Edwards Unveils Plan for Corporate Responsibility

ABC News’ Raelyn Johnson Reports: Democratic candidate former Sen. John Edwards, D-N.C., framed his Two Americas argument around the issue of corporate responsibility Friday, calling on businesses to reform to restore economic fairness to working Americans.

"The statistics say our economy is growing, that the economic tide is rising.  But if you look around, only the yachts are rising with it," Edwards said campaigning in Des Moines, Iowa.  "Profits are skyrocketing on Wall Street, but Main Street is drowning under waves of cost and debt."

In what was billed as a major policy address, Edwards sought to renew what he calls the social compact — the notion that hard working Americans deserve the opportunity to share in the country’s prosperity. 

Edwards proposed creating a universal retirement account where business are required to enroll workers; helping families save for retirement by creating "Get Ahead" credits; requiring businesses by law to disclose more detailed financial details in their annual reports to shareholders; and cap untaxed deferred compensation for business executives.

Pointing to his humble beginnings, Edwards said he got out of poverty because he worked hard and others should have the same opportunity.

"It happened because in America, there is a grand social compact — anyone who’s willing to work hard and do the right thing should have the opportunity to share in our nation’s prosperity. In good times, a rising tide will life all boats; in tough times; it’s all hands on deck to set things right."