A senator from Florida created a bill that will allow citizens to fight against corporations pushing political ideologies including Marxism, socialism, and so on.
Manhattan Institute Senior Fellow Christopher Rufo announced on Friday that Florida Senator Marco Rubio has begun "the fight" against "political ideology" through the new bill he introduced.
"BREAKING: Senator @MarcoRubio introduces legislation to allow shareholders to sue corporations for prioritizing political ideology-such as 'socialism, Marxism, [and] critical race theory'-over their fiduciary duty to maximize long-term shareholder value. The fight has begun," Rufo announced in Twitter with screencaps of the said bill's pages.
BREAKING: Senator @MarcoRubio introduces legislation to allow shareholders to sue corporations for prioritizing political ideology"”such as "socialism, Marxism, [and] critical race theory""”over their fiduciary duty to maximize long-term shareholder value.
The fight has begun. pic.twitter.com/R9Ta9QpndB
"” Christopher F. Rufo (@realchrisrufo) September 24, 2021
Rufo, who has declared in Twitter that he is "fighting against critical race theory," highlighted that Rubio's legislation will actually "unite" conservatives against "woke" capitalism.
"This is a brilliant approach that will unite the conservative movement: the nationalist-populists can get behind taking the fight to woke capital; the Reaganites can get behind the focus on maximizing shareholder value, which is the heart of free enterprise," Rufo added in another tweet.
The bill, entitled "Mind Your Own Business Act of 2021," intends "to amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to require the contractual provision by large issuers of procedural privileges with respect to certain shareholder claims relating to board and management accountability for 'woke' social policy actions as a condition of listing on a national securities exchange, and for other purposes."
The bill presented findings on what is currently happening in the issuance of stocks and in the effect of these large corporations to the overall economy of the country. It pointed out that such companies have recently "violated" certain norms due to "political bias" such as the denial of goods to some group of people.
"Certain large corporate issuers that are significant to the national economy have recently undertaken actions which facially violated these norms on account of apparent political bias," the bill's text said.
"Examples of such actions include the use of corporate resources to--(a) deny goods and services to States and their political subdivisions, and private entities," it added.
Rubio, whose campaign thrust included helping businesses in Florida to be competitively ready for the 21st-century economy, explained that the bill empowers shareholders to retaliate against woke corporations.
"My bill would give shareholders more power to fight back against 'woke' corporations," Rubio said in Twitter on Monday.
In a press release dated September 23, Rubio elaborated that the Mind Your Own Business Act of 2021 empowers shareholders against woke corporations who must prove their actions were in the former's best interest. Corporate directors would be held accountable otherwise for fiduciary duty breach in so far as social policies on shareholder litigation for corporate actions are concerned.
"Patriotic Americans who love their country and the opportunity it provides should be able to fight back against the growing tyranny of the woke elites running corporate America. These are often nationless corporations that amass fortunes divorced from the fate of our great country while pushing socially destructive, far left policies like boycotts and cancel crusades at home," Rubio said.
"My Mind Your Own Business Act would put the burden of proof on corporations to show that their far left actions were in shareholders' best interests, and make corporate directors and officers personally liable if they can't prove it," he added.
Rubio pointed out that such corporations would not be able to use "legal tricks" to protect them from accountability. The said corporations should prove "under oath in court" that being a woke corporation is really good for their business.
