Sherrod Brown on Corporations Democratic Sr Senator; previously Representative (OH-13)

CFPB stops Wall Street from calling the shots on the budget

Sherrod Brown (D): No. "Now is not the time to let Wall Street & payday lenders call the shots on the budget."

Jim Renacci (R): Unclear. Sponsored bill that critics said restricted CFPB's ability to monitor releases of personal information.

Supported auto industry bailout as fighting for middle class

Brown touted his support of the auto industry bailout and criticized Mandel for calling that support un-American. That was a reference to news reports in late August when Mandel called Brown's vote for the auto bailout "un-American" and six days later said Brown "should be ashamed of himself" for voting for the rescue plan. "How you would be so out of touch with both parties boggles the mind," Brown said, facing Mandel.

"I would not be the bailout senator," Mandel said, meaning he would have voted against the auto bailout and the federal stimulus package.

Voted NO on replacing illegal export tax breaks with $140B in new breaks.

Voted NO on Bankruptcy Overhaul requiring partial debt repayment.

Require Code of Conduct for US corporations abroad.

OFFICIAL CONGRESSIONAL SUMMARY: Requires any national of the United States that employs more than 20 persons in a foreign country, either directly or through subsidiaries or licensees, to take the necessary steps to implement a Corporate Code of Conduct with respect to the employment of those persons.

EXCERPTS OF CONGRESSIONAL FINDINGS:

The Congress finds the following:
1. On 1/31/1999, UN Secretary General Kofi Annan challenged world business leaders to 'embrace and enact' the Global Compact, an agreement that asks corporations to protect human rights, labor rights, and the environment.
2. In a recent poll, 88% of the respondents agreed that 'American companies that operate in other countries should be expected to abide by US environmental standards.'.
3. The European Parliament has passed a European Code of Conduct calling for European businesses to abide by European Union laws in operations outside of Europe.
4. The protests in 2000 against the WTO in Seattle, and the World Bank and IMF in Washington, D.C., demonstrate a growing constituency against the unregulated expansion of globalization.
5. Unfortunately, too many US businesses with operations abroad are notorious for their blatant disregard for the well being of the citizens of their host nations who are employees of the businesses.

CORPORATE CODE OF CONDUCT
1. Provide a safe and healthy workplace.
2. Ensure fair employment, including the prohibition of the use of child and forced labor, the prohibition of discrimination, the right to bargain collectively, and the payment of a living wage to all workers.
3. Prohibit mandatory overtime work by employees under the age of 18.
4. Prohibit the practice of pregnancy testing of employees.
5. Comply with minimum international human rights standards.

LEGISLATIVE OUTCOME:Referred to House Subcommittee on International Monetary Policy and Trade; never came to a vote.

Rated 25% by the US COC, indicating an anti-business voting record.

Whether you own a business, represent one, lead a corporate office, or manage an association, the Chamber of Commerce of the United States of AmericaSM provides you with a voice of experience and influence in Washington, D.C., and around the globe.

Our members include businesses of all sizes and sectors—from large Fortune 500 companies to home-based, one-person operations. In fact, 96% of our membership encompasses businesses with fewer than 100 employees.

Mission Statement:

"To advance human progress through an economic, political and social system based on individual freedom, incentive, initiative, opportunity, and responsibility."

Expand lending caps for credit unions to small business.

Congressional Summary:

• Amends the Federal Credit Union Act to limit loans outstanding to either 1.75 times the net worth, or 12.25% of the total assets of the credit union.
• Authorizes insured credit unions to make business loans up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria.
• Directs the development of a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner that is consistent with safe and sound operations.

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.

Rated 71% by UFCW, indicating a mixed management/labor voting record.

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.

The UFCW Senate scorecard is based on these key votes:
1. American Jobs Act (+)
2. Balanced Budget Amendment (-)
3. Rejecting Cut, Cap, and Balance (+)
4. Repeal Health Care Law (-)
5. Sen. Am. 14 Wicker Am. to S 223, excluding unionization at TSA (-)
6. Sen. Am. 740 McCain Am. to HR 2112, defunding TAA (-)
7. Trade Adjustment Assistance Extension Act (TAA) (+)