A group of lawmakers have forwarded correspondence to the Biden Administration encouraging capitalism reformation in which short-term profits and shareholder primacy no longer take center stage.
Sens. Mark R. Warner (D-VA), Chris Van Hollen (D-MD) and Dianne Feinstein (D-CA) joined Reps. Dean Phillips (D-MN) and David Cicilline (D-RI) in spearheading the effort seeking an initiative coordinating federal policies reshaping and rebuilding an economy working for all.
Authorities noted three Senators and 18 House Representatives requested the proposed White House Initiative on Inclusive Economic Growth advance ongoing efforts to address the COVID-19 economic fallout; a widening racial wealth gap; and climate change.
“While we support passing much of your Build Back Better Agenda through a budget reconciliation package, we believe it is also essential that the Administration prioritize executive action to reform capitalism in such a way that short-term profits and shareholder primacy no longer take center stage,” the Senators wrote. “A White House Initiative on Inclusive Economic Growth could play a central coordinating role between policy councils, executive agencies and independent agencies in promoting equitable economic policy. The Initiative could also serve to convene private sector and civil society organizations that increasingly recognize the critical nature of a transition towards stakeholder capitalism.”
The House members noted several government agencies have already begun to prioritize more inclusive economic growth and community investing.
“In order to realize the full potential of these reforms across the federal government, we need coordination and prioritization from the Biden Administration,” House members concluded. “The principles behind stakeholder capitalism and community investing are increasingly being embraced across industries and in both the public and private sectors. With this new Initiative, we believe the White House can tap into a growing movement and ensure we transform these ideas into lasting, impactful policy.”