Hi,

Every day, mega corporations like Bank of America, Chevron, and Amazon grow richer, while prices rise, worker wages stay the same, and wealth inequality skyrockets. Where does all that money go? Billions are funneled into stock buybacks, when a company buys its own stocks to enrich already wealthy executives.

In 2023, Chevron spent $14.9 billion on stock buybacks.1 Bank of America spent billions, too.2 Numerous other companies use stock buybacks to increase CEO compensation, extracting as much profit as possible from their workers. Congress can halt this rampant corporate greed by passing the Reward Work Act to make stock buybacks illegal.

Sign the petition: Tell Congress to ban corporate stock buybacks. Pass the Reward Work Act!

Workers shouldn’t have to suffer so Bank of America, Chevron, Apple, Amazon, and other giant corporations can give CEOs more money or pay for more corporate lobbyists to influence lawmakers on Capitol Hill.

Wall Street wins with every stock buyback, and working people lose. It’s time Congress steps in to protect workers and fight against wealth inequality in America.

Add your name: Congress must put an immediate end to stock buybacks.

Thanks for taking action,

Joey and the team at Demand Progress

Sources:

  1. The Motley Fool, “If You Like Share Buybacks and Dividends, You'll Love This Cash-Gushing Oil Stock,” February 10, 2024.
  2. MarketWatch, “Bank of America execs blew $93.6 billion. Here’s how they did it.” June 17, 2023.

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