H.R. 1050 sets forth a number of findings and a statement of policy declaring that Congress affirms basic rights regarding human dignity, personal security, collective bargaining, the environment, and voting. As part of a scheme to promote these goals, the Act, among other things, tasks every corporation registered with the Securities and Exchange Commission with filing an annual report with the Commission including full disclosure of information on how the corporation’s activities have impacted on “environmental quality, on child labor, and on the rights of other stakeholders, including employees, consumers, and communities.” The bill also calls for states to require similar annual reports from all state-chartered corporations. The bill proposes that corporations that have been particularly “responsible” with regard to the environment and stakeholder rights should be singled out for award.
Additionally, the bill would require the Attorney General to maintain a computerized database of all corporations found guilty of violating state or federal law. The information in the database would include the nature of each violation, the names of the board members and principal officers of the corporation, the penalties imposed, and the extent to which the penalties were reduced or avoided by consent decrees or other means. The bill would permit the President to deny federal contracts, loans or loan guarantees to any corporations that “fail to comply” with this registration requirement.