{"bills":[{"photos":{"featured":"https://assets.causes.com/bill/photo/s3348-115/featured_accountable-capitalism-act-1534529075.jpg","featured_large":"https://assets.causes.com/bill/photo/s3348-115/featured_large_accountable-capitalism-act-1534529075.jpg","shareable":"https://n.causes.com/share-images/bills/s3348-115.png"},"introduced_on":"2018-08-15","title_override":"Should Employees of Large U.S. Businesses Choose at Least 40% of Their Corporation's Board?","summary_override":"

This bill — the Accountable Capitalism Act — would require American corporations with more than $1 billion in annual revenue to obtain a federal charter as a “United States Corporation” which would obligate company directors to consider the interests of all corporate stakeholders, including: employees, customers, shareholders, and the communities in which the company operates. It’d also give employees the power to choose at least 40% of the corporate board members, in addition to placing restrictions on sales of stock by directors and on corporate political expenditures.

Directors and officers of chartered U.S. corporations would be prohibited from selling company shares within five years of receiving their shares, or within three years of a company stock buyback.

Before making any political expenditures, chartered U.S. corporations would be required to receive the approval of at least 75% of their shareholders and 75% of their directors.

A chartered U.S. corporation that engages in repeated and egregious illegal conduct may have its charter revoked by the Office of United States Corporations. State attorneys general would be authorized to submit petitions for charter revocations to the office, and the office could revoke the charter if it finds the company engaged in the illegal conduct and hasn’t taken steps to address its problems. The company’s charter would be revoked a year after the decision is rendered in order to give the company time to make a case to Congress that it should retain its charter.

This bill would include a severability clause, which would allow portions of the bill to be struck down by courts without causing the entire bill to be struck down.

","official_title":"A bill to establish the obligations of certain large business entities in the United States, and for other purposes.","short_title":"Accountable Capitalism Act","popular_title":null,"short_summary":null,"summarized":true,"cost":null,"cost_commentary":"A CBO cost estimate is unavailable.","impact":"Employees, consumers, and communities; shareholders; corporate boards; companies that would have to obtain a federal charter as a “U.S. corporation”; and the to-be created Office of United States Corporations.","argument_for":"Corporations have been so focused on increasing profits for shareholders that they’ve neglected investments in their other vital stakeholders — employees, consumers, and communities. This bill would give employees of major U.S. companies control of 40% of the board, which will lead to decisions that are geared toward more than profits.","argument_against":"This is unnecessary, as corporate boards already consider more than just shareholder value in their decisions — they know that how workers, consumers, and communities perceive their actions directly impacts the company’s well-being. This bill is a classic example of government overreach into the economy.","bill_type":"s","published":true,"type":"FederalBill","id":"s3348-115","bill_id":"s3348-115","formal_id":"S. 3348","chamber":"senate","congress":115,"last_action_at":"2018-08-15T00:00:00.000Z","active":false,"enacted":false,"enacted_at":null,"vetoed":false,"last_vote_at":null,"debated_on":null,"congress_url":"https://www.congress.gov/bill/115th/senate-bill/3348","plain_text_url":"https://www.gpo.gov/fdsys/pkg/BILLS-115s3348is/html/BILLS-115s3348is.htm","shareable_image_url":"https://n.causes.com/share-images/bills/s3348-115.png","congress_full_text_url":"https://www.congress.gov/bill/115th/senate-bill/3348/text","is_current_congress":false,"last_version_on":"2018-08-15","related_bill_ids":[],"progress":"Introduced","house_passage_result":false,"senate_passage_result":false,"position_count":413,"committees":[{"name":"Committee on Commerce, Science, and Transportation","chamber":"senate","committee_id":"SSCM","subcommittee":false}],"links":{"rollCalls":"/api/roll_calls?bill_id=s3348-115","details":"/api/bills/s3348-115/details","sharingMessage":"/api/sharing_messages/s3348-115","positionsFor":"/api/bills/s3348-115/positions/for","positionsAgainst":"/api/bills/s3348-115/positions/against"},"upcoming":false,"cosponsors_count":0,"slug":"s3348-115-accountable-capitalism-act","latest_chamber_votes_id":null,"official_url":null,"target_video":true,"following":false,"vote_count":2586,"yea_vote_count":1917,"nay_vote_count":660,"passed_house":false,"passed_senate":false,"vote_id":null,"my_position_id":null,"topic_ids":["economy","government","housing-and-community-development"],"issue_ids":["consumer-safety","economy","government","housing-and-community-development"],"sponsor_id":525}],"votes":[],"issues":[{"id":"consumer-safety","name":"Consumer Safety","slug":"consumer-safety","description":"Vote on the latest federal legislation regarding consumer safety. Make your voice heard about the issues you care about. \r\n","page_title":"Consumer Safety Legislation - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.causes.com/issue/icon/consumer-safety/black_consumer-safety-1429042054.svg","grey":"https://assets.causes.com/issue/icon/consumer-safety/grey_consumer-safety-1429042054.svg","white":"https://assets.causes.com/issue/icon/consumer-safety/white_consumer-safety-1429042054.svg"},"cover_image_url":null,"is_following":false},{"id":"economy","name":"Economy","slug":"economy","description":"The US Economy is heavily impacted by Federal legislation. Here you can find bills encompassing US monetary policy, the US Federal Budget, overall government spending, appropriations and how we handle the US federal debt and state finances. ","page_title":"Legislation related to the US Economy, monetary policy, the federal budget and government spending - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.causes.com/issue/icon/economy/black_economy-1429042041.svg","grey":"https://assets.causes.com/issue/icon/economy/grey_economy-1429042041.svg","white":"https://assets.causes.com/issue/icon/economy/white_economy-1429042041.svg"},"cover_image_url":null,"is_following":false},{"id":"government","name":"Government","slug":"government","description":"Federal legislation related to the operations of the US Federal Government. Bills can encompass government administration, regulation of political parties, the US postal service, US territories and public contracts.","page_title":"US Government - Federal legislation - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.causes.com/issue/icon/government/black_government-1453508811.svg","grey":"https://assets.causes.com/issue/icon/government/grey_government-1453508811.svg","white":"https://assets.causes.com/issue/icon/government/white_government-1453508811.svg"},"cover_image_url":null,"is_following":false},{"id":"housing-and-community-development","name":"Housing & Community Development","slug":"housing-and-community-development","description":"Federal legislation around Housing and Community Development, encompassing: Homelessness, public housing, urban and rural development.","page_title":"Housing Related US Federal Legislation - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.causes.com/issue/icon/housing-and-community-development/black_housing-and-community-development-1429042043.svg","grey":"https://assets.causes.com/issue/icon/housing-and-community-development/grey_housing-and-community-development-1429042043.svg","white":"https://assets.causes.com/issue/icon/housing-and-community-development/white_housing-and-community-development-1429042043.svg"},"cover_image_url":null,"is_following":false}],"users":[{"name":"Thelma","vote_count":1071,"photos":{"large":"https://assets.causes.com/user/avatar/default-with-flags.png","small":"https://assets.causes.com/user/avatar/default-with-flags.png","tiny":"https://assets.causes.com/user/avatar/default-with-flags.png"},"links":{"following":"/api/users/omEDeXqZ/following","followers":"/api/users/omEDeXqZ/followers"},"about_me":null,"twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":"thelma","issue_count":18,"is_following":null,"influence_score":3210,"influence_level":30,"follower_count":64,"following_count":2,"position_count":828,"id":"omEDeXqZ","partner_id":null}],"bill_position":{"flagged":false,"id":"caec1fdc-1841-4b67-8079-fa52a3b71691","argument_for":"Capitalism and democracy are not the same thing. When capitalism destroys democracy, capitalism must be curtailed, not the other way around. “We the people” did NOT refer to corporations. Citizens United must go, and our democracy must be restored. ","argument_against":null,"show_argument_for":true,"show_argument_against":false,"upvote_count":0,"upvotes_for_count":0,"upvotes_against_count":null,"has_upvoted":false,"endorsement_count":0,"links":{"self":"https://www.causes.com/positions/caec1fdc-1841-4b67-8079-fa52a3b71691"},"body":"Capitalism and democracy are not the same thing. When capitalism destroys democracy, capitalism must be curtailed, not the other way around. “We the people” did NOT refer to corporations. Citizens United must go, and our democracy must be restored. ","stance":"yea","created_at":"2018-09-02T17:43:37.119Z","shareable_image_url":"https://n.causes.com/share-images/positions/caec1fdc-1841-4b67-8079-fa52a3b71691.png","note_color":null,"note_text":null,"bill_id":"s3348-115","user_id":"omEDeXqZ","endorser_ids":[]}}

Like Causes?

Thelma

Should Employees of Large U.S. Businesses Choose at Least 40% of Their Corporation's Board?