October 30, 2020

Democratic Senators Prepare to ‘Fundamentally Reform’ Capitalism

A move by senators suggests a new priority: moving corporate America away from a focus on shareholders.

A statement of intent

Just days before Election Day, four Democratic senators — Tammy Baldwin, Tom Carper, Mark Warner and Elizabeth Warren — are banding together to “fundamentally reform” capitalism. DealBook’s Lauren Hirsch got a first look at their working group, which will be announced today. Above all, it suggests growing Democratic unity around pushing corporate America to focus less on shareholders and short-term profits. And it signals an early priority for lawmakers if their party performs as well as the polls imply.

Why this matters: Attention is growing on who would have Joe Biden’s ear about steering the economy (again, if the election goes his way). Although the Democratic Party’s left and center wings are jostling for position in many ways, the new Senate group suggests that this is an issue that both can agree on.

...

Read the full article in the New York Times here.


By:  Andrew Ross Sorkin, Jason Karaian, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni
Source: New York Times