The Corker-Dodd-Alinsky Bill? : Center-Right Coalition Letter Warns about ‘Proxy Access’
by John BerlauCapitol Confidential and Jim Hoft have done an excellent job laying out concerns with the potential “compromise” bill that comes out of Sen. Bob Corker’s negotiations with Chris Dodd. But when it comes to the destructive provisions that could come out of a Dodd-Corker deal, they may have just scratched the surface.
In addition to the troubling new powers for a new nanny-state consumer agency and possibly the Federal Reserve added to the prospect of billions more in bailouts for reckless financial firm, the bill may also contain the sneaky “proxy access” power grab for unions, radical environmentalists, and other groups on the Left. This rule, inspired by Saul Alinsky’s Rules for Radicals, is contained in Dodd’s “discussion draft” bill from late last year.
As I detailed in BigGovernment last week, “proxy access would federalize and override decades of state law governing the structure of corporations and force publicly-traded companies to put shareholders’ nominees for a board of directors on a company’s proxy ballot along with the firm’s own nominees for those positions.” Many shareholder groups that are pushing this are union pension funds, the radical Tides Foundation, and other progressive groups — from animal rights to anti-Israel — who place their own political agenda items at the expense of ordinary shareholders.
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