For Immediate Release
Senator Warren Lays Out Progressive Litmus Test for Bailouts to Large Corporations
WASHINGTON - United States Senator Elizabeth Warren is calling for the following progressive priorities and requirements to be included in any bailout package for big business:
- Companies must maintain their payrolls and use funds to keep people working or on payroll.
- Companies must provide a $15 minimum wage as quickly as practicable but no later than one year of the national emergency declaration ending.
- Companies are permanently prohibited from engaging in share repurchases.
- Companies are prohibited from paying out dividends or executive bonuses while they are receiving any relief and for three years thereafter.
- Companies must set aside at least one seat -- but potentially two or more, as the amount of relief increases -- on the board of directors for representatives elected by workers.
- Collective bargaining agreements should remain in place and should not be reopened or renegotiated pursuant to this relief program.
- Corporations must obtain shareholder and board approval for all political expenditures.
- CEOs must be required to personally certify a company is compliance and face criminal penalties for violating these certifications.
To ensure that these conditions are met, Congress must set up an oversight body, modeled on the Congressional Oversight Panel and the SIGTARP program for the bank bailout, but with real funding and subpoena power.
Earlier today, she tweeted the following:
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Senator Warren has called for a $750 billion economic stimulus package that would focus on recovery from the grassroots up, not Wall Street down.
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Senator Elizabeth Warren, a Democrat and fearless consumer advocate who has made her life's work the fight for middle class families, was elected to the United States Senate on November 6, 2012, by the people of Massachusetts.