Tag Archives: stock buybacks

Letters to the Regulators: Letter in Support of Revisions to OMB Guidance for Grants and Agreements

The Americans for Financial Reform Education Fund (AFREF), the Institute for Policy Studies, Jobs to Move America, Communications Workers of America, United for Respect, and Take on Wall Street wrote a comment letter to the Office of Management and Budget (OMB) to recommend it be made explicit – in guidance accompanying the final rule – that local and state officials may take responsible action to consider stock buyback expenditures, exorbitant CEO pay, and private equity-driven leveraged buyouts and drastic cost-cutting when awarding federal funds.

lawyer signing a document Photo by Helloquence on Unsplash

Letters to Regulators: Comment Letter to OMB on Uniform Guidance Relating to Stock Buybacks and Executive Comepensation

AFREF and the Institute for Policy Studies, Global Economy Project led a comment letter to the Office of Management and Budget (OMB) about its uniform guidance, which sets the boundaries around the types of strings states and localities are allowed to attach when they disburse federal funds.  This comment letter argues state and local governments should be allowed to give preferential treatment to bidders that commit to make productive investments in their companies and refrain from stock buybacks and excessive executive compensation.

Blog: Congress Takes Historic Step to Tax Stock Buybacks

Schumer uttered those words as the Senate was on the brink of passing the Inflation Reduction Act—the compromise reconciliation bill that resulted from prolonged, heated negotiations amongst Democrats.  The version that will go to President Biden includes something brand-new in U.S. economic policy: a one percent excise tax on stock buybacks, which reached an astonishing $882 billion last year.

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News Release: Groups Sign Stock Buyback Petition

“The money that is being siphoned off from earnings to increase executive bonuses doesn’t just make wealthy insiders wealthier,” said Heather Slavkin Corzo, senior fellow at Americans for Financial Reform. “It is money that could have been used to invest in making the business more competitive and pay workers living wages.”

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Testimony: Heather Slavkin Corzo Testifies About Policies To Protect Investors, Increase Transparency, And Promote Worker Rights

The message, for too long, has been that policymakers must choose between policies that protect shareholders’ interest and those that protect workers’ interests. Investors know that economic stability is good for investment outcomes. Over the long-term, economic stability requires broad-based economic growth and shared prosperity.