Florida Politics reports:
A U.S. Senator from Florida is throwing down the gauntlet against “woke corporations,” with a tough-talking message: “Mind your own business.” That’s the imperative behind a new bill from Sen. Marco Rubio, who rolled out the legislation that would open companies who boycott to being sued.
“No more legal tricks that shield these corporate executives from accountability,” Rubio said. “If they really believe that being woke is good for business, they should have to say so—and prove it—under oath in court.”
The bill creates a cause of action for shareholders aggrieved by companies caving in to so-called woke culture, allowing them to sue. Rubio says it’s necessary to give stockholders clarity and recourse.
Fox Business reports:
“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,” Rubio wrote in an op-ed for Fox Business.
The Florida Republican pointed to controversial actions taken by companies like Nike and Coca-Cola that relied on their consumer prominence to take political stands.
The senator argued that his legislation will “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.”
BREAKING: Senator @MarcoRubio introduces legislation to allow shareholders to sue corporations for prioritizing political ideology—such as “socialism, Marxism, [and] critical race theory”—over their fiduciary duty to maximize long-term shareholder value.
The fight has begun. pic.twitter.com/R9Ta9QpndB
— Christopher F. Rufo ⚔️ (@realchrisrufo) September 24, 2021
Rubio targets ‘woke’ companies with new bill granting more shareholder power to fight back https://t.co/zNuzvo1aOs
— FOX Business (@FoxBusiness) September 25, 2021