Sen. Elizabeth Warren will unveil a bill to make it easier to jail executives for company abuses
Sen. Elizabeth Warren, D-Mass., will unveil legislation Wednesday that would make it easier to criminally charge – and lock up – executives for a company's wrongdoing.
Executives could face up to a year in jail for a first violation, and up to three years for a second violation. Warren has long lamented a lack of punishment for negligent executives at companies accused of misdeeds, particularly after the 2008 financial crisis. Her legislation aims to encourage better corporate behavior by making leaders more responsible for a firm's conduct.
The existing legislation Warren will reintroduce Wednesday, called the Too Big to Jail Act, targets the financial industry more specifically. It would make a special inspector general within the Treasury Department permanent and widen its jurisdiction to include prosecuting financial crimes. The plan would also make executives at banks with $10 billion or more in assets report annually that they have found no criminal wrongdoing or civil fraud within the firm.
Still, the senator's proposals could help her with a Democratic voting base that has increasingly embraced anti-corporate and Wall Street populism.
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