"Sen. Elizabeth Warren of Massachusetts has introduced legislation that would radically overhaul corporate governance in America, requiring that the largest (over $1 billion) companies obtain revocable charters from the federal government to do business, instituting rules reminiscent of German-style co-determination under which workers would be entitled to at least 40 percent representation on boards of directors, placing directors under a fiduciary obligation to serve “stakeholders” as opposed to owners as currently, prohibiting political expenditures by corporations unless approved by at least 75 percent of directors and shareholders, and restricting directors and officers from reselling incentive stock within five years. It's Been Tried. It Didn't Work. "Let’s be clear, none of these are new ideas,” writes leading corporate governance expert Stephen Bainbridge of UCLA. “They are either academic utopian schemes or failed European governance models. There are very good reasons none of these dusty relics of eons of progressive corporate thought have made it into law.”"
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Lawyers from the United StatesMemoirists from the United StatesMembers of the United States SenateWomen academics from the United StatesWomen in law
Original Language: English
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Walter Olson, Elizabeth Warren's Big Power Grab, Aug 18, 2018
https://en.wikiquote.org/wiki/Elizabeth_Warren
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Elizabeth Warren
Elizabeth Ann Warren (born 22 June 1949) is an American politician and former law professor who is the senior United States senator from Massachusetts, serving since 2013. A member of the Democratic Party and regarded as a progressive, Warren has focused on consumer protection, economic opportunity, and the social safety net while in the Senate. Warren was a candidate in the 2020 Democratic Party presidential primaries, ultimately fi
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