Schumer and Sanders want to limit stock buybacks until workers are paid $15/hour - Polidicks

https://thehill.com/homenews/senate/428343-schumer-and-sanders-to-introduce-bill-restricting-corporate-share-buybacks Sens. Charles Schumer (D-N.Y.) and Bernie Sanders (I-Vt.) are planning to introduce a bill that would prevent corporations from buying back its own stock and push for employees to be paid at least $15 an hour. In an op-ed written by the two senators published in The New York Times Sunday, the pair argues that “corporate boardrooms have become obsessed with maximizing only shareholder earnings to the detriment of workers.” "Our legislation would set minimum requirements for corporate investment in workers and the long-term strength of the company as a precondition for a corporation entering into a share buyback plan. The goal is to curtail the overreliance on buybacks while also incentivizing the productive investment of corporate capital," they wrote. The requirements include paying all workers at least $15 per hour, giving all employees at least seven days of paid sick leave, and providing workers with "decent pensions" and solid health benefits.

Republicans can't claim there is no justification for this proposed law when their own tax cut, which they grandly projected and promised would improve worker wages because employers "would" invest the tax windfall in their employees, unsurprisingly was just used to enrich the shareholders with stock buybacks. They claim they were for this and expected it to organically happen, and now that we have fresh proof it will never organically happen (on top of all the old proof still laying around) there's no reason to oppose a law prompting it to happen. Except they'll find a way because it was all lip service.

Surprised to see Schumer working with Sanders. Hopefully this is a sign the Dem establishment is taking Bernie more seriously.

This means stock options right? I've got like 400 shares worth of options in my company currently worth like $2000-ish idk if they'll ever be worth anything

Ah yes the entire 'Invest in you' spiel happened where I work. Basically, every employee got a 20 cent raise (in reality they moved everyone up one step on the pay scale we have which is hour based and reset any hours worked from that raise) and they axed our quarterly bonuses for good sales. Its ridiculous how freaking absurd how some corporate companies think like this. I dont even understand the logic of it since the employees objectively are making less and you still get told to accept your handouts and move on.

I don't think this will effect you as an investor or an employee of the company, at least regarding your stocks. This is more about the company buying their stocks back from private owners, which IIRC raises the price of them as there is less on the market to buy? (I only have a limited understanding of how stock markets function, mind you)

It's such short sighted thinking because the last thing that makes people more productive is cutting bonuses and making less. There's a reason Ford paid his workers decent wages, and it's not because that made him lose more money than he gained...

it'll trickle down bro trust me just wait bro

finally something trickled down!! wait this isnt money, and why does it smell like piss?

they can't even claim they couldn't do it because the Bush Tax Cuts had provisions forcing a certain percentage of their tax windfall to be invested into worker salaries, they gave corporate america a massive tax dodge for almost no reason other than to collect a massive windfall of donations in 2018 and 2020 but that didn't happen either.

In an op-ed written by the two senators published in The New York Times Sunday, the pair argues that “corporate boardrooms have become obsessed with maximizing only shareholder earnings to the detriment of workers.” Corporate boardrooms have become obsessed with maximizing shareholder earnings to the detriment of everything else, often times even the health of the company.