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Senate Democrats Propose Limits to Corporate Buybacks

Chuck Schumer and Bernie Sanders will introduce legislation to prohibit companies from stock buybacks unless workers’ pay and benefits also increase.

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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 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.

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