Enter Senator Elizabeth Warren and her proposed Accountable Capitalism Act . It is straight out of Atlas Shrugged. She proposes to regulate corporations with gross revenues of $1 billion or more, requiring them to obtain a federal corporate charter as a “United States corporation”. They would be regulated by a bureaucracy under the Office of United States Corporations. These corporations must be operated to “create a general public benefit” and must consider how its profit making activities affect not only their shareholders, but their employees, suppliers, “community and societal factors”, and the local and global environment. At least 40% of its board of directors must be elected by its workers. If they wish to support a political candidate, they must have approval of 75% of the board.
