Accountable Capitalism?

Accountable Capitalism as defined by government, sounds like an oxymoron (a combination of incongruous words!). Accountable Capitalism is though, the title of legislation currently being introduced (August 15th, 2018) in the US Senate by Elizabeth Warren.

The legislation attempts, by law, to establish obligations of large US corporations such as the vague requirement that US corporations must create a “material positive impact on society”. Also included in this bill are requirements that would mandate at least 40% of a large corporation’s directors be elected by the corporation’s employees.

Government should create simple and effective laws and regulations for both its citizens and businesses. Our current politicians should be more concerned about addressing our huge government debt and runaway spending than trying to fix something that is already working…..capitalism. Politicians should work towards “Accountable Government”.

For a great article on this proposed legislation see the Barron’s article “Elizabeth Warren Gets It All Wrong” by Matthew C. Klein:

https://www.barrons.com/articles/elizabeth-warren-has-got-it-all-wrong-1535034016

To read the full Bill:

https://www.congress.gov/bill/115th-congress/senate-bill/3348

 

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