Protect Shareholders. Strike the Financial Choice Act 2.0.
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Shareholder democracy is being profoundly threatened by Section 844 of the Financial CHOICE Act 2.0.
This new legislation, which was heard by the Congressional Financial Services Committee on April 26 and then passed by the House on June 8, contains a provision that would fundamentally impair investors' rights to file shareholder resolutions. It is now scheduled to be voted on in the Senate. The new rule would permit only a tiny fraction of the globe’s wealthiest investors (those who own more than 1% or more of a company’s stock) to file shareholder proposals. For example, raising the ownership requirement to 1% would leave only 11 investors with enough shares ($3 billion) necessary to file shareholder proposals at Wells Fargo.
All other shareholders would be blocked from using their shareholder rights to address equity, justice, sustainability, climate, risk, and good governance issues.
Sign our petition and make your voice heard. We will be sending signatures, as well as the letter linked below, to the Senate. Let’s work together to defeat this destabilizing legislation that will profoundly affect consumers, investors, and the economy at large.
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