Accountable Capitalism Act

Bill: 115-hr-7294
Sponsor: Rep. Lujan, Ben Ray [D-NM-3]
Introduced: 2018-12-13 in the House
Policy area: Commerce
Subjects: Administrative law and regulatory procedures
Business ethics
Civil actions and liability
Consumer Financial Protection Bureau
Department of Commerce
Elections, voting, political campaign regulation
Executive agency funding and structure
Federal officials
Political advertising
Securities and Exchange Commission (SEC)
State and local government operations
Tax administration and collection, taxpayers
Wages and earnings

Summary:
action_date: 2018-12-13
text: 

Accountable Capitalism Act

 
This bill imposes various duties and limitations on companies and entities that qualify as large entities, including by: (1) imposing on such an entity a duty to create a general public benefit as articulated in its charter, (2) requiring a director of a large entity 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 U.S. Corporations, which shall have various duties such as reviewing and granting charters for large entities. 


Legislative actions:
action_date: 2018-12-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Financial Services, House Administration, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2018-12-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Financial Services, House Administration, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2018-12-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Financial Services, House Administration, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2018-12-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Financial Services, House Administration, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2018-12-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Financial Services, House Administration, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2018-12-13
text: Introduced in House
action_date: 2018-12-13
text: Introduced in House