Statement: Roosevelt Institute Policy Counsel Responds to Bill Introduced by Sen. Elizabeth Warren to Amplify Worker Voice
August 15, 2018
Today, Sen. Elizabeth Warren (D-MA) introduced legislation that would require large corporations to consider the interests of employees and other stakeholders in their decision-making.
New York, NY—Today, Sen. Elizabeth Warren (D-MA) introduced legislation that would require large corporations to consider the interests of employees and other stakeholders in their decision-making. The Accountable Capitalism Act would elevate the voices of workers in corporate governance, help bolster wages, and strengthen the economy.
Lenore Palladino, Senior Economist and Policy Counsel at the Roosevelt Institute, issued the following statement:
“Corporations today no longer advance the public interest. That’s because they’ve chosen to use their massive profits to enrich themselves and their shareholders at the expense of workers and long-term, shared growth.
By requiring large corporations to consider the interests of all stakeholders—including workers, managers, and executives—and mandating worker representation on corporate boards, the Accountable Capitalism Act is a clear step in the right direction. The act would ensure that the voice of working people in corporate decision-making reflects the crucial role they play in their employers’ success. Solutions like the proposed legislation would create a more prosperous economy and ensure greater financial security for workers and their families.”
Palladino helps lead the Roosevelt Institute’s research on the financial sector and is especially knowledgeable on the rules of corporate America and the ways that short-term decision-making within firms, including the practice of stock buybacks, are harmful to the broader economy. Her recent blog post on redefining who holds corporate power argues for stakeholder governance, and she is also the author of an issue brief on stock buybacks. Palladino has been featured in coverage of the Institute’s research in major news outlets, including Vox, Boston Review, and The American Prospect.
About the Roosevelt Institute
Until the rules work for every American, they’re not working. The Roosevelt Institute asks: what does a better society look like? Armed with a bold vision for the future, we push the economic and social debate forward. We believe that those at the top hold too much power and wealth, and that our economy will be stronger when that changes. Ultimately, we want our work to move the country toward a new economic and political system: one built by many for the good of all.
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