Elizabeth Warren unveils bold new plan to reshape American capitalism [View all]

[riversedge]

Source: the guardian




Accountable Capitalism Act would bring about ‘fundamental change’, redistribute wealth and give more power to workers

Wed 15 Aug 2018 15.09 EDT






Elizabeth Warren, the Massachusetts senator tipped as a Democratic presidential candidate in 2020, has unveiled new plans for legislation aimed at reining in big corporations, redistributing wealth, and giving workers and local communities a bigger say.


Warren will introduce the bill dubbed the Accountable Capitalism Act on Wednesday. The proposal aims to alter a model she says has caused corporations to chase profits for shareholders to the detriment of workers.

Under the legislation, corporations with more than $1bn in annual revenue would be required to obtain a corporate charter from the federal government – and the document would mandate that companies not just consider the financial interests of shareholders.

Instead, businesses would have to consider all major corporate stakeholders – which could include workers, customers, and the cities and towns where those corporations operate..........................................

Read more: https://www.theguardian.com/us-news/2018/aug/15/elizabeth-warren-accountable-capitalism-act-richest-companies

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I hope she gets serious discussions.


https://www.wsj.com/articles/companies-shouldnt-be-accountable-only-to-shareholders-1534287687

Companies Shouldn’t Be Accountable Only to Shareholders
My new bill would require corporations to answer to employees and other stakeholders as well.




By Elizabeth Warren
Aug. 14, 2018 7:01 p.m. ET

Corporate profits are booming, but average wages haven’t budged over the past year. The U.S. economy has run this way for decades, partly because of a fundamental change in business practices dating back to the 1980s. On Wednesday I’m introducing legislation to fix it.

American corporations exist only because the American people grant them charters. Those charters confer valuable privileges—such as limited legal liability for their owners—that enable businesses to turn a profit. What do Americans get in return? What are the...
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https://www.wsj.com/articles/companies-shouldnt-be-accountable-only-to-shareholders-1534287687

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Elizabeth Warren: ‘The obsession with maximizing shareholder returns effectively means America’s biggest companies have dedicated themselves to making the rich even richer.’ Photograph: Charles Krupa/AP