When our Constitution was established, corporations were a rare institution and corporate charters were granted only in exceptional circumstances. Today, corporations have come to think of their corporate status and limit of liability as entitlements arising from their own cunning or a birthright that grants them an elite status over the rest of us. We need to reclaim the right as sovereign citizens to grant corporate charters for specific needs that suit our own needs as citizens. I will sponsor legislation which will Require all corporations operating in more than one state and corporations which sell to the federal government to receive a Federal corporate charter to enjoy limited liability. Such Federally Chartered Corporations:

  1. will enjoy no limits of liability unless such corporations voluntarily agree to adhere to all political campaign restrictions and oversight; any failure to adhere to political campaign restrictions will result in the revocation of limited liability.
  2. will be proscribed from receiving subsidies, specially directed tax rebates, and other special treatment from any state, county, municipal government or from the Federal government and place greater scrutiny on no-bid contracts from governmental agencies at all levels.
  3. will face stiffer reporting requirements in terms of accounting, governance, staffing, and operations.
  4. receiving excessive no-bid contract awards from governmental bodies will be susceptible to nationalization wherein they will – in part or in whole – be run as public monopolies, democratically, transparently, and as a part of the public common (making Federal expenditures on commodities which are not competitive only fuels corporatist corruption)

Such requirement all meet the important jurisprudence doctrine of Unconstitutional Requirements since the grant of limited liability is to facilitate the coalescing of immense financial resources. But such an enormous power embodied in a corporation, if allowed, must be completely prohibited from manipulating electoral politics, playing one state off against another, or gaining undue influence in federal contracts. These requirements therefore all have an essential connection to the privilege of limited liability to operate across multiple states.

While this increases the regulatory burden for multinational and multi-state corporations, such regulation is essential because in corporate shares and limits of liability we have created a powerful centralizing mechanism within our economy which undermines decentralization, community based economics and local decision-making. Some businesses may prefer to operate as a partnership without limited liability and the power to issue public shares. Others may accept the regulatory regime even with these new burdens. However, those which do accept these conditions will not be afforded an unfair advantage by wielding governmental powers of corporate charter to centralize undue power into their hands and wield that power against our republican form of government. Federal charter of multistate and multinational corporations will therefore be a boost for small business and local businesses and thus facilitates greater economic decentralization.