This act doesn't have a snowball's chance in hell of getting passed, but it's interesting to see her veer so far left, running like a Democratic Socialist. It may appeal to hardcore Progressives, but that's about it.
https://www.investors.com/politics/commentary/warren-democratic-socialist-agenda/
Under her proposed act, "American corporations with more than $1 billion in annual revenue must obtain a federal charter from a newly formed Office of United States Corporations. . . . The new federal charter obligates company directors to consider the interests of all corporate stakeholders — including employees, customers, shareholders, and the communities in which the company operates."
This means a company has to get the permission of this new government agency to be formed.
Warren's act also:
https://www.investors.com/politics/commentary/warren-democratic-socialist-agenda/
Under her proposed act, "American corporations with more than $1 billion in annual revenue must obtain a federal charter from a newly formed Office of United States Corporations. . . . The new federal charter obligates company directors to consider the interests of all corporate stakeholders — including employees, customers, shareholders, and the communities in which the company operates."
This means a company has to get the permission of this new government agency to be formed.
Warren's act also:
- Requires "a United States corporation" to "ensure that no fewer than 40% of its directors are selected by the corporation's employees."
- "Restricts the sales of company shares by the directors and officers of United States corporations."
- "Prohibits United States corporations from making any political expenditures without the approval of 75% of its directors and shareholders."
- "Permits the federal government to revoke the charter of a United States corporation if the company has engaged in repeated and egregious illegal conduct."