Charles Schumer on Corporations
Democratic Sr Senator (NY)
Liberal Democrats wanted more than just disclosure. One amendment would have limited the allowable interest rate on all U.S. credit cards to 15 percent. A 1978 Supreme Court ruling had rendered state-level interest rate caps useless, allowing lenders to charge 40% or more in some states.
With a healthy 257-177 advantage, House Democrats had the numbers to force the federal cap through. But Schumer and his colleagues on the House Banking Committee wanted no part of significantly depressing credit card profits, having struck down this amendment almost unanimously in committee.
When the House and Senate bills went to conference, negotiators worked out a compromise.
So we had won, at least for another day. The victory was the result of some pretty tangled politics, but the families who needed bankruptcy protection were safe behind our sandbag for a little while longer.
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.
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.
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.
Excerpts from Letter from 35 Senators to the CFPB: We write to commend the Consumer Financial Protection Bureau (CFPB) for its proposed rule to limit the use of mandatory, pre-dispute ("forced") arbitration clauses in consumer financial product and service contracts. Every day, Americans across the country are forced to sign away their constitutional right to access the courts as a condition of purchasing common products and services like credit cards, checking accounts, and private student loans. Binding arbitration is a privatized justice system that studies show consistently produces results that favor large corporations and offers no meaningful appeals process. As a result, consumers are left without redress, and companies are unaccountable for their unscrupulous behavior.
Opposing freedom argument: (Cato Institute, "ATLA monopoly," May 2002): The trial lawyers new goal is to tighten their monopoly grip on the court system, and prevent the rest of us from choosing a more efficient means of resolving our disputes. Arbitration is simply private court. Lawyers with a vested interest in a monopoly court system are trying to stop the arbitration business from developing. But there's nothing forced or mandatory about it. Contracts are the result of choice. People should be free to choose for themselves what contracts to make and what rights to give up.
Opposing economic argument: (Heritage Foundation, "The Unfair Attack on Arbitration," July 17, 2013): Any study by the Consumer Financial Protection Bureau should examine whether a limit on arbitration would:
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Bill de Blasio
Senate races 2019-20:
AK: Sullivan(R,incumbent) vs.Gross(I)
AL: Jones(D,incumbent) vs.Sessions(R) vs.Moore(R) vs.Mooney(R) vs.
AR: Cotton(R,incumbent) vs.
AZ: McSally(R,incumbent) vs.Kelly(D)
CO: Gardner(R,incumbent) vs.Hickenlooper(D) vs.
DE: Coons(D,incumbent) vs.Scarane(D)
GA-2: Isakson(R,resigned) Loeffler(R,appointed) vs.Lieberman(D) vs.Collins(R) vs.Carter(D)
GA-6: Perdue(R,incumbent) vs.Tomlinson(D) vs.Ossoff(D) vs.Terry(D)
IA: Ernst(R,incumbent) vs.Graham(D) vs.Mauro(D) vs.Greenfield(D)
ID: Risch(R,incumbent) vs.Harris(D) vs.Jordan(D)
IL: Durbin(D,incumbent) vs.Curran(R) vs.
KS: Roberts(R,retiring) vs.
KY: McConnell(R,incumbent) vs.McGrath(D) vs.Morgan(R) vs.Cox(D) vs.Tobin(D) vs.Booker(D)
LA: Cassidy(R,incumbent) vs.Pierce(D)
MA: Markey(D,incumbent) vs.
ME: Collins(R,incumbent) vs.Sweet(D) vs.Gideon(D) vs.
MI: Peters(D,incumbent) vs.James(R)
MN: Smith(D,incumbent) vs.
MS: Hyde-Smith(R,incumbent) vs.Espy(D) vs.Bohren(D)
MT: Daines(R,incumbent) vs.Bullock(D) vs.
NC: Tillis(R,incumbent) vs.E.Smith(D) vs.S.Smith(R) vs.Cunningham(D) vs.Tucker(R) vs.
NE: Sasse(R,incumbent) vs.Janicek(R)
NH: Shaheen(D,incumbent) vs.Martin(D) vs.Bolduc(R) vs.O'Brien(f)
NJ: Booker(D,incumbent) vs.Singh(R) vs.Meissner(R)
NM: Udall(D,retiring) vs.Clarkson(R) vs.
OK: Inhofe(R,incumbent) vs.Workman(D)
OR: Merkley(D,incumbent) vs.Romero(R) vs.Perkins(R)
RI: Reed(D,incumbent) vs.Waters(R)
SC: Graham(R,incumbent) vs.Tinubu(D) vs.Harrison(D)
SD: Rounds(R,incumbent) vs.Borglum(R) vs.Ahlers(D)
TN: Alexander(R,incumbent) vs.Sethi(R) vs.Mackler(D) vs.Hagerty(R)
TX: Cornyn(R,incumbent) vs.Hegar(D) vs.Hernandez(D) vs.Bell(D) vs.Ramirez(D) vs.West(D)
VA: Warner(D,incumbent) vs.
WV: Capito(R,incumbent) vs.Swearengin(D) vs.Ojeda(D)
WY: Enzi(R,incumbent) vs.Ludwig(D) vs.Lummis(R)
Senate Votes (analysis)
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