Floor SpeechNeutral2026-06-11

STOCK BUYBACK ACCOUNTABILITY ACT OF 2026

EconomyForeign Policy

Context

On 2026-06-11, Senator Charles E. Schumer (D-NY) delivered a floor speech titled "STOCK BUYBACK ACCOUNTABILITY ACT OF 2026" in the Senate.

Full Text

STOCK BUYBACK ACCOUNTABILITY ACT OF 2026

Congressional Record, Volume 172 Issue 99 (Thursday, June 11, 2026) [Congressional Record Volume 172, Number 99 (Thursday, June 11, 2026)] [Senate] [Page S2743] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] STOCK BUYBACK ACCOUNTABILITY ACT OF 2026 Mr. SCHUMER. Mr. President, on stock buybacks, you know costs are skyrocketing, but corporations are making massive profits. And instead of using the profits to create jobs and invest in growth, corporations too often buy back their own stock to increase its value and reward executives. I am introducing legislation today with Senators Wyden and Warren to rein in the stock buybacks that corporate executives use to line their own pockets to the detriment of the American people. Americans need more jobs and higher wages right now, not more privileges for millionaires and billionaires. Our bill would quadruple the tax big corporations pay on these stock buybacks, which will both push companies to invest in their workers in the future and allow us to invest more in lowering costs and helping working families get ahead, with some of the money we could use when you collect that 4 percent on stock buybacks. While Trump and Senate Republicans don't have any plan to lower Americans' costs--in fact, their policies are doing the opposite-- Democrats continue to fight back against corporate giveaways and push for solutions to help the American people deal with skyrocketing costs in Trump's economy. Let's not forget, if you are the CEO of a company and you are often measured by your stock price, buybacks raise that stock price. The damn shame of it all is those buybacks don't create a single new job or an investment in workers or an investment in equipment to increase productivity and produce more. No. They simply raise the stock price, which benefits corporate executives and shareholders but not the American public. So we ought to, at the very minimum, raise the tax which was put on at 1 percent to now 4 percent. And in addition, it will bring in revenues to the Federal Government, hopefully, that we can use to help lower costs for the American people. That is certainly what we would do. ____________________

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STOCK BUYBACK ACCOUNTABILITY ACT OF 2026 Congressional Record, Volume 172 Issue 99 (Thursday, June 11, 2026) [Congressional Record Volume 172, Number 99 (Thursday, June 11, 2026)] [Senate] [Page S2743] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] STOCK BUYBACK ACCOUNTABILITY ACT OF 2026 Mr. SCHUMER. Mr. President, on stock buybacks, you know costs are skyrocketing, but corporations are making massive profits. And instead of using the profits to create jobs and invest in growth, corporations too often buy back their own stock to increase its value and reward executives. I am introducing legislation today with Senators Wyden and Warren to rein in the stock buybacks that corporate executives use to line their own pockets to the detriment of the American people. Americans need more jobs and higher wages right now, not more privileges for millionaires and billionaires. Our bill would quadruple the tax big corporations pay on these stock buybacks, which will both push companies to invest in their workers in the future and allow us to invest more in lowering costs and helping working families get ahead, with some of the money we could use when you collect that 4 percent on stock buybacks. While Trump and Senate Republicans don't have any plan to lower Americans' costs--in fact, their policies are doing the opposite-- Democrats continue to fight back against corporate giveaways and push for solutions to help the American people deal with skyrocketing costs in Trump's economy. Let's not forget, if you are the CEO of a company and you are often measured by your stock price, buybacks raise that stock price. The damn shame of it all is those buybacks don't create a single new job or an investment in workers or an investment in equipment to increase productivity and produce more. No. They simply raise the stock price, which benefits corporate executives and shareholders but not the American public. So we ought to, at the very minimum, raise the tax which was put on at 1 percent to now 4 percent. And in addition, it will bring in revenues to the Federal Government, hopefully, that we can use to help lower costs for the American people. That is certainly what we would do. ____________________