Bernie Sanders Proposes the Stop Walmart Act
The bill would prevent companies from buying back stock until all of their employees make $15/hr
Many politicians like Trump have touted the “strong” economy. They claim that since Wall St. seems to be hitting record highs every day, the economy must be doing well, yet many Americans know that while their wages are still low and that most of the job growth has come from low wage jobs. To stop the tide of CEO’s getting rich while their employees suffer, Senator Bernie Sanders has introduced the Stop Walmart Act.
This act would prevent large companies from buying back stock unless they pay all employees at least $15 an hour, allow workers to earn up to seven days of paid sick leave and limit CEO compensation to no more than 150 times the median pay of all staffers. Sanders named the bill the Stop Walmart Act because they are the poster child for excessive CEO pay. The company’s CEO, Doug McMillon, makes $22 Million while the average Walmart employee makes $19,177. The bill comes just a few months after Sanders introduced the Stop BEZOS Act, which called for levying a tax on large companies equal to the value of the public benefits that their workers receive. The bill targeted Amazon and caused the online giant to raise the wages of all employees above the $15/hr threshold. The bill has also been introduced in the House by Rep. Ro Khanna, a California Democrat.
The Stop Walmart Act comes at an important time for Democrats. As they prepare for the 2020 elections many are talking about kitchen table economic issues that provide solutions to problems that everyday Americans are facing. Some other economic bills that Democrats are expected to introduce in the coming year include bills aimed at making overtime available to more workers, providing federal subsidies to make childcare more affordable, strengthening unions, providing paid family and medical leave and piloting a guaranteed jobs program.