United States Senators Elizabeth Warren (D-Mass.), Tom Carper (D-Del.), Tammy Baldwin (D-Wis.) and Mark Warner (D-Va.) announced the formation of a working group to develop legislative proposals and conduct oversight focused on fundamentally reforming corporate governance. Over the last 30 years, corporate profits have surged while the portion shared with labor has declined, resulting in soaring inequality. The COVID-19 pandemic now ravaging the country has underscored the urgency of reforming corporate practices that leave corporations with little to no savings, workers living paycheck-to-paycheck, and supply chains outsourced to the lowest bidder. “For far too long, many companies have disregarded broad-based growth and put short-term profits ahead of workers, fueling inequality and restricting opportunities for the poor, for young people, and for people of color. Short-term financial pressure often pushes corporations to forgo necessary long-term investments, ignore the threat of climate change, and concentrate opportunity in ways that exclude too many of our communities,” said the senators. “We will work together on ways we can fundamentally reform corporate governance in America.” 

Warren, Carper, Baldwin, and Warner Form Corporate Governance Working Group to Fundamentally Reform the 21st Century American Economy | U.S. Senator Elizabeth Warren of Massachusetts