Carper moves to strike 'proxy access' in Wall Street bill

Sen. Tom Carper (D-Del.) wants to strike legislation in the Wall Street overhaul bill designed to give shareholders greater power to name corporate board of directors.

Carper wants to strike the "proxy access" section of the Wall Street overhaul bill. Carper is joined by Sens. John Ensign (R-Nev.), Judd Gregg (R-N.H.) and Bob Corker (R-Tenn.).

Business lobbyists are strongly opposing the Dodd bill's provisions on "proxy access" and are supporting the Carper amendment.

John Castellani, president of the Business Roundtable, said the "proxy access" provision would lead his group to oppose the entire bill.

"It allows small shareholders with an agenda to disrupt the governance process," Castellani said. "Our members feel very strongly about this. They are contacting their senators. I think we’re finding some support among other Democrats who are concerned about what it would do."

Labor unions and some investors have waged a campaign to have more access to proxy battles in which companies name their board of directors. They have argued company managers have had too much power over the nomination of directors.