Austin, TX – Following the Texas Senate’s passage of Senate Bill 1057/House Bill 4115, Unlocking America’s Future (UAF) condemns this latest attempt by right-wing lawmakers to stifle corporate accountability and restrict shareholder rights to only the wealthiest investors. If passed into law, this bill would dramatically raise the barrier for shareholder proposals by requiring either $1 million in securities or a 3 percent ownership stake to submit proposals, thereby silencing the very investors who have the most at stake when it comes to mitigating corporate risks and undermining a crucial mechanism for corporate accountability.
“The passage of this disastrous bill marks a victory for right-wing politicians intent on stacking the deck against Texans while shielding corporations from legitimate oversight,” said Kyle Herrig, Unlocking America’s Future. “This legislation silences the voices of those who have the most to lose from risky corporate behavior while giving exclusive power to billionaires . This isn’t efficiency, it’s eliminating accountability—and we urge the Governor to veto this harmful legislation.”
With more than 20 anti-responsible investing bills currently moving through the Texas legislature, HB 4115/SB 1057 is just one piece of an unprecedented and coordinated right-wing attack on responsible investing from all directions. If enacted, this legislation would disproportionately impact Texas families by removing their ability to participate in corporate governance decisions that directly affect their financial wellbeing and concentrating shareholder influence among the wealthiest.
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.
