May 03, 2023

Brown Applauds SEC’s Final Buyback Reporting Rule

WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Securities and Exchange Commission (SEC) adopted new rules enhancing stock buyback disclosures.

“Americans need to know that instead of raising wages, scaling up production, and investing in research and development, corporate executives spend billions on buybacks that enrich themselves and Wall Street. This new rule will increase transparency and accountability when corporations buy back their own stock,” said Brown. “I will continue to fight to rein in excessive buybacks and ensure companies invest in the people who make our economy work.”

Senator Brown has long pushed for reform to stock buybacks. He passed legislation to levy a 1 percent tax on stock buybacks in August as part of the Inflation Reduction Act and has since introduced legislation to increase that tax to 4 percent.