The passage of Delaware Senate Bill 21 – the Billionaires’ Bill – endangers the retirement security of millions of families across the country. A coalition of consumer and investor groups including Public Citizen, Americans for Financial Reform, and the Consumer Federation of America opposed the legislation as did the largest retirement funds in the United States.
While Elon Musk attacks federal agencies’ ability to protect us from the worst excesses of corporate power, a little known Musk initiative sailed through the Delaware legislature this week. Delaware’s corporate law drew Musk’s ire when its well-regarded Court of Chancery sided with Tesla shareholders and tossed out his $56 billion pay package.
On February 17, 2025, Delaware lawmakers proposed amendments to the state’s corporate law through Senate Bill 21 or the “Billionaires’ Bill” that would enable billionaires like Elon Musk to raid corporate treasuries at the expense of working people like teachers and construction workers counting on their pensions for a secure retirement. This Billionaires’ Bill was drafted by Elon Musk’s lawyers in secret and far outside the usual procedure for formulating changes to the state’s corporate law, which governs around two thirds of the corporations in the S&P 500.
In a webinar hosted by Americans for Financial Reform Education Fund (AFREF) and The Horizon Project, leading labor and state officials laid out strategies to protect public pensions from federal attacks and deploy state pension power to grow a strong economy for retirees, workers, and the public.
State policymakers and pension officials should use all the tools at their disposal to protect public pensions from federal threats and safeguard their ability to make investment decisions that promote retirement with dignity and economic security, according to a new policy roadmap released by the Americans for Financial Reform Education Fund.
WASHINGTON, D.C. — Proposals by the Securities and Exchange Commission to prevent misleading use of labels on funds that weigh environmental, social and governance factors and to require critical disclosures about these funds’ strategies are a welcome step toward protecting investors who choose these types of investments.
The groups urged the agency to abandon old rules that govern stock buybacks in light of their rampant abuse by corporate America since their enactment in 1982. Last year, the massive tax cut passed by Congress and signed into law by President Trump gave companies war chests of unprecedented size to boost share prices through stock buybacks.
When it comes to the economy, unfortunately the President hasn’t drained the swamp. Instead, he is filling the government with Wall Street insiders who are now attacking rules put in place to keep big Wall Street banks and predatory lenders from ripping off consumers and prevent another disastrous financial crisis.
“Financial services companies that support giving retirement investors investment advice that is in their best interests should stand up against the aggressive anti-investor lobbying tactics of their trade associations seeking to overturn the Department of Labor’s (DOL) conflict of interest rule, according to three national organizations that have supported DOL efforts to strengthen protections for retirement savers.”
In the new political environment, it is likely that there will be a heavy emphasis on the capital formation mission of the SEC. The IAC should play a critical role in reminding the Commission that investor protection is crucial to stable and effective capital formation. …Improving financial entity disclosures is crucial if we are to improve market discipline for large financial entities and investor discipline for funds.