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Illustration: Greg Ruben/Axios

Reinvigorated corporate governance could be key to bringing the "blue wave" to shore this November.

At least, that's what seems to be the thinking of Sen. Elizabeth Warren (D-MA), who just unveiled a new plan that would, among other things, let large company employees elect around 40% of that company's board of directors.

The details: It's called the Accountable Capitalism Act. Here's the bill text.

  • It focuses on companies with at least $1 billion in revenue, and would require them to obtain a federal charter via a proposed U.S. Commerce Department office, obligating them to consider the interests of all corporate stakeholders (i.e., shareholders, employees, community). One immediate consequence could be reduction in successful shareholder lawsuits on fiduciary grounds.
  • It would prevent officers or directors from selling stock within five years of receipt or within three years of a company stock buyback.
  • It would prevent companies from making political candidate expenditures without approval of 75% of directors or shareholders.

No, this isn't going to become law, particularly with the current Congress. And the proposed "corporate charter" requirements are way too vague to be practically applied.

But, politically speaking, it could be the sort of pro-worker, economic populism that Democrats successfully adopt to contrast themselves with Trump, without veering to the anti-capitalist left. A pitch that emphasizes how much of the 2017 tax cuts were used by corporations for stock buybacks rather than for substantially increased wages.

  • It's also something that I could see some big companies supporting (at least publicly), given that it's not a tax, and could further inoculate themselves from the socialist specter.

The bottom line: Warren's proposal is DOA as legislation, but it could be the beginning of a very loud conversation.

Go deeper

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget after several senators voiced opposition and concern about her qualifications and past combative tweets, President Biden announced Tuesday.

Why it matters: Tanden’s decision to pull her nomination marks Biden's first setback in filling out his Cabinet with a thin Democratic majority in the Senate.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.

3 hours ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.