John Conyers on Corporations
Democratic Representative (MI-14)
Corporate and Financial Institution Compensation Fairness Act: Amends the Securities Exchange Act to require that any proxy for an annual shareholders meeting provide for a separate shareholder vote to approve executive compensation for named executive officers. The shareholder vote shall not be:
Proponent's argument to vote Yes:Rep. BARNEY FRANK (D, MA-4): The amount of wages is irrelevant to the SEC. What this bill explicitly aims at is the practice whereby people are given bonuses that pay off if the gamble pays off, but don't lose you anything if it doesn't. That is, there is a wide consensus that this incentivizes excessive risk.
Opponent's argument to vote No:Rep. SPENCER BACHUS (R, AL-6): True, the first 6 pages of the bill give the owners, the shareholders, a non-binding vote on the pay of top executives. But then come the next 8 pages, the switch, which gives the regulators the power to decide appropriate compensation for not only just top executives but for all employees of all financial institutions above $1 billion in assets and all without regard for the shareholders' prior approval. So under the guise of empowering shareholders, it is, in fact, the government that is empowered. And, finally, on page 15, the bill designates those same government entities which regulated AIG, Countrywide, and collectively failed to prevent the worst financial calamity since the Great Depression. This bill continues the Democrat majority's tendency to go to the default solution for every problem: create a government bureaucracy to make decisions better left to private citizens and private corporations.
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:
LEGISLATIVE OUTCOME:Referred to House Subcommittee on International Monetary Policy and Trade; never came to a vote.
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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.
Congressional Summary:Stop Tax Haven Abuse Act: to impose restrictions on foreign jurisdictions or financial institutions operating in the US that are of prime money laundering concern or that significantly impede US tax enforcement.
Proponent's argument for bill: (by Jubilee USA Network, a religious antipoverty organization):
"The religious community couldn't be more pleased with this vital legislation that protects poor people inside and outside our borders. This legislation means that corporations can't rob billions of dollars from poor people across the globe. A critical piece of the legislation is country-by-country reporting of corporate payments to governments. Reporting at this level sheds light on the tax dodging that hurts all of us."
Opponents recommend voting NO because:[Supreme Court majority opinion in Citizens United v. Federal Election Commission, for which the Constitutional Amendment is proposed as a remedy. The FEC had ruled that the movie "Hillary", released in 2008 to persuade voters against Hillary Clinton, was illegal because it was a disguised campaign contribution made by a corporation. The Supreme Court overruled the FEC]:
Modern day movies might portray public officials in unflattering ways. Yet if a covered transmission [is broadcast] during the blackout period, a felony occurs solely because a corporation, [instead of a candidate or donors, paid] in order to engage in political speech. Speech would be suppressed in the realm where its necessity is most evident: in the public dialogue preceding a real election. Governments are often hostile to speech, but it seems stranger than fiction for our Government to make this political speech a crime. Some members of the public might consider Hillary to be insightful and instructive; some might find it to be [unfair]; those assessments, however, are not for the Government to make.
|2012 Governor, House and Senate candidates on Corporations:||John Conyers on other issues:|
Terri Lynn Land
Newly-elected Democrats taking office Jan.2015:
AZ-7: Rep.-Elect Ruben Gallego
CA-11:Rep.-Elect Mark DeSaulnier
CA-31:Rep.-Elect Pete Aguilar(R⇒D)
CA-33:Rep.-Elect Ted Lieu
CA-35:Rep.-Elect Norma Torres
FL-2: Rep.-Elect Gwen Graham(R⇒D)
HI-1: Rep.-Elect Mark Takai
MA-6: Rep.-Elect Seth Moulton
MI-12:Rep.-Elect Debbie Dingell
MI-14:Rep.-Elect Brenda Lawrence
NE-2: Rep.-Elect Brad Ashford(R⇒D)
NJ-12:Rep.-Elect Bonnie Coleman
NY-4: Rep.-Elect Kathleen Rice
PA-13:Rep.-Elect Brendan Boyle
VA-8: Rep.-Elect Donald Beyer
Seated in special elections 2013-2014:
AL-1: Bradley Byrne(R)
IL-2: Robin Kelly(D)
LA-5: Vance McAllister(R)
MA-5: Katherine Clark(D)
MO-8: Jason Smith(R)
NJ-1: Donald Norcross(D)
SC-1: Mark Sanford(R)
VA-7: Dave Brat(R)
Newly-elected Republicans taking office Jan.2015:
AR-2: Rep.-Elect French Hill
AR-4: Rep.-Elect Bruce Westerman
AL-6: Rep.-Elect Gary Palmer
CA-25:Rep.-Elect Steve Knight
CA-45:Rep.-Elect Mimi Walters
CO-4: Rep.-Elect Ken Buck
FL-26:Rep.-Elect Carlos Curbelo(D⇒R)
GA-1: Rep.-Elect Buddy Carter
GA-10:Rep.-Elect Jody Hice
GA-11:Rep.-Elect Barry Loudermilk
GA-12:Rep.-Elect Rick Allen(D⇒R)
IA-1: Rep.-Elect Rod Blum(D⇒R)
IA-3: Rep.-Elect David Young
IL-10:Rep.-Elect Robert Dold(D⇒R)
IL-12:Rep.-Elect Mike Bost(D⇒R)
More newly-elected Republicans taking office Jan.2015:
LA-5: Rep.-Elect Ralph Abraham
LA-6: Rep.-Elect Garret Graves
ME-2: Rep.-Elect Bruce Poliquin(D⇒R)
MI-4: Rep.-Elect John Moolenaar
MI-8: Rep.-Elect Mike Bishop
MI-11:Rep.-Elect Dave Trott
MN-6: Rep.-Elect Tom Emmer
MT-0: Rep.-Elect Ryan Zinke
NC-6: Rep.-Elect Mark Walker
NC-7: Rep.-Elect David Rouzer(D⇒R)
NH-1: Rep.-Elect Frank Guinta(D⇒R)
NJ-3: Rep.-Elect Tom MacArthur
NV-4: Rep.-Elect Cresent Hardy(D⇒R)
NY-1: Rep.-Elect Lee Zeldin(D⇒R)
NY-21:Rep.-Elect Elise Stefanik(D⇒R)
NY-24:Rep.-Elect John Katko
OK-5: Rep.-Elect Steve Russell
PA-6: Rep.-Elect Ryan Costello
TX-4: Rep.-Elect John Ratcliffe
TX-23:Rep.-Elect Will Hurd
TX-36:Rep.-Elect Brian Babin
UT-4: Rep.-Elect Mia Love(D⇒R)
VA-10:Rep.-Elect Barbara Comstock
WA-4: Rep.-Elect Dan Newhouse
WI-6: Rep.-Elect Glenn Grothman
WV-2: Rep.-Elect Alex Mooney
WV-3: Rep.-Elect Evan Jenkins(D⇒R)
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