Congressman Chuy García

@RepChuyGarcia ↗

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Last Checked Dec. 1, 2022

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Fri Oct 07 18:17:59 +0000 2022

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Congressman Chuy García @RepChuyGarcia

Stock buybacks worsen the racial wealth gap. Latino & Black households own <1% of the total stock market value while white households own 90%. White households benefit disproportionately when megacorporations buy back their stock & inflate its price https://t.co/o5Ms1xqxGc — PolitiTweet.org

Posted Oct. 7, 2022

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Congressman Chuy García @RepChuyGarcia

@IPS_DC found that a majority of low-wage firms spent billions on stock buybacks while cutting worker pay. Like @Lowes. It used its profits to spend $13 billion in 2021 on stock buybacks while median worker pay dropped by 7.6% https://t.co/5MHq4spLvg — PolitiTweet.org

Posted Oct. 7, 2022

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Congressman Chuy García @RepChuyGarcia

The Reward Work Act repeals a Regan-era SEC rule that legalized stock buybacks in ‘82. Before that, stock buybacks were rightfully considered market manipulation. The bill also empowers workers by requiring that public companies allow workers to directly elect 1/3 of their boards — PolitiTweet.org

Posted Oct. 7, 2022