Jon Tester on Corporations Democratic Jr Senator

Prevent abuses by "too-big-to-fail" banks on Wall Street

Earlier in the debate, Tester defended the Dodd-Frank legislation as being important to prevent abuses from "too-big-to-fail" financial institutions on Wall Street. The legislation put "more cops on the beat to make sure Wall Street won't do it again."

Citizens United puts democracy at risk

Incumbent Democrat Jon Tester responded that the widely criticized ruling puts democracy at risk by giving corporations more power than people. The Supreme Court ruling undid past restrictions on political spending by corporations and special interest groups.

Rehberg said he supported the 2010 ruling, although he added that there should be full transparency on where campaign money is coming from. "There should be nothing more free than political free speech," he said.

Tester responded that "corporations are not people. Because of Citizens United, corporations have more rights when it comes to donations than people do," he said.

Energy plan was written by oil companies, so no renewables

BURNS: The incentives for alternative fuels & renewable fuels are just like any other incentive to increase production, & that's exactly what is happening, because of the competition in the market. We would not have had those big windmills if not for [the recent] energy bill. It is the marketplace that will force us into conservation and renewables.

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) (+)

Regulatory relief for smaller banks stimulates growth.

Congressional Summary:

Economic Growth, Regulatory Relief, and Consumer Protection Act
• TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT: [for small banks,] requirements are waived if a loan is originated by and retained by the institution
• TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT: [deregulate] reciprocal deposits [if they] do not exceed 20% of its total liabilities.
• TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS
• TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES
• TITLE V--ENCOURAGING CAPITAL FORMATION
• TITLE VI--PROTECTIONS FOR STUDENT BORROWERS

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

Reducing tax rates balloons federal deficit & cuts programs.

Summary by GovTrack.US: (Nov 16, 2017)

For Corporations:
• Reduce the corporate tax rate to 21% from 35%.
• Overseas earnings would be taxed at 15.5% as opposed to the current 35%. This may seem like an enormous reduction, but current law only taxes overseas earnings if they are returned to the US; the 15.5% rate would apply regardless.

For Individuals:
• Lower the rate for the highest earners from 39.6% to 37%.
• Nearly double the standard deductions for individuals but repeal personal exemptions.
• The Affordable Care Act`s individual mandate would be repealed.

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: