Dem to reintroduce legislation to curb stock buybacks

Sen. Tammy BaldwinTammy Suzanne BaldwinIt's time for Congress to establish a national mental health crisis number The Hill's Morning Report - Presented by Better Medicare Alliance - Dems unveil impeachment measure; Vindman splits GOP The Hill's Morning Report - Presented by Better Medicare Alliance - Dems shift strategy on impeachment vote MORE (D-Wis.) said that she is reintroducing her legislation to curb stock buybacks on Wednesday, as Democrats have criticized companies' share repurchases following the enactment of the GOP tax law.

Under the bill, corporations would no longer be able to repurchase their own shares on the open market.

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Additionally, the bill would require public companies to allow their workers to elect one-third of their board of directors.

"I believe that ending the corporate buyback binge and giving workers a seat at the table will ensure that workers share in the prosperity that they help to create," Baldwin said Tuesday.

Baldwin spoke about the reintroduction of her bill at an event Senate Democrats held Tuesday on stock buybacks.

Democrats have highlighted companies' stock buyback announcements after the passage of the GOP tax bill to argue that the law is helping wealthy shareholders rather than workers.

"We're learning more every day that the Republican tax-scam giveaway was based on fraudulent claims," said Sen. Chris Van HollenChristopher (Chris) Van HollenOvernight Defense: Erdoğan gets earful from GOP senators | Amazon to challenge Pentagon cloud contract decision in court | Lawmakers under pressure to pass benefits fix for military families Senate Foreign Relations chair: 'Best' not to pass Turkey sanctions bill 'at this moment' On The Money: Retirement savings bill blocked in Senate after fight over amendments | Stopgap bill may set up December spending fight | Hardwood industry pleads for relief from Trump trade war MORE (D-Md.).

Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerOvernight Health Care: Trump officials making changes to drug pricing proposal | House panel advances flavored e-cig ban | Senators press FDA tobacco chief on vaping ban Chad Wolf becomes acting DHS secretary Schumer blocks drug pricing measure during Senate fight, seeking larger action MORE (D-N.Y.), who has plans with Sen. Bernie SandersBernie SandersBiden says he won't legalize marijuana because it may be a 'gateway drug' Democrats seize on report of FedEx's Bernie Sanders tax bill to slam Trump's tax plan If we want to save earth, we need to change how we eat MORE (I-Vt.) to offer legislation to prevent companies from buying back their own stock unless they invest in their workers, questioned how corporations could fulfill their pension obligations while also buying back their stock.

"Income distribution in America is skewed out of whack," Schumer said, adding that "we believe that not only government has a role to play, but corporate America has a role to play."

The Senate Democrats' event featured testimony from professors and workers at large companies who spoke in support of reining in stock buybacks and providing employee representation on corporate boards.

"I urge Congress to stop these malicious stock buybacks and help create jobs to benefit the community like mine," said Joe Olson, an AT&T technician and president of a local chapter of the Communications Workers of America.

Many conservatives and business groups have defended stock buybacks, arguing that they make capital investments more productive and benefit people saving for retirement. They also have said that both buybacks and business investment increased last year.