Senator Elizabeth Warren's Accountable Capitalism Act introduced last week, S. 3348, requires the few thousand very largest US corporations (over a billion dollars in annual revenue) to be chartered as a "U.S. corporation", and
Matthew Yglesias at Vox writes about the background and meaning:
Elizabeth Warren has a plan to save capitalism
"She’s unveiling a bill to make corporate governance great again."
"...Warren’s plan starts from the premise that corporations that claim the legal rights of personhood should be legally required to accept the moral obligations of personhood....
Warren wants to eliminate the huge financial incentives that entice CEOs to flush cash out to shareholders rather than reinvest in businesses. She wants to curb corporations’ political activities. And for the biggest corporations, she’s proposing a dramatic step that would ensure workers and not just shareholders get a voice on big strategic decisions.
Warren hopes this will spur a return to greater corporate responsibility, and bring back some other aspects of the more egalitarian era of American capitalism post-World War II — more business investment, more meaningful career ladders for workers, more financial stability, and higher pay.
As much as Warren’s proposal is about ending inequality, it’s also about saving capitalism."
(Ellipsis and emphases mine. Read much more!)
Too often in America’s ~230 years, approximately every seven or eight years, taxpayers’ money has saved capitalism from itself. Corporate welfare has to end.
Well put, Tom!