#USA #San Francisco #Medicaid #Overpaid CEO Act

San Francisco's Overpaid CEO Act

In a bid to safeguard critical city services, a diverse coalition known as "Stand Up for SF" has introduced the "Overpaid CEO Act" to the San Francisco Registrar of Voters and City Attorney. This initiative aims to combat potential devastation to local programs due to recent proposed federal funding cuts, particularly from the Trump Administration.

Recent federal budget proposals threaten to significantly reduce Medicaid and various other essential programs. Given that more than half of patients at San Francisco's public hospitals depend on Medicaid, these cuts could afflict the most vulnerable communities who rely on these services. Notably, services funded by Medicaid extend beyond traditional medical care; they encompass programs for those battling homelessness, addiction, and mental health issues.

Seniors and individuals with disabilities are particularly at risk. Julie Fisher, an In-Home Support Services (IHSS) caregiver emphasizes, "The Overpaid CEO Act is a way for us to push back against the Trump Administration and protect the well-being of the people we serve."

The proposed act signifies a proactive approach to ensure that large corporations contribute their fair share towards the community's welfare. By implementing a small surcharge on companies whose CEOs earn over 100 times the median salary of their employees, the legislation is designed to generate significant revenue for local programs. Specifically, only major corporations with at least 1,000 employees and over $1 billion in revenue will be subject to this fee, leaving small businesses and families untouched.

This initiative is projected to raise approximately $200 million each year for the General Fund, which will subsequently be utilized to maintain essential services like public health programs, emergency response initiatives, and community health services.

Emergency department nurse Jason Negron-Gonzalez noted the adverse effects of disinvestment in public health, articulating how cuts to Medicaid further exacerbate the challenges faced by already strained hospitals. The Overpaid CEO Act ensures wealthy corporations contribute in a manner reflective of their capacity, allowing San Francisco to maintain its support mechanisms for marginalized groups.

The coalition endorsing this initiative spans multiple local organizations including SEIU Local 2015, Teamsters Joint Council 7, and the Chinese Progressive Association, among others. The collective goal is to collect signatures within weeks, which will facilitate placing the Overpaid CEO Act on the June 2026 ballot for public vote.

With widespread support and a compelling mission to protect city services, the Overpaid CEO Act reflects not just a local fight but a broader struggle against inequality in corporate salaries versus community investment. The effort exemplifies a community united in ensuring that vital services remain intact for every resident in San Francisco, reinforcing the notion that corporate responsibility should extend to the support of public welfare. This act invites the business sector to contribute positively, ensuring long-term sustainability for the city's essential services amid turbulent federal policies.