Bernie Sanders backs 2 policies to dramatically shift corporate power to U.S. workers

[Donkees]

May 28 at 12:43 PM

Excerpt:

Sen. Bernie Sanders (I-Vt.) will push new policies aimed at giving workers a greater ownership stake in companies, moves the 2020 presidential candidate is pitching as a dramatic transfer of power in the U.S. economy. The plans would give millions of workers the type of workplace influence typically reserved for shareholders and executives.

Supporters say giving workers a greater ownership stake could boost wages for American workers and force companies to focus on long-term results, while critics contend the plans could cause investors to take their money overseas.

“We can move to an economy where workers feel that they’re not just a cog in the machine — one where they have power over their jobs and can make decisions,” Sanders said in an interview. “Democracy isn’t just the opportunity to vote. What democracy really means is having control over your life.”

Sanders said his campaign is working on a plan to require large businesses to regularly contribute a portion of their stocks to a fund controlled by employees, which would pay out a regular dividend to the workers. Some models of this fund increase employees’ ownership stake in the company, making the workers a powerful voting shareholder. The idea is in its formative stages and a spokesman did not share further details.

Sanders on Friday also reintroduced in the Senate a series of measures to increase the percentage of the American workforce in “employee-owned” ownership models. Those policies include a $500 million bank to finance company transitions to worker cooperatives, new legal requirements that owners give their workers an opportunity to purchase firms that are closing and federal funding to create centers in all 50 states that would encourage employee-owned businesses. These ideas are not gaining traction in the Republican-controlled Senate.

https://www.washingtonpost.com/us-policy/2019/05/28/bernie-sanders-backs-policies-dramatically-shift-corporate-power-us-workers/

[corbettkroehler]

1. These Most Recent Legislative Proposals Have Timed Out Perfectly For The First Debate

I'm sure that this isn't a coincidence but I'm pumped just the same.

[Donkees]

2. From 2014: ''Vermont is a national leader on employee ownership.''

Sanders Unveils Employee Ownership Legislation
Monday, June 2, 2014

A second bill would create a U.S. Employee Ownership Bank to provide loans to help workers purchase businesses through an employee stock ownership plan or a worker-owned cooperative. Sen. Patrick Leahy is a cosponsor of Sanders’ legislative package.

https://www.sanders.senate.gov/newsroom/press-releases/sanders-unveils-employee-ownership-legislation

[corbettkroehler]

3. I've Been Hoping We'd See Examples For Vermont To Serve As A Template For The Nation

The more he presents Vermont's many accomplishments during his presidential campaign, the better. As a former resident of the historic town of Northfield, I know how much the Green Mountain State has to offer.

Thanks for reminding me of this important piece of Senate history!