[ianch99]

A long overdue initiative to reign in the runway Market:

Elizabeth Warren unveils bold new plan to reshape American capitalism

In an article announcing the bill, Warren said she was looking to reverse “a fundamental change in business practices” dating back three decades that made corporations beholden to the bottom line at the expense of better worker wages and local investment.

“The obsession with maximizing shareholder returns effectively means America’s biggest companies have dedicated themselves to making the rich even richer,” she wrote in the Wall Street Journal.

The proposal would create a new Office of United States Corporations within the Department of Commerce, which would be responsible for granting the charters – and which could revoke a charter if a state attorney general requests it, and the office finds the firm has a history of egregious and repeated illegal conduct and has failed take action to correct it.

Large companies dedicated 93% of their earnings to shareholders between 2007 and 2016 – a shift from the early 1980s, when they sent less than half their revenue to shareholders and spent the rest on employees and other priorities, Warren said.

“Real wages have stagnated even as productivity has continued to rise. Workers aren’t getting what they’ve earned. Companies also are setting themselves up to fail,” she wrote.

Will the bill pass? Not a hope ..