In an opinion piece given to Fox News on Thursday, Rubio asserts: "American companies used to be proud of their country. But today, many spend more time apologizing for, or mocking it, than they do running their own businesses." Rubio refers to the culture of wokeness creeping into a number of American companies.
Rubio's answer to cultural Marxism affecting corporations is to allow shareholders to sue the corporations: "One solution is to empower shareholders to push back. If you own a stock, invest in a mutual fund, have a company-sponsored 401k, then you are a shareholder and are owed legal duties by the corporations you invest in. The truth is that corporate executives keep you in the dark about your right to hold them accountable for how they spend your money."
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"Under current law, a shareholder has the right to sue corporate officers when they take actions like these that are motivated by their politics rather than your financial interests. But corporations have stacked the deck to make these lawsuits hopeless. They tweak provisions in their bylaws to protect themselves as they leave America behind."
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Instances of wokeness in corporate America include Coca-Cola, which asked its workers to be "less white" earlier this year. Following after, a poll showed a majority of Americans are less likely to buy the drink, following the critical race theory training. In this case, shareholders may claim their investment was never meant to be politicized and can thus sue the companies for doing so.
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He then explained what the solution is: "The solution is simple: these large, publicly traded companies must provide a clear path forward for shareholders when they sue in response to these actions. My bill would put the burden of proof on the company to show that these actions were in shareholders’ best interests, and make corporate officers personally liable if they can’t prove it."
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"That is why I am introducing the Mind Your Own Business Act to empower shareholders to take action when a company follows the latest woke, Marxist fads: boycotting a state, denying services to politically disfavored groups, or remaking their workforces to advance concepts like critical race theory," Rubio continues.
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"As an elected official, my obligation is to the American people, not corporate elites. These are often nationless corporations that amass fortunes divorced from the fate of our great country, while pushing socially destructive policies at home," Rubio concludes. "It is time that we, the people, take back our power from the mob and weak corporate leaders that kowtow to Marxists."
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