Section 3 of the Act would establish an "Office of United States Corporations", with a director appointed by the President on consent of the Senate, at the Department of Commerce to grant charters to large federal corporations, and monitor compliance with the Act's requirements. Section 4 requires corporations with over $1 billion in tax receipts to obtain a federal charter.
Section 5(b)(2) requires US corporations to have the purpose of "creating a general public benefit", while section 5(c) requires that directors have a duty to consider the interests of shareholders, employees (including of subsidiaries and suppliers), customers, the community, environment, and the long-term. The section also recasts the limits of the business judgment rule, and its enforcement.
Section 6(a) requires the Securities and Exchange Commission in consultation with the National Labor Relations Board to issue rules on fair director elections. Section 6(b) requires that no less than 2/5 of the directors shall be elected by employees after one year introducing the rules.
Section 8 requires that any political spending (or "electioneering communication" under the Federal Election Campaign Act of 1971 §304(f)(3)) by a federal corporation over $10,000 has approval of both 75% of shareholders and directors before the spending is made.
The Accountable Capitalism Act was endorsed on August 15, 2018 by a group of 14 academic lawyers and economists, including Robert C. Hockett and William Lazonick. In media coverage following Elizabeth Warren's Wall St Journal op-ed, the Bill was described as a plan to "save capitalism" and a "bold new plan to reshape American capitalism".
In response to similar proposals in the Reward Work Act in April 2018, a Civis poll found people in "the "lean Democrat" category voted 75% in favor of placing employees on boards of directors, and just 9% opposed. Around 43% of the "lean Republican" category supported the concept, while 31% opposed, and the pure Republican category saw 4% more opposed than in favor.