Senators Introduce Bill To Protect Shareholders
RENEE MONTAGNE, Host:
NPR's David Greene reports.
DAVID GREENE: Now, these aren't new ideas. In March, President Obama said the federal government should force companies to give shareholders a bigger role. Mr. Obama said he had been lobbying for that since before he was president.
BARACK OBAMA: There were some people who attacked us, saying government has no business doing that. Well, look - all we're trying to say is you've got to be accountable to somebody.
GREENE: Somebody but maybe not the federal government. Tom Quadman(ph), an executive director at the U.S. Chamber of Commerce, said state lawmakers have done an admirable job protecting shareholders. He said giving the federal government more power to meddle in big companies' business is dangerous. He also said Schumer's bill ignores the fact that most companies are responsive to shareholders and operate responsibly.
TOM QUADMAN: There are 15,000 public companies in the United States that get it right and they get a right every day.
GREENE: David Greene, NPR News, New York.
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