Fund the Fight to keep companies contracted by the the CHIPS Act from purchasing stock buybacks Now!
The 2022 CHIPS and Science Act created a big opportunity to boost domestic production of the semiconductors that power pretty much all of the electronic devices in our lives these days.
But the companies currently in line for CHIPS contracts have been some of the worst offenders in recent years when it comes to a destructive corporate practice that serves to enrich corporate executives and already-wealthy shareholders: stock buybacks.
Stock buybacks are an unproductive form of spending in which a company decides to use surplus funds not to increase worker pay, invest in research and development, or fund safety upgrades … instead the company chooses to artificially increase the price of their stock by pulling shares off the open market.
Analysts have documented a connection between buybacks and reduced capital investment and innovation, as well as the exacerbation of economic inequality and the racial wealth gap.
Wall Street will be putting enormous pressure on CHIPS-recipient companies to shuffle funds around and engage in stock buybacks after these funds are awarded -- and that company executives will be poised to reap HUGE personal windfalls from share price pops associated with buyback announcements.
We need to make sure this doesn’t happen.
Contribute to Americans for Financial Reform and fund the fight to keep companies contracted by the the CHIPS Act from purchasing stock buybacks now!
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