28th Amendment: The “Corporate Firewall Amendment”

 

Reader DecentralizedScutinizer proposes the following outline for a 28th Amendment to the United States Constitution (edited for readability):

28th Amendment (aka Corporate Firewall Amendment)

Corporations are not persons and shall be granted only those rights and privileges that Congress deems necessary for the well-being of the People.

Congress shall provide legislation defining the terms and conditions of corporate charters according to their purpose; which shall include, but are not limited to:

1) prohibitions against any corporation:

a) owning another corporation;

b) becoming economically indispensable or monopolistic; or

c) otherwise distorting the general economy;

2) prohibitions against any form of intervention in the affairs of government by means of:

a) congressional lobbying;

b) electoral sponsorship or advocacy;

c) educational sponsorship or publication; or

d) media news reporting;

3) provisions for:

a) the auditing of standardized, current, and transparent account books;

b) closing the Federal Reserve Bank and the establishment of state-owned banks; and

c) civil and criminal penalties to be suffered by corporate executives et al for violation of the terms of a corporate charter.

What do you think?

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  • LeftoverHuman

    Needs more work.
    Closing the Federal Reserve is a separate issue and requires a separate amendment, I think.
    However, the reader’s proposal is trying to fix the un-fixable.

    Please put a link to the Einstein Institution http://www.aeinstein.org/ in, so people can understand what political power is and how to change it.

  • Eric Hollingsworth

    The Federal Reserve was established by law and as such a constitutional amendment isn’t required to dissolve it.

    I agree that corporations are not people, but I’m not sure a constitutional amendment to that effect would greatly impact the influence that corporations have over our government, government that should belong to us.

    In my humble opinion an aggressive tax on profiteering is the only way out of the cycle of boom and crash that we have been in for centuries.

    That means a tax not on profits, but on the markup of goods over the cost of their production. Who cares if a company loses money if they’re ripping the public off by overcharging for their wares? They should pay for cheating, whether they turn a profit or not.

    Consider two companies that both make $1 million profit. One is a food distributor with a 10% markup but a high volume of sales. The other is a pharma company that sells a seldom used but desperately needed medicine for 50 or 100 times the cost of production.

    Do you think these companies should be taxed the same? Say that both companies break even. Do you think the pharma company should not be taxed, even though their pricing policy might ruin the lives of you, your friends, or your neighbors?

    A tax on markup if properly devised could prevent corporations from passing on the cost of taxation to the consumer. Think about it. By definition such a tax would not add to production costs and should not be tax deductible.

    It would also help to prevent price fixing because somewhere along the supply chain, some company is going to get taxed for jacking up prices. It’s not worth having a monopoly if the only benefit is the headache of managing multiple businesses.

    We can’t change human nature, and it’s doubtful whether we can change the incorporation policies of the various states. But we can sure tax the hell out of them.

  • HS

    You’re on the right path, but the root cause of the death spiral that US is in, including corporations running amok, is due to legalized bribery of government officials. The key would be a Constitutional Amendment barring all government employees from receiving any form of consideration (campaign contributions, gifts, and revolving door jobs) from any entity (individuals, corporations, and organizations). This amendment would realign the self-interest of officials with the interests of their constituents, which is the key to any hope of restoring democracy to this country.

  • Jacob Callahan Apana

    The Federal Reserve is a private company that was established AFTER the ratification of the constitution. Also, the leaders and officials that hold power in the F.R. are NOT elected democratically, which is highly unusual since our whole economy is run by these private corporations. In addition to that, there have been two presidents who were keen to put an end to the Federal Reserve…can you guess who they were? It was Abraham Lincoln and JFK…sound suspicious yet? The problem does not end with higher restrictions on corporations being able to influence campaigns.