House Democrats reintroduce bill targeting stock buybacks

U.S. Representative Jesus Garcia (D-IL) speaks in opposition to Title 42 during a news conference outside the U.S. Capitol in Washington, U.S., April 28, 2022. 

Elizabeth Frantz | Reuters

WASHINGTON — House Democrats on Thursday reintroduced a bill that would ban open-market stock buybacks, weeks after the Securities and Exchange Commission released stringent buyback disclosure rules.

The Reward Work Act would prohibit companies from increasing the value of their market shares by buying back shares on the open market. Lawmakers said it would also level the playing field for workers by preventing trillions in spending on buybacks instead of salaries.

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The bill “also gives workers a voice on corporate boards,” Rep. Jesus Garcia, D-Ill., one of the bill’s co-sponsors,…

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