[Congressional Record Volume 172, Number 99 (Thursday, June 11, 2026)]
[Senate]
[Page S2743]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                STOCK BUYBACK ACCOUNTABILITY ACT OF 2026

  Mr. SCHUMER. Mr. President, on stock buybacks, you know costs are 
skyrocketing, but corporations are making massive profits. And instead 
of using the profits to create jobs and invest in growth, corporations 
too often buy back their own stock to increase its value and reward 
executives.
  I am introducing legislation today with Senators Wyden and Warren to 
rein in the stock buybacks that corporate executives use to line their 
own pockets to the detriment of the American people. Americans need 
more jobs and higher wages right now, not more privileges for 
millionaires and billionaires.
  Our bill would quadruple the tax big corporations pay on these stock 
buybacks, which will both push companies to invest in their workers in 
the future and allow us to invest more in lowering costs and helping 
working families get ahead, with some of the money we could use when 
you collect that 4 percent on stock buybacks.
  While Trump and Senate Republicans don't have any plan to lower 
Americans' costs--in fact, their policies are doing the opposite--
Democrats continue to fight back against corporate giveaways and push 
for solutions to help the American people deal with skyrocketing costs 
in Trump's economy.
  Let's not forget, if you are the CEO of a company and you are often 
measured by your stock price, buybacks raise that stock price. The damn 
shame of it all is those buybacks don't create a single new job or an 
investment in workers or an investment in equipment to increase 
productivity and produce more.
  No. They simply raise the stock price, which benefits corporate 
executives and shareholders but not the American public.
  So we ought to, at the very minimum, raise the tax which was put on 
at 1 percent to now 4 percent. And in addition, it will bring in 
revenues to the Federal Government, hopefully, that we can use to help 
lower costs for the American people. That is certainly what we would 
do.

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