SB 112-20: Bullmoose Act (Passed)

[Mr. Reactionary]

SENATE BILL

To rebalance legal obligations of corporate boards and to prioritize domestic business operations, and other purposes.

Be it Enacted in the Atlasian Senate Assembled,

BULLMOOSE ACT

1. The officers and governing board of any publicly traded stock corporation incorporated in Atlasia hereby possess a fiduciary duty to make business decisions as a reasonably prudent investor would for the benefit of the corporate shareholders. Accordingly no such officer or board member shall make business decisions on behalf of the corporation based off environmental, social and governance (ESG) factors, personal political viewpoints, or personal bias nor shall any such officer or board member make a public statement on behalf of the corporation supporting or opposing a public policy that does not directly affect the corporation. Any shareholder shall be entitled to iniate a shareholder derivative class action lawsuit against any officer or board member violating this paragraph to seek damages and legal costs. For purposes of this section, decisions made that prioritize domestic businesses and workers over foreign businesses and workers, the national interest, legal compliance, and patriotism to Atlasia shall not be considered a prohibited factor that violates the duty as a prudent investor.

2. The officers, agents, and employees of any financial investment company or fund that manages finances for persons in Atlasia hereby possess a fiduciary duty to make investment decisions as a reasonably prudent investor would for the benefit of the beneficiaries of the investments. Accordingly no such officer, agent, or employee shall make investment decisions on behalf of the company or fund based off ESG factors, personal political viewpoints, or personal bias nor shall any such officer, agent, or employee make a public statement on behalf of the company or fund supporting or opposing a public policy that does not directly affect the corporation. Any beneficiary shall be entitled to iniate a beneficiary derivative class action lawsuit against any officer, agent, or employee violating this paragraph to seek damages and legal costs. The Atlasian government therein shall transfer any financial assets it has deposited or invested with a financial investment company or fund that violates this provision within six (6) months of such violation. Any financial investment company or fund that manages finances for persons in Atlasia shall be prohibited from casting proxy votes on behalf of beneficiaries when such company or fund owns more than 1% of a particular company’s voting securities. In such case the individual passive investors shall be responsible for casting votes. For purposes of this section, decisions made that prioritize domestic businesses and workers over foreign businesses and workers, the national interest, legal compliance, and patriotism to Atlasia shall not be considered a prohibited factor that violates the duty as a prudent investor.

3. The officers, agents, and employees of any shareholder proxy voting firm or company that advises on corporate shareholder proxy voting for persons in Atlasia hereby possess a fiduciary duty to make business decisions as a reasonably prudent investor would for the benefit of the contracted shareholders. Accordingly no such officer, agent, or employee shall cast or recommend any proxy vote or make business decisions on behalf of the firm or company based off ESG factors, personal political viewpoints, or personal bias nor shall any such officer, agent, or employee make a public statement on behalf of the firm or company supporting or opposing a public policy that does not directly affect the contracted shareholders. Any shareholder contracted with such firm or company shall be entitled to iniate a shareholder derivative class action lawsuit against any officer, agent, or employee violating this paragraph to seek damages and legal costs.
For purposes of this section, decisions made that prioritize domestic businesses and workers over foreign businesses and workers, the national interest, legal compliance, and patriotism to Atlasia shall not be considered a prohibited factor that violates the duty as a prudent investor.

4. No publicly traded stock corporation incorporated in Atlasia shall be permitted to maintain any bylaw or policy that discriminates in board composition or employment against any protected class under the Constitution, including but not limited to bylaws or policies mandating race or sex quotas or mandatory retirement ages.

5. Any Business Trust Series or Real Estate Investment Trust created pursuant to federal law that owns real property or engages in commerce within any region in Atlasia shall be deemed to consent to personal jurisdiction to be sued in such region and shall make publicly available the names and contact information of the Trust's beneficiaries, trustee, and address for service of process, regardless of if such Trust was organized in such Region or not.

 6. Any limited liability company (LLC) that owns real property or engages in commerce within any region shall be deemed to consent to personal jurisdiction to be sued in such region and shall make publicly available the names and contact information of the LLC's manager, beneficiaries, and address for service of process, regardless of if such LLC was organized in such region or not.

7. If an officer, board member, manager, trustee, employee, or agent of any partnership, corporation, LLC, or trust commits any illegal fraud or an intentional tort under federal, regional, or State law, and the assets of such entity are insufficient to cover the legal damages, any person upon filing a civil suit shall be permitted to pierce the veil of the entity and join the officer, board member, manager, trustee, employee, or agent as a defendant to such suit.

8. It shall be considered an illegal antitrust violation for any foreign country or any investment firm or financial management service, other than a financial institution, to own or hold an ownership stake exceeding 10% in more than 50,000 residential rental properties or in more than 50,000 acres of commercial farmland. The Attorney General may prosecute such violations which shall be punishable by a fine of $10,000.00 per day. A court of competent jurisdiction shall also order any appropriate equitable relief, including but not limited to the divestment of residential rental properties or commercial farmland exceeding the cap.

9.This act shall take effect 120 days from the date of passage.

Sponsor: NCYankee
Debate on this bill is now open.

[Southern Senator North Carolina Yankee]

I will speak on this when I get home.

[Mr. Reactionary]

I will speak on this when I get home.

Understood. I like this btw. I will comment after you do first.

[Southern Senator North Carolina Yankee]

The primary purpose of this bill is to refocus the responsibilities of corporate officers towards their fiduciary duty towards shareholders.

I do very much understand the argument that shareholders must and should be the first consideration, however, at the same time I have been the first to recognize the importance of balancing a number of competing concerns as well, and that is why I fought for the inclusion of a number of exceptions in this bill.

The last thing I intend to do is advance the interests of the PRC and its state firms, or that of any international trading cartel because of blind adherence to profit uber alles or shareholder capitalism.

I have been at the forefront in pushing back against the flawed idealistic utopianism of economic liberalism especially as it relates to inflation and to monopolies. Trade liberalization only reduces the former by cashing in on temporary states of global tranquility and once such fleeting instances are gone, the only cost of those "Reduced prices" is literally the cost of forcing the world to bend to your will and we know how costly that is. Furthermore, when it comes to monopolies, if the international scene is itself dominated by monopolies, then trade liberalization does not produce competition, it stifles it out of existence.

Trade liberalism possesses in equal measure the same flaws that afflict liberalism more generally. An idealistic and utopian vision of the world, backed up by naïve presumptions about human nature. While the theoretical benefits of such are in fact numerous, beyond our borders and thus beyond our direct ability to maintain a level playing field for such, we are merely engaging in unilateral disarmament, in what promises to become an economic cold war.

In this new environment, a number of assumptions carried over from the previous Cold War will need to be re-evaluated and understand from the basis of the realistic perspective in terms of relative advantages and disadvantages it derives towards one bloc or the other in this new contest.

Certainly, I am all for business, private property and capitalism, but at the same time I am realist and a conservative and therefore it becomes necessary to make decisions that place Atlasia's concerns first. Therefore, if a corporate board decides to sacrifice some amount of profit in the quest to locate a factory in Tennessee or North Carolina, we would be foolish beyond all measure to chain their hands to complete maximization of profit, which in this new, modern age, is tantamount to being chained to the whims of Beijing.

[Mr. Reactionary]

I support this proposal to fight the accumulation of power in big corporations. Well done.

[Mr. Reactionary]

Any other debate?

[S019]

This legislation is absurd, I hope you do know that a new strategy of activist groups has been to buy shares in companies and elect people to the board who will specifically do things other than just taking actions to increase their profits.

[Mr. Reactionary]

All the more reason to protect the people by preventing big cirporations from wielding political power.

[Mr. Reactionary]

I move for a final vote. 24 hours to object.

[Mr. Reactionary]

A final vote is now open on this bill lasting until noon on Monday eastern or until everyone has voted, whichever occurs soonest. Please vote Aye, Nay, or Abstain.

SENATE BILL

To rebalance legal obligations of corporate boards and to prioritize domestic business operations, and other purposes.

Be it Enacted in the Atlasian Senate Assembled,

BULLMOOSE ACT

1. The officers and governing board of any publicly traded stock corporation incorporated in Atlasia hereby possess a fiduciary duty to make business decisions as a reasonably prudent investor would for the benefit of the corporate shareholders. Accordingly no such officer or board member shall make business decisions on behalf of the corporation based off environmental, social and governance (ESG) factors, personal political viewpoints, or personal bias nor shall any such officer or board member make a public statement on behalf of the corporation supporting or opposing a public policy that does not directly affect the corporation. Any shareholder shall be entitled to iniate a shareholder derivative class action lawsuit against any officer or board member violating this paragraph to seek damages and legal costs. For purposes of this section, decisions made that prioritize domestic businesses and workers over foreign businesses and workers, the national interest, legal compliance, and patriotism to Atlasia shall not be considered a prohibited factor that violates the duty as a prudent investor.

2. The officers, agents, and employees of any financial investment company or fund that manages finances for persons in Atlasia hereby possess a fiduciary duty to make investment decisions as a reasonably prudent investor would for the benefit of the beneficiaries of the investments. Accordingly no such officer, agent, or employee shall make investment decisions on behalf of the company or fund based off ESG factors, personal political viewpoints, or personal bias nor shall any such officer, agent, or employee make a public statement on behalf of the company or fund supporting or opposing a public policy that does not directly affect the corporation. Any beneficiary shall be entitled to iniate a beneficiary derivative class action lawsuit against any officer, agent, or employee violating this paragraph to seek damages and legal costs. The Atlasian government therein shall transfer any financial assets it has deposited or invested with a financial investment company or fund that violates this provision within six (6) months of such violation. Any financial investment company or fund that manages finances for persons in Atlasia shall be prohibited from casting proxy votes on behalf of beneficiaries when such company or fund owns more than 1% of a particular company’s voting securities. In such case the individual passive investors shall be responsible for casting votes. For purposes of this section, decisions made that prioritize domestic businesses and workers over foreign businesses and workers, the national interest, legal compliance, and patriotism to Atlasia shall not be considered a prohibited factor that violates the duty as a prudent investor.

3. The officers, agents, and employees of any shareholder proxy voting firm or company that advises on corporate shareholder proxy voting for persons in Atlasia hereby possess a fiduciary duty to make business decisions as a reasonably prudent investor would for the benefit of the contracted shareholders. Accordingly no such officer, agent, or employee shall cast or recommend any proxy vote or make business decisions on behalf of the firm or company based off ESG factors, personal political viewpoints, or personal bias nor shall any such officer, agent, or employee make a public statement on behalf of the firm or company supporting or opposing a public policy that does not directly affect the contracted shareholders. Any shareholder contracted with such firm or company shall be entitled to iniate a shareholder derivative class action lawsuit against any officer, agent, or employee violating this paragraph to seek damages and legal costs.
For purposes of this section, decisions made that prioritize domestic businesses and workers over foreign businesses and workers, the national interest, legal compliance, and patriotism to Atlasia shall not be considered a prohibited factor that violates the duty as a prudent investor.

4. No publicly traded stock corporation incorporated in Atlasia shall be permitted to maintain any bylaw or policy that discriminates in board composition or employment against any protected class under the Constitution, including but not limited to bylaws or policies mandating race or sex quotas or mandatory retirement ages.

5. Any Business Trust Series or Real Estate Investment Trust created pursuant to federal law that owns real property or engages in commerce within any region in Atlasia shall be deemed to consent to personal jurisdiction to be sued in such region and shall make publicly available the names and contact information of the Trust's beneficiaries, trustee, and address for service of process, regardless of if such Trust was organized in such Region or not.

 6. Any limited liability company (LLC) that owns real property or engages in commerce within any region shall be deemed to consent to personal jurisdiction to be sued in such region and shall make publicly available the names and contact information of the LLC's manager, beneficiaries, and address for service of process, regardless of if such LLC was organized in such region or not.

7. If an officer, board member, manager, trustee, employee, or agent of any partnership, corporation, LLC, or trust commits any illegal fraud or an intentional tort under federal, regional, or State law, and the assets of such entity are insufficient to cover the legal damages, any person upon filing a civil suit shall be permitted to pierce the veil of the entity and join the officer, board member, manager, trustee, employee, or agent as a defendant to such suit.

8. It shall be considered an illegal antitrust violation for any foreign country or any investment firm or financial management service, other than a financial institution, to own or hold an ownership stake exceeding 10% in more than 50,000 residential rental properties or in more than 50,000 acres of commercial farmland. The Attorney General may prosecute such violations which shall be punishable by a fine of $10,000.00 per day. A court of competent jurisdiction shall also order any appropriate equitable relief, including but not limited to the divestment of residential rental properties or commercial farmland exceeding the cap.

9.This act shall take effect 120 days from the date of passage.

[Mr. Reactionary]

Aye

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

Aye

[Utah Neolib]

Aye

[Senator-elect Spark]

Aye

[West_Midlander]

Aye

[Devout Centrist]

Nay

[KoopaDaQuick 🇵🇸]

Nay

[OSR stands with Israel]

Aye

[Saint Milei]

Nay

[Southern Senator North Carolina Yankee]

Aye

[GregTheGreat657]

Aye

[SevenEleven]

Nay.

[Mr. Reactionary]

Bill passes 8-5-0-5.

[Mr. Reactionary]

SENATE BILL

To rebalance legal obligations of corporate boards and to prioritize domestic business operations, and other purposes.

Be it Enacted in the Atlasian Senate Assembled,

BULLMOOSE ACT

1. The officers and governing board of any publicly traded stock corporation incorporated in Atlasia hereby possess a fiduciary duty to make business decisions as a reasonably prudent investor would for the benefit of the corporate shareholders. Accordingly no such officer or board member shall make business decisions on behalf of the corporation based off environmental, social and governance (ESG) factors, personal political viewpoints, or personal bias nor shall any such officer or board member make a public statement on behalf of the corporation supporting or opposing a public policy that does not directly affect the corporation. Any shareholder shall be entitled to iniate a shareholder derivative class action lawsuit against any officer or board member violating this paragraph to seek damages and legal costs. For purposes of this section, decisions made that prioritize domestic businesses and workers over foreign businesses and workers, the national interest, legal compliance, and patriotism to Atlasia shall not be considered a prohibited factor that violates the duty as a prudent investor.

2. The officers, agents, and employees of any financial investment company or fund that manages finances for persons in Atlasia hereby possess a fiduciary duty to make investment decisions as a reasonably prudent investor would for the benefit of the beneficiaries of the investments. Accordingly no such officer, agent, or employee shall make investment decisions on behalf of the company or fund based off ESG factors, personal political viewpoints, or personal bias nor shall any such officer, agent, or employee make a public statement on behalf of the company or fund supporting or opposing a public policy that does not directly affect the corporation. Any beneficiary shall be entitled to iniate a beneficiary derivative class action lawsuit against any officer, agent, or employee violating this paragraph to seek damages and legal costs. The Atlasian government therein shall transfer any financial assets it has deposited or invested with a financial investment company or fund that violates this provision within six (6) months of such violation. Any financial investment company or fund that manages finances for persons in Atlasia shall be prohibited from casting proxy votes on behalf of beneficiaries when such company or fund owns more than 1% of a particular company’s voting securities. In such case the individual passive investors shall be responsible for casting votes. For purposes of this section, decisions made that prioritize domestic businesses and workers over foreign businesses and workers, the national interest, legal compliance, and patriotism to Atlasia shall not be considered a prohibited factor that violates the duty as a prudent investor.

3. The officers, agents, and employees of any shareholder proxy voting firm or company that advises on corporate shareholder proxy voting for persons in Atlasia hereby possess a fiduciary duty to make business decisions as a reasonably prudent investor would for the benefit of the contracted shareholders. Accordingly no such officer, agent, or employee shall cast or recommend any proxy vote or make business decisions on behalf of the firm or company based off ESG factors, personal political viewpoints, or personal bias nor shall any such officer, agent, or employee make a public statement on behalf of the firm or company supporting or opposing a public policy that does not directly affect the contracted shareholders. Any shareholder contracted with such firm or company shall be entitled to iniate a shareholder derivative class action lawsuit against any officer, agent, or employee violating this paragraph to seek damages and legal costs.
For purposes of this section, decisions made that prioritize domestic businesses and workers over foreign businesses and workers, the national interest, legal compliance, and patriotism to Atlasia shall not be considered a prohibited factor that violates the duty as a prudent investor.

4. No publicly traded stock corporation incorporated in Atlasia shall be permitted to maintain any bylaw or policy that discriminates in board composition or employment against any protected class under the Constitution, including but not limited to bylaws or policies mandating race or sex quotas or mandatory retirement ages.

5. Any Business Trust Series or Real Estate Investment Trust created pursuant to federal law that owns real property or engages in commerce within any region in Atlasia shall be deemed to consent to personal jurisdiction to be sued in such region and shall make publicly available the names and contact information of the Trust's beneficiaries, trustee, and address for service of process, regardless of if such Trust was organized in such Region or not.

 6. Any limited liability company (LLC) that owns real property or engages in commerce within any region shall be deemed to consent to personal jurisdiction to be sued in such region and shall make publicly available the names and contact information of the LLC's manager, beneficiaries, and address for service of process, regardless of if such LLC was organized in such region or not.

7. If an officer, board member, manager, trustee, employee, or agent of any partnership, corporation, LLC, or trust commits any illegal fraud or an intentional tort under federal, regional, or State law, and the assets of such entity are insufficient to cover the legal damages, any person upon filing a civil suit shall be permitted to pierce the veil of the entity and join the officer, board member, manager, trustee, employee, or agent as a defendant to such suit.

8. It shall be considered an illegal antitrust violation for any foreign country or any investment firm or financial management service, other than a financial institution, to own or hold an ownership stake exceeding 10% in more than 50,000 residential rental properties or in more than 50,000 acres of commercial farmland. The Attorney General may prosecute such violations which shall be punishable by a fine of $10,000.00 per day. A court of competent jurisdiction shall also order any appropriate equitable relief, including but not limited to the divestment of residential rental properties or commercial farmland exceeding the cap.

9.This act shall take effect 120 days from the date of passage.

Passed 8-5-0-5 in the Atlasian Senate Assembled.

- R, PPT