U.S. Sen. Elizabeth Warren has proposed legislation that would require all companies with more than $1 billion in annual revenue to secure a charter from a newly established Office of United States Corporations. It’s hard to think of a sillier idea. I don’t disagree with her proposition that we “need to end the harmful corporate obsession with maximizing shareholder returns at all costs.” However, I believe federalization of all large corporations, which would likely morph into all corporations, will not accomplish this goal, will not improve corporate governance and will not make our country better for middle class Americans, her target group of beneficiaries.

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