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About: Accountable Capitalism Act     Goto   Sponge   NotDistinct   Permalink

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The Accountable Capitalism Act, 115th Congress (2017–18) S. 3348 is a proposed federal bill introduced by Senator Elizabeth Warren in August 2018. It would require any company with revenue over $1 billion to obtain a federal corporate charter. For these companies, employees would elect 40% of the board of directors and a 75% vote of shareholders and directors would be required to approve any political spending. The Act contains a "constituency statute" that would give directors a duty of "creating a general public benefit" with regard to a corporation's stakeholders, including shareholders, employees, and the environment, and the interests of the enterprise in the long-term.