Austin, TX — Yesterday, Governor Greg Abbot signed into law a dangerous bill into law: Senate Bill 10 which shields corporations from accountability at the expense of Texas households. By imposing prohibitive requirements to introduce shareholder proposals — either $1 million in securities or a 3% ownership stake — SB 1057 ensures that only the wealthiest investors have a say. This law effectively silences the majority of shareholders to protect corporate bad actors from meaningful oversight—and that’s why Unlocking America’s Future (UAF) strongly condemns it.
“Governor Abbott signing this bill into law sends a message to the people of Texas: this state is not for you, it’s for the billionaires like Elon Musk and their corporations,” said Kyle Herrig, Spokesperson for Unlocking America’s Future. “Senate Bill 1057 gives corporations unprecedented power to evade accountability — giving them the wrongful legal permission to run roughshod over the hardworking mom and pop investors. When corporations get to set the rules and dodge accountability, people pay the price.”
This blatant handout to campaign donors and assault on corporate accountability makes Texas less safe for families and workers. With its signing Texas will become a haven for billionaires and big corporations. A place where they can run roughshod over Texans. Far from making Texas a more welcoming place for business, this law undermines the very accountability mechanisms that drive innovation, sustainability, and responsible growth.
With more than 20 anti-responsible investing bills currently moving through the Texas legislature, SB 1057 is just one piece of an unprecedented and coordinated right-wing attack on responsible investing from all directions.
Find out more information about the dangers of this pending legislation and its connection to broader attacks on responsible investing here.
To speak with a UAF spokesperson about this legislation, please email us at press@unlockingamericasfuture.org.
