A joint resolution proposing an amendment to the Constitution of the United States to clarify the authority of Congress and the States to regulate corporations, limited liability companies, and other corporate entities established by the laws of any State, the United States, or any foreign state.
Impact
If ratified, the amendment would empower Congress and state legislatures to impose regulations on corporate entities, which could include various operations, governance, and accountability standards. This proposal stems from ongoing debates about corporate influence in political processes and aims to limit the powers that corporations currently exercise under the rights granted to individuals. Many legislators see this amendment as a necessary measure to create a more balanced regulatory environment that prioritizes public interest over corporate interests.
Summary
SJR3 is a joint resolution proposing an amendment to the United States Constitution aimed at clearly delineating the authority of Congress and the states to regulate corporations and other business entities. The amendment specifies that the terms 'people', 'persons', and 'citizens' exclude corporate entities, thereby asserting that corporations do not possess the same rights as individuals under the Constitution. This is a significant move that could reshape how corporate entities interact with state and federal laws.
Contention
Notable points of contention around SJR3 arise from concerns over its implications on economic freedom and individual rights. Opponents of the amendment argue that it may hinder business innovation and growth by introducing excessive regulation. There are also fears that the amendment could set a precedent for further restrictions on the rights and operations of businesses, potentially affecting job creation and economic expansion. Supporters, however, maintain that the amendment is a critical step towards curtailing corporate overreach and ensuring that democratic processes represent individuals rather than entities.
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