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FORTUNE.COM // DECEMBER 2019
JOE BIDEN
WOULD STRENGTHEN labor
unions in multiple ways—
denying federal contracts to
union-unfriendly companies,
holding executives person-
ally responsible for labor law
violations, giving the Na-
tional Labor Relations Board
new powers, making union
organizing easier, allowing
independent contractors
to organize and bargain
collectively, and much else.
Would rescind the corpo-
rate tax cut in the Tax Cuts
and Jobs Act. Favors a $15
federal minimum wage and
would eliminate noncom-
pete clauses.ENERGY AND CLIMATE Would
mandate net-zero emissions
for the nation by 2050.HEALTH CARE Would keep
the Affordable Care Act and
would give everyone the op-
tion of choosing govern-
ment-provided health care
“like Medicare.”
TRADE Would write “rules
that protect our workers,
safeguard the environment,
uphold labor standards and
middle-class wages, foster
innovation, and take on big
global challenges like corpo-
rate concentration, corrup-
tion, and climate change.”ELIZABETH WARREN
WOULD REQUIRE all U.S.
corporations with annual
revenue over $1 billion to
obtain a newly instituted
federal charter “which obli-
gates company directors to
consider the interests of all
corporate stakeholders, not
just shareholders.” Workers
would elect at least 40% of
corporate board members.
Corporate political spending
would require approval of
75% of shareholders and
75% of directors. Would re-
scind the corporate tax cut
in the Tax Cuts and Jobs Act.
Would break up big technol-
ogy companies and big agri-
business companies. Would
tax corporations on profits
reported to shareholders
under Generally Accepted
Accounting Principles rather
than on profits as calcu-
lated under current IRS rules.
Would regulate the pay of
corporate executives.ENERGY AND CLIMATE Supports
the Green New Deal.HEALTH CARE Medicare for All.TRADE Would negotiate trade
deals only with countries
that meet specified stan-
dards on labor rights, human
rights, environmental regu-
lations, and other criteria.BERNIE SANDERS
WOULD ENACT a federal
jobs guarantee for every-
one. Would require that all
companies with at least
$100 million in annual
revenue give at least 2% of
their stock to workers annu-
ally until the company is at
least 20% employee-owned;
employee-owned shares
would be controlled by an
employee-elected board of
trustees and could be voted
like other shares. Employ-
ees would elect 45% of the
corporate board of directors.
These companies would
be required to get a newly
instituted federal charter
requiring boards to consider
the interests of all stake-
holders. Would ban stock
buybacks. Would give the
Federal Trade Commission
the power to halt mergers
without challenging them in
federal court. Would rescind
the corporate tax cut in the
Tax Cuts and Jobs Act.ENERGY AND CLIMATE Supports
the Green New Deal.HEALTH CARE Medicare for All.TRADE No tax deduction for
expenses of moving produc-
tion outside the U.S. All trade
agreements must include
“strong and binding labor,
environmental, and human
rights standards.”PETE BUTTIGIEG
WOULD RESTORE the Con-
sumer Financial Protection
Bureau’s enforcement
authority. Would further
regulate “predatory lend-
ers,” strengthen antitrust
standards, and give consum-
ers rights to their own data.
Would raise the federal
minimum wage to $15 “and
beyond.” Would mandate
paid family and medical
leave and would expand laws
regulating pay and benefits
to workers not currently
covered.ENERGY AND CLIMATE Would
reach “100% clean” elec-
tricity by 2035; deploy one
gigaton of CO2 removal ca-
pacity by 2040; reenter the
Paris Climate Agreement.HEALTH CARE “Medicare for all
who want it”—would be sold
on the exchanges along with
commercial insurance.TRADE No specific policies
proposed.As much as Trump’s on-the-fly policymaking scares business leaders, many are more frightened by some
of his Democratic rivals’ stated positions. Indeed, the four highest-polling Democratic candidates have
laid out policies that would profoundly affect business. A big unknown: Michael Bloomberg. If the billionaire
entrepreneur and former New York City mayor enters the race, big business might switch sides.