3.0.0 3215 2022-02-08T23:22:54Z 2022-02-08T23:22:54Z Senate S 2020-01-16 116 sscm00 Commerce, Science, and Transportation Committee Senate Standing Referred to 2020-01-16T16:52:40Z Accountable Capitalism Act 116 6056 HR 2020-03-02 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. Identical bill CRS 2020-01-16 sscm00 Commerce, Science, and Transportation Committee Senate Read twice and referred to the Committee on Commerce, Science, and Transportation. IntroReferral 2020-01-16 Introduced in Senate IntroReferral 10000 9 Library of Congress W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. N Commerce 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 Commerce 00 2020-01-16 Introduced in Senate 2020-04-29T12:02:47Z 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.

]]> Accountable Capitalism Act Display Title Accountable Capitalism Act Short Title(s) as Introduced Accountable Capitalism Act Introduced in Senate IS Official Title as Introduced A bill to establish the obligations of certain large business entities in the United States, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-01-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3215is/xml/BILLS-116s3215is.xml 2020-01-16 Read twice and referred to the Committee on Commerce, Science, and Transportation. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.