Warren for Senate: [link removed]

This shouldn’t be controversial:

When big corporations do well, their workers should do well, too. When
corporate profits and employee productivity go up over time, workers’
wages should go up over time, too.

But that’s not the case right now. Something’s broken at the core of our
economy — because even though workers are a major reason that corporate
profits are soaring, their salaries are barely budging.

You know who does reap the benefits of those soaring profits, though?
Corporate executives and shareholders.

Over the last 40 years, harmful trends have encouraged giant corporations
to prioritize short-term gains for a small group of shareholders and CEOs
over everyone else who’s got a stake in their decisions — including
employees and customers.

I’ve got a bill to fight back: the Accountable Capitalism Act, which I
just reintroduced in the Senate this week. It would put more power in the
hands of workers, and it would make sure America’s largest corporations
pursue growth in a way that helps workers and consumers as well as
shareholders.

[ [link removed] ]Add your
name here to sign on as a grassroots co-sponsor of my Accountable
Capitalism Act. And let’s fight side by side to make our economy work not
just for wealthy CEOs and shareholders but for everyone.

[ [link removed] ]ADD YOUR NAME

Here’s how the legislation would work:

If a corporation has more than $1 billion in annual revenue, they’d need
to get a federal charter.

And the corporation would then have to follow these practices:

* Company directors would need to consider the interests of all
corporate stakeholders, including employees and customers, along with
shareholders.
* 75% of their shareholders and 75% of their Board of Directors would
have to approve of any political spending. That way, political
expenditures would have to benefit all corporate stakeholders.
* The corporation’s employees would select at least 40% of that
company’s Board of Directors — giving workers a meaningful seat at the
table when powerfully important decisions are made that will shape
their future.
* Directors and officers of the corporation wouldn’t be allowed to sell
company shares within five years of receiving them or within three
years of a company stock buyback. This would make sure they’re focused
on the long-term interests of all corporate stakeholders — not just
their own short-term compensation.

You know, big corporations weren’t always so narrowly focused on
shareholders.

For much of their history, American corporations tried to balance the
interests of all of their stakeholders, including employees, customers,
business partners, and shareholders.

But around the 1980s, corporations adopted the belief that their only
legitimate and legal purpose was “maximizing shareholder value.” By 1997,
the Business Roundtable declared that the “principal objective of a
business enterprise is to generate economic returns to its owners.”

Now, let’s remember who those “owners” are. Around 93% of American-held
corporate shares are owned by just 10% of our nation’s richest households,
and 40% of Americans hold no shares at all.

So when corporate America commits to “maximizing shareholder return,” they
commit to making the rich even richer, while leaving workers and families
— the groups that these businesses rely on — behind.

It wasn’t always like this. And today’s status quo isn’t inevitable. We
can make structural change through strong public policy.

The work ahead may feel like a long, uphill battle, but I’m going to fight
like hell for this. I need to know if you’re on board to get this done, as
we keep pushing to make our economy work for working people.

[ [link removed] ]Add your name if you agree: We must hold giant companies responsible
for decisions that hurt workers and consumers while lining shareholders’
pockets.

Thanks for being a part of this,

Elizabeth







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