Top Senate Democrats Propose Limits to Corporate Buybacks
- Companies should first meet needs of workers, senators say
- Measure highlights how boost in buybacks is shaping 2020 race
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Two top Senate Democrats said they’ll introduce legislation barring companies from buying back their own stock unless they first increase workers’ pay and benefits, as the party seeks to frame 2020 election issues by spotlighting corporate responsibility.
Senate Minority Leader Chuck Schumer and Senator Bernie Sanders, who is considering a second run for the Democratic presidential nomination in 2020, wrote in a New York Times opinion piece Monday that their plan would require companies pursuing buybacks to take such actions as raising workers’ minimum pay to $15 an hour, improving pensions or offering seven days of paid sick leave.