Elizabeth Warren and other Democrats in Congress are rolling out a batch of tough legislative proposals designed to rein in and even jail corporate executives
Sen. , a push that they say would protect investors and consumers but one that also serves as a preview of their looming 2020 campaign.that would incarcerate executives for wrongdoing at companies under their watch — legislation she framed as a response to widespread harm unleashed by Wells Fargo and Equifax on millions of Americans.
While the bills have little chance of becoming law, they offer a potent weapon for Democrats to wield as they try to regain power in Washington, including the White House. The legislative drive is already putting Republicans in an awkward position as they try to push back and warn that the proposals, opposed by powerful business groups, could do more harm than good to markets and investors.Sign Up
"This campaign bill is designed to appeal to the worst Robin Hood instincts in voters," J.W. Verret, a George Mason University law professor and former House Republican aide, said of Warren's legislation. Warren is using her bill to address lingering frustration from the 2008 financial crisis over the lack of executives penalized for the Wall Street meltdown. A massive customer account scandal at Wells Fargo in 2016 and an historic consumer data breach at Equifax in 2017 kept the fire burning, providing plenty of fodder for her "Corporate Executive Accountability Act."
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