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S5493FEDERALIN_COMMITTEE
High Impact

The Accountable Capitalism Act (S. 5493)

Original title: Accountable Capitalism Act

December 11, 2024

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Where This Stands

Introduced
Committee
Floor Vote
Passed
Signed

Currently IN_COMMITTEE. The next step in the legislative lifecycle is Floor Vote.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

The Frame

What this does

If enacted, this bill would fundamentally change the legal obligations of the largest U.S. companies by requiring them to prioritize societal impact alongside shareholder profit and mandating that employees elect 40% of their board of directors.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Large business entities

Must obtain federal charters and adhere to new governance, compensation, and political spending rules.

Corporate employees

Gain the right to elect 40% of the board of directors and receive protections regarding board representation.

Corporate shareholders

Must approve political expenditures over $10,000 and see their interests balanced against other societal factors.

Corporate officers and directors

Face new restrictions on stock sales and legal requirements to consider non-shareholder interests in business decisions.

What changed

Current stage: IN_COMMITTEE.

What's next

Floor Vote.

Background

  • Senator Elizabeth Warren has previously introduced similar legislation aimed at increasing corporate accountability and worker representation on boards. context

Summary

This bill requires large U.S. corporations with over $1 billion in annual gross receipts to obtain a federal charter from a new 'Office of United States Corporations.' These chartered companies would be legally required to balance the interests of shareholders, employees, customers, and the environment, while facing new restrictions on executive stock sales and political spending.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Which companies are affected by this bill?
The bill applies to 'large entities' defined as corporations or LLCs engaged in interstate commerce with more than $1 billion in gross receipts in a taxable year.
Can directors be sued if the company fails to create a 'general public benefit'?
No, the bill explicitly states that neither a director nor an officer may be held personally liable for the failure of the corporation to pursue or create a .
How are the employee-elected directors chosen?
The Securities and Exchange Commission, in consultation with the National Labor Relations Board, is required to issue rules ensuring these elections are fair and democratic.

Why It Matters

If enacted, this bill would fundamentally change the legal obligations of the largest U.S. companies by requiring them to prioritize societal impact alongside shareholder profit and mandating that employees elect 40% of their board of directors.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Lobbying Activity

AARP

$4,110,000

2026

HEALTH ISSUESMEDICARE/MEDICAIDLAW ENFORCEMENT/CRIME/CRIMINAL JUSTICEPHARMACY

P.L. 119-21, One Big Beautiful Bill Act H.R. 8867, Planning for Long-term Aging Needs (PLAN) Act H.R. 5861, Legacy Act of 2025 H.R. 9393, the Lower Costs, More Transparency Act. H.R. 9396, the Prior Authorization Accountability Act. S. 4916, the Aging with Artificial Intelligence Act. H.R. 8100, Safe Staffing Saves Lives Act. S. 3886, Nurses Belong in Nursing Homes Act. H.R. 6766/S. 3492, the Essential Caregivers Act of 2025. H.R. 7966/S. 4118, Hospice Care Accountability, Reform, and Enforcement (Hospice CARE) Act. S. 2120, the Older Americans Act Reauthorization Act of 2025 H.R. 5575, the Firefighters Assisting Seniors to Emergency Response (FASTER) Act of 2025. H.R. 3954/S. 4641, Improving Access to Medicare Coverage Act. H.R.5554/S.2831, Stand Strong for Medicare Act. S. 3439/H.R. 6735, Connecting Caregivers to Medicare Act and efforts related to the bill S. 1227/H.R. 2491, Alleviating Barriers for Caregivers Act S. 668/H.R. 3183, Supporting Access to Falls Education and Prevention and Strengthening Training Efforts and Promoting Safety Initiatives (SAFE STEPS) for Veterans Act of 2025 CMS-1851-P, Hospice Proposed rule. CMS-1843-P, Skilled Nursing Facility Proposed rule. CMS-1844-P, Home Health Proposed rule. No bill number. Health care transparency. No bill number. Discussed use of artificial intelligence and health data technology. No bill number. Discussed health-related policies and activities around the fall respiratory virus season. No bill number. Discussed health insurance affordability proposals. No bill number. Discussed Nursing Home staffing standards, safety, and quality. No bill number. Discussed Nursing home transparency and ownership requirements. No bill number. Discussed home health, hospice, and long-term care. No bill number. Discussed falls prevention. No bill number. Discussed social isolation. No bill number. Discussed HUD Assisted Living Requirements No bill number. Discussed family caregiving. No bill number. Discussed AARP paper on Medicare Caregiver Training Services. No bill number. Discussed Medicaid community engagement interim final rule, including the family caregiver exemption. No bill number. Discussed the paid direct care workforce in long-term care. No bill number. Discussed the unaffordability of long-term care. No bill number. Discussed Money Follows the Person Rebalancing Demonstration Program and Medicaid HCBS spousal impoverishment protections. No bill number. Discussed Medicaid fraud and family caregivers, Medicaid self-direction programs. No bill number. Discussed sandwich generation family caregiver hearing and submitted a statement for the record discussing family caregivers and sandwich generation caregivers, programs that support them, AARP caregiving resources, and federal policies to support sandwich generation caregivers and caregivers more broadly. No bill number. Discussed long-term care. No bill number. CMS-2453-NC; Medicaid Program; 2028 Medicaid Home and Community-Based Services Quality Measure Set Submitted comments No bill number. Discussed expanding access to home care. No bill number. Discussed the increasing cost of home care No bill number. Discussed HSA use for telehealth chronic care management services/subscriptions. No bill number. Discussed artificial intelligence and technology

60 Plus Association

2026

TAXATION/INTERNAL REVENUE CODEENVIRONMENT/SUPERFUNDCOPYRIGHT/PATENT/TRADEMARKHEALTH ISSUES

Signed a coalition letter opposing any efforts to raise the corporate tax rate above the 21% level set in the 2017 Tax Cuts and Jobs Act (TCJA). Signed a coalition in support of the Family Business Legacy Act, H.R. 6329. This legislation creates parity in the tax code between the estate and gift taxes by allowing an estate tax deduction for contributions to 501(c)(4), (c)(5), and (c)(6) organizations. Signed a coalition letter urging opposition to proposals that would raise taxes on carried interest investment income.The letter is urging Congress to reject the misnamed Carried Interest Fairness Act, legislation recently reintroduced by Senators Tammy Baldwin, Elizabeth Warren, Bernie Sanders, and other progressive members of Congress. This legislation that would increase the tax rate on carried interest investment by 70%, from 23.8% to 40.8%. Signed a coalition letter in support of H.R.574 - ALIGN Act and highlight the 100% bonus depreciation provision's importance as the tax cut reauthorization efforts continue. Signed a coalition to support of repealing IRA's green new deal subsidies in reconciliation to pay for tax cuts. Signed a coalition letter regarding digital services taxes (DST) in an effort to stop Canadas imposition of a discriminatory digital services tax (DST) on U.S. firms and your efforts to include restrictions on the imposition of DSTs and other unfair digital policies in recently announced trade agreements-providing a model for future trade negotiations. Signed a coalition letter urging the President to index capital gains for inflation.

1607 STRATEGIES, LLC

on behalf of BMO Financial Corp.

2024

BANKING

Issues relating to capital requirements under Basel III. Issues related to capital requirements for global systemically important banks. S. 2226, National Defense Authorization Act for Fiscal Year 2024, provisions relating to foreign banking. H.R. 4206, Bank safety Act of 2023, all provisions. S. 1169, Holding Foreign Insiders Accountable Act, all provisions. H.R. 7019, Holding Foreign Insiders Accountable Act, all provisions.

1607 STRATEGIES, LLC

on behalf of BMO Financial Corp.

2024

BANKINGBUDGET/APPROPRIATIONS

Issues relating to capital requirements under Basel III. Issues related to capital requirements for global systemically important banks. S. 2226, National Defense Authorization Act for Fiscal Year 2024, provisions relating to foreign banking. H.R. 4206, Bank safety Act of 2023, all provisions. S. 1169, Holding Foreign Insiders Accountable Act, all provisions. H.R. 7019, Holding Foreign Insiders Accountable Act, all provisions.

1607 STRATEGIES, LLC

on behalf of BMO Financial Corp.

2024

BANKINGBUDGET/APPROPRIATIONS

Issues relating to capital requirements under Basel III. Issues related to capital requirements for global systemically important banks. S. 2226, National Defense Authorization Act for Fiscal Year 2024, provisions relating to foreign banking. H.R. 4206, Bank safety Act of 2023, all provisions. S. 1169, Holding Foreign Insiders Accountable Act, all provisions. H.R. 7019, Holding Foreign Insiders Accountable Act, all provisions.

1607 STRATEGIES, LLC

on behalf of CAPITAL ONE FINANCIAL CORPORATION

2021

BANKING

Issues relating to anti-money laundering and the Bank Secrecy Act, accounting standards for financial institutions, industrial loan charters, and privacy rules for financial institutions. H.R. 1799, Paycheck Protection Program (PPP) Extension Act of 2020, provisions related to coronavirus relief affecting financial institutions and their customers. issues related to the payment system.

1607 STRATEGIES, LLC

on behalf of CAPITAL ONE FINANCIAL CORPORATION

2021

BANKING

Issues relating to anti-money laundering and the Bank Secrecy Act, accounting standards for financial institutions, industrial loan charters, and privacy rules for financial institutions. H.R. 1799, Paycheck Protection Program (PPP) Extension Act of 2020, provisions related to coronavirus relief affecting financial institutions and their customers.

1607 STRATEGIES, LLC

on behalf of CAPITAL ONE FINANCIAL CORPORATION

2020

BANKING

Issues related to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, anti-money laundering and the Bank Secrecy Act, accounting standards for financial institutions, industrial loan charters, and privacy rules for financial institutions. H.R.6074, Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, provisions affecting financial institutions and their customers. H.R.6201, Families First Coronavirus Response Act, provisions affecting financial institutions and their customers. H.R.6379, Take Responsibility for Workers and Families Act, provisions affecting financial institutions and their customers. S.3548, CARES Act, provisions affecting financial institutions and their customers. H.R.748, CARES Act, provisions affecting financial institutions and their customers. H.R. 133, Consolidated Appropriations Act, 2021, provisions related to coronavirus stimulus and relief.

1607 STRATEGIES, LLC

on behalf of CAPITAL ONE FINANCIAL CORPORATION

2020

BANKING

Issues related to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, anti-money laundering and the Bank Secrecy Act, accounting standards for financial institutions and privacy rules for financial institutions. H.R.6074, Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, provisions affecting financial institutions and their customers. H.R.6201, Families First Coronavirus Response Act, provisions affecting financial institutions and their customers. H.R.6379, Take Responsibility for Workers and Families Act, provisions affecting financial institutions and their customers. S.3548, CARES Act, provisions affecting financial institutions and their customers. H.R.748, CARES Act, provisions affecting financial institutions and their customers.

1607 STRATEGIES, LLC

on behalf of CAPITAL ONE FINANCIAL CORPORATION

2020

BANKING

Issues related to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, anti-money laundering and the Bank Secrecy Act, accounting standards for financial institutions and privacy rules for financial institutions. H.R.6074, Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, provisions affecting financial institutions and their customers. H.R.6201, Families First Coronavirus Response Act, provisions affecting financial institutions and their customers. H.R.6379, Take Responsibility for Workers and Families Act, provisions affecting financial institutions and their customers. S.3548, CARES Act, provisions affecting financial institutions and their customers. H.R.748, CARES Act, provisions affecting financial institutions and their customers.

Sponsors

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Shift from Shareholder Primacy

The bill mandates a legal shift from traditional shareholder-only focus to a 'stakeholder' model, requiring directors to balance the interests of employees, customers, and the environment.

Connected Entities

otherGovernment Employee Rights Act of 1991Used to define ‘covered employer or entity’.Map →
organizationOffice of United States CorporationsThe Office established to oversee the implementation of the Accountable CapitaliMap →
otherCivil Rights Act of 1964Used to define ‘covered employee’.Map →
organizationInternal Revenue ServiceUsed in defining the size of ‘large entities’ based on gross receipts.Map →
otherAge Discrimination in Employment Act of 1967Used to define ‘covered employee’.Map →
otherFair Labor Standards Act of 1938Used to define ‘covered employee’.Map →
organizationUnited States CorporationsThe entity established by the bill.Map →
otherCongressional Accountability Act of 1995Used to define ‘covered employer or entity’.Map →
otherAmericans with Disabilities Act of 1990Used to define ‘covered employer or entity’.Map →
otherRehabilitation Act of 1973Used to define ‘covered employer or entity’.Map →

Analysis Score

0–100
  • Significance95
    How much this matters to a regular citizen
  • Controversy85
    Intensity of disagreement among stakeholders
  • Entertainment40
    Compellingness for a non-policy-wonk reader
  • Buzz60
    Current news / social attention level

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