If deceptive labeling of bills in Congress were punishable by government agencies, Sens. Chuck Schumer (D-N.Y.) and Maria Cantwell (D-Wash.) would be paying a hefty fine.
Their so-called “Shareholder Bill of Rights,” recently introduced in the Senate, would impose a one-size-fits-all regime on public companies that would limit choices for shareholders, reduce corporate performance and allow political agendas of pressure groups to trump the interests of ordinary investors. Most egregiously, the bill would make illegal a key feature of the corporate governance structures that have served shareholders very well at companies from Google and Microsoft to Berkshire Hathaway.
The bill would make it illegal for the CEO of a public company to also serve as the chairman of its board. Critics of this practice, such as union pension funds and other activists, argue that the chairman needs to be independent of the CEO to provide better oversight for shareholders.
More at the link.