Senator Elizabeth E. Warren (D-MA) introduced a bill intended to get rid of "skewed market incentives" and force corporations to be more accountable to employees and other stakeholders. According to Senator Warren, the bill would "reverse the harmful trends over the last thirty years that have led to record corporate profits and rising worker productivity but stagnant wages."
The bill would, among other things:
The bill would require that at least 40 percent of the directors of the large entities be elected by its employees using a process to be mandated by the SEC, and monitored by the SEC and the Department of Labor. The bill also would:
The bill would authorize the attorney general of any state to file a petition to revoke the charter of the large entity, if the attorney general believes that the entity has engaged in "repeated, egregious and illegal misconduct that has caused significant harm" to the large entity's customers, employees, shareholders or business partners, or to the communities in which the entity operates. The Director of the Office would determine whether to grant the revocation order.