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Marcia Fudge on Corporations

 

 


Co-sponsored Dodd-Frank exemption for some corporate trades

Reps. Gwen Moore and Marcia Fudge cosponsored the Inter-Affiliate Swap Clarification Act along with two Republicans. Moore and Fudge's bill would allow certain derivatives that are traded among a corporation's various affiliates to be exempt from almost all new Dodd-Frank regulations. Fudge advocated for the bill "because it came at request of corporations and businesses in our district," says Belinda Prinz, a spokeswoman for the congresswoman.
Source: Mother Jones magazine on USDA Biden Cabinet , Apr 3, 2013

Voted NO on workforce training by state block grants & industry partners.

Congressional Summary: Opponent's Argument for voting No:
    National League of Cities op-ed, "H.R. 803 fails because it would:"
  1. Undermine the local delivery system that has been the cornerstone of job training programs
  2. Establish a program that is based on political boundaries (states) rather than on economic regions and local labor markets, or the naturally evolving areas in which workers find paying work
  3. Eliminate a strong role for local elected officials but require that they continue to be fiscally liable for funds spent in their local areas
  4. Change what was once a program targeted to those most in need--economically disadvantaged adults and youth and special population groups like veterans, migrant farm workers, and low income seniors--into a block grant to governors
  5. Contribute to the emerging division between those American's who have the requisite skills to find employment and those who do not.
Reference: SKILLS Act; Bill H.R. 803 ; vote number 13-HV075 on Mar 15, 2013

Voted YES on letting shareholders vote on executive compensation.

Congressional Summary:

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:

  1. binding on the corporation
  2. construed as overruling a board decision, or as creating or implying any additional fiduciary duty by the board; or
  3. construed as restricting or limiting shareholder ability to place executive compensation proposals within proxy materials.

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.

Reference: Say-On-Pay Bill; Bill H.R.3269 ; vote number 2009-H686 on Jul 31, 2009

Voted NO on more funding for nanotechnology R&D and commercialization.

Congressional Summary:Extends funding for research and development topics, nanotechnology, project commercialization, prioritization of applications, and federal administration and oversight.

Proponent's argument to vote Yes:Rep. NYDIA VELÁZQUEZ (D, NY-12): We need jobs that cannot be shipped overseas and will not evaporate in the next cycle of boom and bust. But those jobs aren't going to appear out of thin air. They need to be created. By expanding existing industries and unlocking new ones, H.R. 2965 will generate the jobs we need. Job creation is the primary goal of R&D. But in order to generate new positions, we have to first develop new industries. Commercialization is critical to that process.

Opponent's argument to vote No:Rep. ED MARKEY (D, MA-7): I must oppose this bill because I have serious concerns about allowing SBIR awards to go to an unlimited number of businesses owned or controlled by venture capital (VC) firms. The SBIR program, responsible for over 60,000 patents, has always focused on innovation from truly small businesses for whom commercial capital market funding is typically not an option. However, with the change made in this bill, the SBIR program would be wide open to applicants that already are well-capitalized due to VC participation, crowding out the small businesses that have been the focus of the highly successful SBIR program.

While I support VC participation in the SBIR program, enabling an unlimited amount of large VC majority-owned firms to qualify for SBIR funding calls into question whether this program, intended for genuinely small businesses, is, in fact, still focused on these firms.

We should do everything in our power to strengthen small businesses that generate 70% of new jobs in our country. H.R 2965 does not do enough to ensure that small businesses are the focus of the SBIR program, and therefore I cannot support the bill.

Reference: Enhancing Small Business Research and Innovation Act; Bill S.1233&H.R.2965 ; vote number 2009-H486 on Jul 8, 2009

Expand lending caps for credit unions to small business.

Fudge co-sponsored Small Business Lending Enhancement Act

Congressional Summary:

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.

Source: HR1418 /S2231 12-S2231 on Mar 22, 2012

Rated 100% by UFCW, indicating an anti-management/pro-labor record.

Fudge scores 100% by UFCW on labor-management issues

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 House scorecard is based on these key votes:
  1. (+) Extension of Trade Adjustment Assistance (TAA)
  2. (+) H. Am. 877 Bishop Am. to HR 3094, penalties for lawsuits against unionization
  3. (+) H. Am. 880 Jackson-Lee Am. to HR 3094, preventing delays in union votes
  4. (-) Middle Class Tax Relief and Job Creation Act, freezing public salaries
  5. (-) Regulation from the Executive in Need of Scrutiny (REINS) Act, for less corporate regulation
  6. (-) Repealing the Job-Killing Health Care Law Act
  7. (-) Workforce Democracy and Fairness Act, letting CEOs fire union organizers
Source: UFCW website 12-UFCW-H on May 2, 2012

Sponsored enforcing against corporate offshore tax haven banking.

Fudge co-sponsored Stop Tax Haven Abuse Act

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."

Source: H.R.1554 / S.268 13-H1554 on Apr 15, 2013

Deregulating banks encourages discriminatory practices.

Fudge voted NAY Banking Bill

Congressional Summary:

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

Source: Congressional vote 16-S2155 on Mar 14, 2018

Reducing tax rates balloons federal deficit & cuts programs.

Fudge voted NAY Tax Cuts and Jobs Act

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

Case for voting YES by Heritage Foundation (12/19/17):This is the most sweeping update to the US tax code in more than 30 years. The bill would lower taxes on businesses and individuals and unleash higher wages, more jobs, and untold opportunity through a larger and more dynamic economy. The bill includes many pro-growth features, including a deep reduction in the corporate tax rate, a scaled-back state and local tax deduction, full expensing for five years, and lower individual tax rates.

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:

  • This plan balloons the federal deficit by over $1.5 trillion. Cutting taxes for the rich now means cuts to the federal budget and entitlements later.
  • The bill hampers the booming clean energy economy by ending tax credits for the purchase of electric vehicles and for wind and solar energy.
  • The bill opens up the Arctic Refuge to drilling, a thinly veiled giveaway to the fossil fuel industry.

    Legislative outcome: Passed House, 224-201-7, roll call #699 on 12/20; passed Senate 51-48-1, roll call #323 on 12/20; signed by Pres. Trump on 12/22.

    Source: Congressional vote 17-HR1 on Nov 16, 2017

    Voted YES on corporate transparency.

    Fudge voted YEA The Corporate Transparency Act

    GovTrack.us Summary: Corporate Transparency Act (CTA): To ensure that persons who form corporations or limited liability companies disclose the owners, in order to prevent exploitation for criminal gain, to assist law enforcement against terrorism, money laundering, and other misconduct.

    Statement in support by Rep. Charlie Crist (D-FL-13): This bipartisan bill closes the shell corporation loophole by requiring identification of the actual person or persons who stand to gain financially from the arrangement. "Each year, nearly two million corporations are formed in the U.S., often requiring less information about the owner of than is needed to open a bank account. Unfortunately, this has allowed bad actors to exploit our laws--establishing shell companies that are used as a vehicle for money launderers and human traffickers," said Rep. Crist.

    Statement in opposition by The Heritage Foundation: Under the CTA, religious organizations and charities would be subject to fines unless they file a written certification with the Financial Crimes Enforcement Network. The CTA is easily and lawfully avoided by the sophisticated, and would do virtually nothing to achieve their stated aim of protecting society from illicit finance. The Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act [ILLICT CASH Act, the Republican-introduced alternative] makes meaningful improvements to other aspects of anti–money laundering laws.

    Legislative outcome: Bill Passed House, 249-173-10 on Rollcall no. 577, Oct. 22, 2019. [The 116th Congress terminated with no Senate action on this bill].

    Source: Congressional vote 19-HR2513 on May 3, 2019

    2021-22 Governor, House and Senate candidates on Corporations: Marcia Fudge on other issues:
    OH Gubernatorial:
    Betty Sutton
    Connie Pillich
    Dennis Kucinich
    Jim Renacci
    Joe Schiavoni
    John Cranley
    John Kasich
    Jon Husted
    Mary Taylor
    Mike DeWine
    Nan Whaley
    Richard Cordray
    Tim Ryan
    OH Senatorial:
    Jim Renacci
    P.G. Sittenfeld
    Rob Portman
    Sherrod Brown
    Ted Strickland
    Republican Freshman class of 2021:
    AL-1: Jerry Carl(R)
    AL-2: Barry Moore(R)
    CA-8: Jay Obernolte(R)
    CA-50: Darrell Issa(R)
    CO-3: Lauren Boebert(R)
    FL-3: Kat Cammack(R)
    FL-15: Scott Franklin(R)
    FL-19: Byron Donalds(R)
    GA-9: Andrew Clyde(R)
    GA-14: Marjorie Taylor Greene(R)
    IA-2: Mariannette Miller-Meeks(R)
    IA-4: Randy Feenstra(R)
    IL-15: Mary Miller(R)
    IN-5: Victoria Spartz(R)
    KS-1: Tracey Mann(R)
    KS-2: Jake LaTurner(R)
    LA-5: Luke Letlow(R)
    MI-3: Peter Meijer(R)
    MI-10: Lisa McClain(R)
    MT-0: Matt Rosendale(R)
    NC-11: Madison Cawthorn(R)
    NM-3: Teresa Leger Fernandez(D)
    NY-2: Andrew Garbarino(R)
    NY-22: Claudia Tenney(R)
    OR-2: Cliff Bentz(R)
    PR-0: Jenniffer Gonzalez-Colon(R)
    TN-1: Diana Harshbarger(R)
    TX-4: Pat Fallon(R)
    TX-11: August Pfluger(R)
    TX-13: Ronny Jackson(R)
    TX-17: Pete Sessions(R)
    TX-22: Troy Nehls(R)
    TX-23: Tony Gonzales(R)
    TX-24: Beth Van Duyne(R)
    UT-1: Blake Moore(R)
    VA-5: Bob Good(R)
    WI-5: Scott Fitzgerald(R)
    Incoming Democratic Freshman class of 2021:
    CA-53: Sara Jacobs(D)
    GA-5: Nikema Williams(D)
    GA-7: Carolyn Bourdeaux(D)
    HI-2: Kai Kahele(D)
    IL-3: Marie Newman(D)
    IN-1: Frank Mrvan(D)
    MA-4: Jake Auchincloss(D)
    MO-1: Cori Bush(D)
    NC-2: Deborah Ross(D)
    NC-6: Kathy Manning(D)
    NY-15: Ritchie Torres(D)
    NY-16: Jamaal Bowman(D)
    NY-17: Mondaire Jones(D)
    WA-10: Marilyn Strickland(D)

    Republican takeovers as of 2021:
    CA-21: David Valadao(R) defeated T.J. Cox(D)
    CA-39: Young Kim(R) defeated Gil Cisneros(D)
    CA-48: Michelle Steel(R) defeated Harley Rouda(D)
    FL-26: Carlos Gimenez(R) defeated Debbie Mucarsel-Powell(D)
    FL-27: Maria Elvira Salazar(R) defeated Donna Shalala(D)
    IA-1: Ashley Hinson(R) defeated Abby Finkenauer(D)
    MN-7: Michelle Fischbach(R) defeated Collin Peterson(D)
    NM-2: Yvette Herrell(R) defeated Xochitl Small(D)
    NY-11: Nicole Malliotakis(R) defeated Max Rose(D)
    OK-5: Stephanie Bice(R) defeated Kendra Horn(D)
    SC-1: Nancy Mace(R) defeated Joe Cunningham(D)
    UT-4: Burgess Owens(R) defeated Ben McAdams(D)

    Special Elections 2021-2022:
    CA-22: replacing Devin Nunes (R, SPEL summer 2022)
    FL-20: replacing Alcee Hastings (D, SPEL Jan. 2022)
    LA-2: Troy Carter (R, April 2021)
    LA-5: Julia Letlow (R, March 2021)
    NM-1: Melanie Stansbury (D, June 2021)
    OH-11: Shontel Brown (D, Nov. 2021)
    OH-15: Mike Carey (R, Nov. 2021)
    TX-6: Jake Ellzey (R, July 2021)
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    Page last updated: Feb 07, 2022