.S. Senate race in Massachusetts; she was re-elected by 24 points in 2018. Though not quite at the level of the current Beto-mania, she’s had her moments as a progressive folk hero — a viral video on fair taxation that helped clear the field for her first Senate campaign and Mitch McConnell’s swag-spawning complaint that “Nevertheless, she persisted” after she was cut off in the middle of a speech on the Senate floor.
2020s  congress  election  gov2.0  politics  POTUS  warren  538 
19 days ago by rgl7194
Can Elizabeth Warren Run for President as an Outsider? - The Atlantic
With her 2020 bid, the senator from Massachusetts wants to reclaim her status as a political outsider.
An odd thing happened to the woman who came onto the scene as an anti-banking, anti-establishment, burn-down-the-castle revolutionary: Elizabeth Warren became the castle.
In the past few years, she raised millions of dollars to build a political machine. She began talking up policy issues beyond the bread-and-butter economic proposals she became famous for. She bolstered her foreign-policy credentials with trips abroad. She built up a large team of staffers who carefully engineered policy rollouts and email blasts. She became a front-runner in the 2020 presidential race.
But as she announces her exploratory committee—which is really announcing her presidential campaign—Warren wants to be the outsider again.
gov2.0  politics  POTUS  election  2020s  warren  congress 
20 days ago by rgl7194

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