US SB3215 | 2019-2020 | 116th Congress

US Congress Senate Bill 3215 (Prior Session Legislation)

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 16 2020 - 25% progression, died in committee
Action: 2020-01-16 - Read twice and referred to the Committee on Commerce, Science, and Transportation.
Pending: Senate Commerce, Science, And Transportation Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Title

Accountable Capitalism Act

History

Date	Chamber	Action
2020-01-16	Senate	Read twice and referred to the Committee on Commerce, Science, and Transportation.

Same As/Similar To

HB6056 (Same As) 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.