Reward Work Act

The Reward Work Act would prohibit public companies from repurchasing their own shares on national securities exchanges and require that at least one-third of a company’s board of directors be elected by employees through a one-employee-one-vote process. It applies to issuers registering securities on national exchanges and directs the Securities and Exchange Commission to implement regulations ensuring compliance, including fair and democratic director elections within two years of enactment. The bill also nullifies an existing SEC rule (Rule 10b-18) that currently permits certain stock buybacks under specific conditions. These changes aim to shift corporate priorities toward worker…

No official summary is available here. This one was written by AI from the bill’s text.