The Left may have shifted their main focus from class to race, but they haven’t forgotten about their original mission of taming capitalism. Sen. Elizabeth Warren, D-Mass., certainly hasn’t. On August 15, Senator Warren introduced a bill, the Accountable Capitalism Act, to rein in companies that are “making the rich even richer.” Among its features, the measure would force corporations with annual revenues of at least $1 billion to obtain a federal charter and mandate that at least 40 percent of the board members of such companies be chosen by employees. Warren assures skeptics that she believes in markets. Yet even if her profession is genuine, her proposal is a recipe for undermining them.
Not that long ago, Elizabeth Warren, now 69, taught contracts and bankruptcies at Harvard Law School. The author or co-author of nearly a dozen books, Warren evolved into a Real Fighter, an advocate for beleaguered families everywhere. Unable to win the coveted job of director of the new Consumer Financial Protection Bureau, she ran for U.S. senator from Massachusetts in 2012 against incumbent Republican Scott Brown – and won. A vocal and persistent critic of corporations, her economic platform is barely distinguishable from that of radical Senate colleague Bernie Sanders, I-Vt. Her main concern these days is that large publicly-traded firms are fixated on raising value for shareholders to the detriment of just about everyone else.