The Reward Work Act would prohibit publicly traded companies from buying back their own shares on the stock market, a common practice where companies use cash to repurchase their stock to boost share prices and executive compensation. The bill also requires that at least one-third of the board of directors at any publicly traded company be elected directly by employees through a one-person-one-vote election process, giving workers a formal voice in corporate governance decisions. These requirements would apply to all companies registered on national securities exchanges, affecting thousands of large public corporations across the United States. The Securities and Exchange Commission, working with the National Labor Relations Board, would have two years from the bill's enactment to write the rules implementing these changes. The legislation targets what supporters view as corporate practices that prioritize shareholder returns over worker compensation and interests.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.