Accountable Capitalism Act

Bill: 116-hr-6056
Sponsor: Rep. Lujan, Ben Ray [D-NM-3]
Introduced: 2020-03-02 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: 2020-03-02
text: 

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.


Legislative actions:
action_date: 2020-03-02
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 Labor, 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: 2020-03-02
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 Labor, 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: 2020-03-02
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 Labor, 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: 2020-03-02
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 Labor, 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: 2020-03-02
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 Labor, 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: 2020-03-02
text: Introduced in House
action_date: 2020-03-02
text: Introduced in House