DearColleague.us

Letter

Ro Khanna

From the office of:

Ro Khanna

Sending Office: Honorable Ro Khanna
Sent By:
Chris.Schloesser@mail.house.gov

The Stop Welfare for Any Large Monopoly Amassing Revenue from Taxpayers (WALMART) Act

Deadline for Originals: 3pm TODAY

November 15, 2018

Dear Colleague,

I write to request your consideration and cosponsorship of legislation to raise wages at large, profitable corporations that pay poverty-level wages. This bill will be introduced later this week and Senator Bernie Sanders (I-VT) will be dropping companion
legislation in the Senate.

In recent years, several large companies have bought back billions of dollars of their own stock, which has enriched their executives and shareholders, while doing very little for their average worker. For example, Walmart made more than $13
billion
 in profits last year, while the median worker was paid just
$19,177
. Instead of using its profits from the Republican Tax Bill to raise wages, Walmart plans to buy back

$20 billion
 of its own stock over a two-year period. Meanwhile, 55 percent of Walmart’s associates are food insecure.

The Stop WALMART Act, would prohibit large employers from buying back stock unless they:

  • Pay all employees at least $15 an hour, including part-time employees, independent contractors, and franchisee employees;
  • Allow employees to earn up to 7 days of paid sick leave to be used to care for themselves or a family member; and
  • Ensure that CEO compensation (or the highest paid employee) is not more than 150 times the median pay of all employees.

Under this legislation, large employers are defined as employers who have more than 500 employees, including part-time workers, independent contractors, and franchisee workers. Employers who violate this Act will be subject to civil fines in the amount of
each illegal stock buyback and executive officers will be barred from serving in these roles.

The Stop WALMART Act fixes this gross inequality and rewards workers before shareholders. If you would like to cosponsor this bill, or have any questions, please contact Chris Schloesser in my office at
Chris.Schloesser@mail.house.gov.

Sincerely,

/s/

Ro Khanna

Member of Congress

Related Legislative Issues

Selected legislative information: Economy, Finance, Labor

icon eDC logo e-Dear Colleague version 2.0
 
e-Dear Colleagues are intended for internal House use only.