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 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.
“At a time of huge income and wealth inequality, Americans should be outraged that these profitable corporations are laying off workers while spending billions of dollars to boost their stock's value to further enrich the wealthy few,” the two wrote. They pointed to recent decisions of companies including Walmart Inc. and Wells Fargo & Co. to repurchase billions of dollars in shares at about the same time they cut jobs.
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