Warren's Accountable Capitalism Act is 'seriously misguided,' economics professor says [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
show chapters Sen. Elizabeth Warren 's corporate responsibility bill would help destroy capitalism, Harvard University economics professor Jeffrey Miron told CNBC on Wednesday. Warren's proposal will create a whole set of new rules that the federal government will enforce. Those rules will not be clean, explicit or simple. They'll be messy, they'll be complicated. [It will create a] huge ability for companies to evade and avoid, Miron said on CNBC's Power Lunch. It's just a recipe for more crony capitalism, not for more productive capitalism, he added. Warren, a Democrat from Massachusetts, unveiled plans for her new legislation, the Accountable Capitalism Act, in an op-ed in The Wall Street Journal on Tuesday. The proposed bill would require corporations with more than $1 billion in annual revenue to obtain a federal charter. The charter aims to mitigate income inequality by obligating company directors to consider the interest of all stakeho
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