Seven Unions ‘Join Together To Call For A Ban on Stock Buybacks & Dividends By U.S. Defense Contractors’ – WNY Labor Today

Seven Unions ‘Join Together To Call For A Ban on Stock Buybacks & Dividends By U.S. Defense Contractors’  WNY Labor Today

Your On-Line Labor Newspaper, Bringing You Labor News From Across The Nation, New York State & Western New York (WASHINGTON, D.C.) – The United Auto Workers (UAW), along with six Unions representing Members employed by the largest U.S. Defense Contractors, are calling on Congress to support a provision of the National Defense Authorization Act (NDAA) that would ban Defense Contractors from stock buybacks and dividends. Since 2020, the big five prime Defense Contractors have spent twice as much on stock buybacks and dividends than capital expenditures, while Defense Workers fall further behind. Those Labor Organizations who are calling on Congress are: The UAW; the United Steelworkers (USW); the International Federation of Professional and Technical Engineers (IFPTE); the Communications Workers of America (CWA); the International Brotherhood of Boilermakers (IBB); the International Brotherhood of Teamsters (IBT); and the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART).

UAW President Shawn Fain said: “The Working Class makes the Defense Industry run, but instead of investing in our national and economic security, companies like Lockheed Martin, Boeing, Woodward and dozens more spend taxpayer dollars on Wall Street payoffs to enrich the billionaires. It’s time we put an end to Defense Contractors paying off Wall Street while Defense Workers and taxpayers pay the price.” In their letter to Members of Congress (read the