-By Warner Todd Huston
Senator Chris Dodd (D, Conn.) wants to give unions more power in the boardrooms of our nation's businesses. In essence, Dodd wants to force corporate boards under the thumb of unions by federal fiat.
Carefully hidden in Dodd's new regulations are provisions that give new powers to board members, powers aimed at giving unions more say in the operations of businesses from the inside through investments of pension funds.
The Dodd bill takes away from the states the ability to make rules governing how corporate boards are established and run and for the first time reassigns that power to the federal government through the SEC. Democrats expect to use this new power to affect corporate boards to force pension fund investors to obtain more seats on those boards and that means union pension funds will suddenly have more influence on business simply because of their influence in Washington.
This will severely alter the relationship between business and labor, effectively erasing the ability of a company to operate in its own interests and will force it to serve the interests of Big Labor and Washington D.C.
This is just one more small step in the elimination of America's private business community and the implementation of a quasi-socialist business state. One more anti-American arrow in Obama's quiver shot over the bow of America.