Democratic lawmakers led by Rep. Jesus Garcia reintroduced a bill banning stock buybacks on the open market.
The Reward Work Act to prohibit open-market stock repurchasing by corporations was reintroduced Thursday by Rep. Jesus Garcia, D-Ill., Ro Khanna, D-Calif., and Val Hoyle, D-Ore.
U.S. Representative Jesus Garcia speaks in opposition to Title 42 during a news conference outside the U.S. Capitol in Washington, U.S., April 28, 2022.WASHINGTON — House Democrats on Thursday reintroduced a bill that would ban open-market stock buybacks, weeks after the Securities and Exchange Commission released stringent buyback disclosure rules.
The bill "also gives workers a voice on corporate boards," Rep. Jesus Garcia, D-Ill., one of the bill's co-sponsors, said Thursday. Reps. Ro Khanna, D-Calif., and Val Hoyle, D-Ore., also co-sponsored the bill. With Republicans holding a slight majority, it's unlikely the bill get through the House.
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