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National Review

Biden Brain Trust: Forget the Billionaires, Guillotine the Corporations

Buried beneath the laundry pile of new left-wing regulations the Biden administration hopes to push is a previously obscure idea whose time may, regrettably, have come: the federal corporate charter. For decades, anti-capitalist legal theorists have advocated national licensing requirements for corporations — charters that government officials could revoke for alleged misbehavior. We may soon see what that idea looks like in practice.With President-elect Biden moving quickly to staff his new administration, many observers are wondering how radical his appointees are going to be. We may not see Senators Elizabeth Warren (D., Ma.) and Bernie Sanders (I, Vt.) in the cabinet (if for no other reason than their Senate replacements would be named by Republican governors), but we will likely see many new senior federal officials in their mold. CNN reported this week that “Elizabeth Warren’s fingerprints are all over the Biden transition, much to Wall Street’s dismay.” Our friends on the Street are wise to be dismayed.We can get a good idea of what Warren-style officials would want by looking at the senator’s own Accountable Capitalism Act, an admittedly aspirational piece of legislation introduced in August 2018 as Warren herself was preparing to run for the Democratic nomination for president. The very first item that Warren’s office listed in its press release on the bill is the provision for a federal corporate charter, which would cover any American company with more than $1 billion in annual revenue.The Accountable Capitalism Act would require such corporations to reject the traditional obligation — and long-standing legal precedent — to maximize value for shareholders and instead embrace a “stakeholder” model that “obligates company directors to consider the interests of all corporate stakeholders,” including “communities in which the company operates.” The bill would

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