Wow, this proposal by Barack Obama sounds like it's straight out of FDR's--ultimately unconstitutional--National Recovery Act of the 1930s:

So the Democrats who constantly carp that their patriotism isn’t to be questioned because they’re consistently making it easier for terrorists to plan and carry out attacks against us, want to have the legal right and authority to question the patriotism of US corporations now? Sen. Sherrod Brown (D-OH) says that he and Barack Obama want to do exactly that.

I’ve talked to Barack a lot about his Patriot Corporation Act, which is not trade per se, but it’s certainly part of the economic package around globalization. The Patriot Corporation Act has not gotten the attention that I would hope it would. But, basically it says that if you play by the rules, if you pay decent wages, health benefits, pension; do your production here; don’t resist unionization on neutral card check, then you will be designated a “Patriot Corporation” and you will get tax advantages and some [preference] on government contracts.

Here’s the bill, S.1945. Set aside the fact that so many big Democrats, including the Kennedy clan with their offshore accounts, are total hypocrites on this. They’re total hypocrites on this. And obviously they’ll exempt themselves from this as Congresscritters always do.

Setting that aside, by defining some corporations as patriotic, you’re necessarily defining others as unpatriotic, and based on economic decisions they’re making and often being forced into making by the tax and legal environment that’s forced on them by the idiots in Washington.

What gives people like Obama and Brown the idea that they have the right to do this? Certainly not the Constitution.
As the post over at the NAM says, this is a terrible, terrible idea. It has Hugo Chavez statist anti-freedom tactics written all over it.