ImpactAlpha, Sept. 27 – Dozens of investors and business groups led by The U.S. Impact Investing Alliance and B Lab have been pushing the Biden administration for new rules and incentives to reform American capitalism for the long term. A group of House and Senate members are joining the call.
U.S. Sens. Mark Warner (VA), Chris Van Hollen (MD), and Dianne Feinstein (CA), with Reps. Dean Phillips (MN) and David Cicilline (RI), requested for a creation of a White House Initiative on Inclusive Economic Growth to coordinate policy across the federal government to reshape the economy to work for all (for context, see “Capitalism reimagined for fair gainsharing and equitable prosperity”).
- Lasting impact. The Senators say they support passing much of Biden’s Build Back Better Agenda through a budget reconciliation package. They want the administration to take executive action “to reform capitalism in such a way that short-term profits and shareholder primacy no longer take center stage.” Stakeholder capitalism and community investing are being embraced across industries, added the House members. “We believe the White House can tap into a growing movement and ensure we transform these ideas into lasting, impactful policy.”
- Not The Onion. Separately, Sen. Marco Rubio (FL) introduced the Mind Your Own Business Act that would enable shareholders to hold accountable what the senator calls “woke” corporations. The legislation, according to Rubio’s website “would require corporate directors to prove their ‘woke’ corporate actions were in their shareholders’ best interest in order to avoid liability for breach of fiduciary duty.”
