Sen. Sherrod Brown has unveiled new legislation Wednesday to put company profits back in the hands of workers.
Brown says the "Stock Buyback Reform and Worker Dividend Act" seeks to curb stock buybacks.
He says corporations’ main goal is to increase stock prices each quarter and increasingly they do this through purchasing their own stock.
“When President Trump and Mitch McConnell handed them the windfall in the 2017 tax law, those executives turned around and plowed that money right back into stock buybacks.”
The bill would require public companies to issue a worker dividend to each worker for a dollar for every million dollars that company spends on stock buybacks. It would also impose certain restrictions on stock buybacks.
Brown says he expects getting the bill through Congress will be a long process given the current Republican majority in the Senate, but he plans to be persistent.
