Delete comment from: DSHR's Blog
Senator Elizabeth Warren's Accountable Capitalism Act is a thoughtful attempt to re-program US companies' "Slow AIs". It would force companies with more than $1B in revenue to obtain a Federal rather than a state charter, eliminating the race to the bottom among states to charter companies.
40% of these companies' boards would have to be elected by workers. Directors and officers could not sell shares within 5 years of acquiring them, nor within 3 years of any stock buyback. Any political expenditures would require 75% votes of directors and shareholders. And, most importantly, it would permit the Federal government to revoke a company's charter for "a history of egregious and repeated illegal conduct and has failed to take meaningful steps to address its problems" such as those, for example, at Wells Fargo. States (cough, cough, Delaware) would never revoke a large company's charter for fear of sparking an exodus.
Hat tip "Undercover Blue" at Digby's Hullabaloo.
Aug 18, 2018, 10:23:37 PM
Posted to It Isn't About The Technology