Accountable Capitalism Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 2, 2020)
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.
What just happenedMar 2, 2020
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.
Who’s behind it
- Introduced in HouseMar 2, 2020
- Mar 2, 2020IntroReferralH11100
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.
Education and the Workforce Committee - Mar 2, 2020IntroReferralH11100
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.
Committee on House Administration - Mar 2, 2020IntroReferralH11100
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.
Financial Services Committee - Mar 2, 2020IntroReferralH11100
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.
Ways and Means Committee - Mar 2, 2020IntroReferralH11100
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.
Energy and Commerce Committee - Mar 2, 2020IntroReferralIntro-H
Introduced in House
- Mar 2, 2020IntroReferral1000
Introduced in House