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.

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.

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.

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