Elizabeth Warren is a student of the Bernie Sanders school of economics. She has as much business telling companies what to do as Alexandria Ocasio-Cortez.
Warren is introducing legislation to ‘fix’ capitalism. This needs to be fought aggressively.
Elizabeth Warren Plans To Destroy Capitalism By Pretending To ‘Save’ It
Sen. Elizabeth Warren (D–Mass.) thinks she knows what ails capitalism: There aren’t enough people telling the biggest businesses what to do.
Try to contain your surprise that Warren believes the profit motive is ruining capitalism. She wants the largest corporations in the United States to be legally answerable to people other than their shareholders, and she’s introducing a bill to force it.
Warren’s “Accountable Capitalism Act” would require that corporations that earn more than $1 billion in revenue a year (note “revenue,” not “profits”) would need a federal “charter” in order to operate. This charter would obligate these companies to consider all “stakeholders,” not just shareholders, when making decisions. The bill would also require these corporations to permit employees to elect 40 percent of the company’s board of directors; a super majority of 75 percent of directors and shareholders would have to approve political donations. (Gee, I wonder if somebody will propose something similar for unions?) Shareholders would be permitted to sue the company if they felt its actions were driven purely by profit and did not reflect the desires of its many “stakeholders.”
Warren is likely going to run for president in 2020 and wants to have things to talk about. This is a horrible idea and Republicans need to oppose it. Fiercely.