Hilda Solis on Corporations
Democratic Representative (CA-32)
Voted YES on allowing stockholder voting on executive compensation.
To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation [and as part of that process, fully disclosing executive compensation].
Proponents support voting YES because:
We should not deprive the public, the stockholders, from being able to do anything meaningful once they find out about scandalous levels of executive compensation or board compensation. Everyone talks about the corporate board as the remedy. But the board is often a part of the problem, being paid huge amounts of money for showing up once or twice a year at meetings.
Give the stockholders a meaningful remedy. Once you get the mandatory disclosure put in place by previous legislation, we are saying the stockholders should be allowed to have a referendum on that and not have a runaround by the board.
Opponents support voting NO because:
This vote is based on mischaracterization--it is an unnecessary amendment. The opportunity for these kinds of votes already exists within the structure of corporate governance right now. A good company from Georgia, AFLAC, went ahead and already has these nonbinding shareholder votes. But there is a difference between having individuals in the private sector, shareholders and individuals outside of the mandating of government to have it occur and have government come in with its heavy hand and say, this is exactly what you need to do because we know best. Our constituents know better how to act and how to relate to corporations than Washington.
Reference: Shareholder Vote on Executive Compensation Act;
Bill H R 1257
; vote number 2007-244
on Apr 20, 2007
Voted NO on replacing illegal export tax breaks with $140B in new breaks.
Vote to pass a bill that would repeal an export tax break for U.S. manufacturers ruled an illegal trade subsidy by the World Trade Organization, while providing for about $140 billion in new corporate tax cuts. Revenue raising offsets would decrease the cost of the bill to $34.4 billion over 11 years. It would consist of a buyout for tobacco farmers that could not go over $9.6 billion. It also would allow the IRS to hire private collection agencies to get back money from taxpayers, and require individuals who claim a tax deduction for a charitable donation of a vehicle to obtain an independent appraisal of the car.
Reference: American Jobs Creation Act;
Bill HR 4520
; vote number 2004-259
on Jun 17, 2004
Voted YES on Bankruptcy Overhaul requiring partial debt repayment.
Vote to pass a bill that would make it easier for courts to change debtors from Chapter 7 bankruptcy, which allows most debts to be dismissed, to Chapter 13, which requires a repayment plan.
Reference: Bill sponsored by Gekas, R-PA;
Bill HR 333
; vote number 2001-25
on Mar 1, 2001
Require Code of Conduct for US corporations abroad.
Solis co-sponsored requiring 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:
- 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.
- 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.'.
- 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.
- 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.
- 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
- Provide a safe and healthy workplace.
- 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.
- Prohibit mandatory overtime work by employees under the age of 18.
- Prohibit the practice of pregnancy testing of employees.
- Comply with minimum international human rights standards.
LEGISLATIVE OUTCOME:Referred to House Subcommittee on International Monetary Policy and Trade; never came to a vote.
Source: Corporate Code of Conduct Act (H.R.2782) 01-HR2782 on Aug 2, 2001
Rated 21% by the US COC, indicating an anti-business voting record.
Solis scores 21% by US Chamber of Commerce on business policy
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.
"To advance human progress through an economic, political and social system based on individual freedom, incentive, initiative, opportunity, and responsibility."The ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization's preferred position.
Source: COC website 03n-COC on Dec 31, 2003
Screen imports & ban lead in children's products.
Solis co-sponsored screening imports & ban lead in children's products
A bill to reform the Consumer Product Safety Commission to provide greater protection for children's products, to improve the screening of non-compliant consumer products, to improve the effectiveness of consumer product recall programs, and for other purposes.
House version is H.R.4040.
Source: CPSC Reform Act (S.2663) 08-S2663 on Feb 25, 2008
- Requires third party certification of, and provides for tracking and record keeping regarding, children's products.
- [Increase] reporting of substantial product hazards and corrective action plans.
- Requires certain manufacturers or distributors to post an escrow or proof of insurance to cover recalls.
- Allows enforcement by state attorneys general and provides public and private sector whistleblower protections.
- Bans children's products containing lead and lowers the allowable lead content in paint.
- Requires a study of preventable injuries and deaths of minority children related to consumer products.
Requires a cost-benefit analysis under the Poison Prevention Packaging Act.
- Requires development of a risk assessment methodology regarding imports.
- Requires publication of a list of product defects that constitute a substantial product hazard.
- Conditions importation of a consumer product on the manufacturer's compliance with inspection and record keeping requirements.
- Requires a database on violations of consumer product safety rules to be used to determine whether a container being imported contains consumer products that are in violation of a consumer product safety standard and whether action should be taken under imported products provisions.
Page last updated: Apr 29, 2013