Bill Nelson on Corporations Democratic Sr Senator (FL)

Voted YES on repealing tax subsidy for companies which move US jobs offshore.

Voted YES on reforming bankruptcy to include means-testing & restrictions.

• Declare a debtor eligible only for Chapter 13, as anyone financially capable of paying back their creditors at a rate that still allows them to earn above their state's median income
• Place domestic support obligations such as child support and alimony amongst the first priority claim category of non-dischargeable debts on a debtor filing for bankruptcy
• Require debtors to pay for and attend credit counseling prior to filing for bankruptcy
• Cap home equity protection at $125,000 if the debtor purchased a house within 40 months of filing for bankruptcy.

Voted NO on restricting rules on personal bankruptcy.

Rated 48% by the US COC, indicating a mixed 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."

Screen 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.

• 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.

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) (+)

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: