Jack Reed on Corporations
Democratic Sr Senator (RI)
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Supporter's Comments: (by CUNA, a pro-credit union organization)
America's small businesses are the engine of growth of our nation's economy. The effects of the financial crisis of the past few years have spread to all types of lending, resulting in a reduction in the availability of business credit. At a time when banks are withdrawing credit from America's small businesses, credit unions have actually been expanding credit to small businesses, but with more credit unions approaching the cap, this growth is threatened. Congress should enact legislation which increases the credit union member business lending cap from 12.25% of assets to 27.5% for well-capitalized credit unions
Opponent's Comments: (by the Independent Community Banks of America, Nov. 15, 2012)
The tax-subsidized credit union industry is pressing for doubling the statutory cap Congress placed on member business loans. Shifting assets from tax-paying banks to tax-exempt credit unions would reduce tax revenue to the government; the CBO estimates the revenue impact at $354 million over 10 years. We believe that banks are currently meeting the needs of credit-worthy businesses, as substantiated by numerous business surveys.
The United Food and Commercial Workers International Union (UFCW) is North America's Neighborhood Union--1.3 million members with UFCW locals in all 50 states, Puerto Rico and Canada. Our members work in supermarkets, drug stores, retail stores, meatpacking and meat processing plants, food processing plants, and manufacturing workers who make everything from fertilizer to shoes. We number over 60,000 strong with 25,000 workers in chemical production and 20,000 who work in garment and textile industries.
Supporting press release from Rep. Tom Emmer (R-MN-6): This legislation will foster economic growth by providing relief to Main Street, tailor regulations for better efficacy, and most importantly it will empower individual Americans and give them more opportunity.
Opposing statement on ProPublica.org from Rep. Gregory Meeks (D-NY-5): The bill includes many provisions I support: minority-owned banks and credit unions in underserved communities have legitimate regulatory burden concerns. Unfortunately, exempting mortgage disclosures enacted to detect discriminatory practices will only assist the Trump Administration in its overall effort to curtail important civil rights regulations. I simply cannot vote for any proposal that would help this Administration chip away at laws that I and my colleagues worked so hard to enact and preserve.
Legislative outcome: Passed House 258-159-10 on May 22, 2018(Roll call 216); Passed Senate 67-31-2 on March 14, 2018(Roll call 54); Signed by President Trump. May 24, 2018
Summary by GovTrack.US: (Nov 16, 2017)
Case for voting NO by Sierra Club (11/16/17): Republicans have passed a deeply regressive tax plan that will result in painful cuts to core domestic programs, to give billionaires and corporate polluters tax cuts while making American families pay the price. Among the worst provisions:
Legislative outcome: Passed House, 224-201-7, roll call #699 on 12/20; passed Senate 51-48-1, roll call #323 on 12/20; signed by Pres. Trump on 12/22.
Excerpts from Letter from 35 Senators to the CFPB: We write to commend the Consumer Financial Protection Bureau (CFPB) for its proposed rule to limit the use of mandatory, pre-dispute ("forced") arbitration clauses in consumer financial product and service contracts. Every day, Americans across the country are forced to sign away their constitutional right to access the courts as a condition of purchasing common products and services like credit cards, checking accounts, and private student loans. Binding arbitration is a privatized justice system that studies show consistently produces results that favor large corporations and offers no meaningful appeals process. As a result, consumers are left without redress, and companies are unaccountable for their unscrupulous behavior.
Opposing freedom argument: (Cato Institute, "ATLA monopoly," May 2002): The trial lawyers new goal is to tighten their monopoly grip on the court system, and prevent the rest of us from choosing a more efficient means of resolving our disputes. Arbitration is simply private court. Lawyers with a vested interest in a monopoly court system are trying to stop the arbitration business from developing. But there's nothing forced or mandatory about it. Contracts are the result of choice. People should be free to choose for themselves what contracts to make and what rights to give up.
Opposing economic argument: (Heritage Foundation, "The Unfair Attack on Arbitration," July 17, 2013): Any study by the Consumer Financial Protection Bureau should examine whether a limit on arbitration would:
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Senate races 2019-20:
AK: Sullivan(R,incumbent) vs.Gross(I) vs.
AL: Jones(D,incumbent) vs.Tuberville(R) vs.
AR: Cotton(R,incumbent) vs.Harrington(L) vs.
AZ: McSally(R,incumbent) vs.Kelly(D)
CO: Gardner(R,incumbent) vs.Hickenlooper(D) vs.
DE: Coons(D,incumbent) vs.
GA-2: Isakson(R,resigned) Loeffler(R,appointed) vs.Collins(R) vs.Tarver(D) vs.Warnock(D) vs.
GA-6: Perdue(R,incumbent) vs.Ossoff(D) vs.Tomlinson(D) vs.Terry(D)
IA: Ernst(R,incumbent) vs.Greenfield(D) vs.
ID: Risch(R,incumbent) vs.Jordan(D) vs.
IL: Durbin(D,incumbent) vs.Curran(R) vs.
KS: Roberts(R,retiring) vs.Marshall(R) vs.Bollier(D) vs.
KY: McConnell(R,incumbent) vs.McGrath(D) vs.
LA: Cassidy(R,incumbent) vs.Perkins(D) vs.
MA: Markey(D,incumbent) vs.O`Connor(R) vs.Ayyadurai(R) vs.
ME: Collins(R,incumbent) vs.Gideon(D) vs.
MI: Peters(D,incumbent) vs.James(R) vs.Squier(G)
MN: Smith(D,incumbent) vs.Lewis(R) vs.Overby(G) vs.
MS: Hyde-Smith(R,incumbent) vs.Espy(D) vs.
MT: Daines(R,incumbent) vs.Bullock(D) vs.
NC: Tillis(R,incumbent) vs.Cunningham(D) vs.
NE: Sasse(R,incumbent) vs.Janicek(R)
NH: Shaheen(D,incumbent) vs.Messner(R) vs.
NJ: Booker(D,incumbent) vs.Mehta(R) vs.
NM: Udall(D,retiring) vs.Lujan(D) vs.Ronchetti(R) vs.Walsh(L) vs.
OK: Inhofe(R,incumbent) vs.Broyles(D) vs.
OR: Merkley(D,incumbent) vs.Perkins(R) vs.
RI: Reed(D,incumbent) vs.Waters(R)
SC: Graham(R,incumbent) vs.Harrison(D) vs.
SD: Rounds(R,incumbent) vs.Ahlers(D) vs.
TN: Alexander(R,retiring) vs.Hagerty(R) vs.Bradshaw(D) vs.
TX: Cornyn(R,incumbent) vs.Hegar(D) vs.
VA: Warner(D,incumbent) vs.
WV: Capito(R,incumbent) vs.Swearengin(D) vs.
WY: Enzi(R,retiring) vs.Lummis(R) vs.Ben-David(D) vs.
Senate Votes (analysis)
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