S. 3215 · 116th Congress
Accountable Capitalism Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WarrenSponsorNo cosponsors.
This bill places specific obligations on certain large business entities in the United States.
What it does: CRS summary · Introduced in Senate · Jan 16, 2020
Accountable Capitalism Act
This bill places specific obligations on certain large business entities in the United States.
Specifically, the bill requires such entities to obtain a charter, and it imposes duties and limitations on such entities, including (1) imposing a duty to create a general public benefit as articulated in its charter, (2) requiring a director to balance the pecuniary interests of shareholders with the interests of persons materially affected by the entity, (3) restricting when officers and directors may sell certain securities related to the entity, and (4) requiring shareholder and director approval of the entity's political expenditures.
The bill also establishes the Office of United States Corporations, which shall have various duties such as reviewing and granting charters for large entities. Further, the bill requires the Securities and Exchange Commission to issue rules governing director elections at U.S. corporations, stipulating that no less than two-fifths of the directors shall be elected by employees.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Accountable Capitalism Act
Latest action (Jan 16, 2020): Read twice and referred to the Committee on Commerce, Science, and Transportation.
Policy area: Commerce · Origin: Senate · Introduced: Jan 16, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.