Tom Udall on Corporations
Democratic Jr Senator; previously Representative (NM-3)
Proponents support voting YES because:
We should not deprive the public, the stockholders, from being able to do anything meaningful once they find out about scandalous levels of executive compensation or board compensation. Everyone talks about the corporate board as the remedy. But the board is often a part of the problem, being paid huge amounts of money for showing up once or twice a year at meetings.
Give the stockholders a meaningful remedy. Once you get the mandatory disclosure put in place by previous legislation, we are saying the stockholders should be allowed to have a referendum on that and not have a runaround by the board.
Opponents support voting NO because:
This vote is based on mischaracterization--it is an unnecessary amendment. The opportunity for these kinds of votes already exists within the structure of corporate governance right now. A good company from Georgia, AFLAC, went ahead and already has these nonbinding shareholder votes. But there is a difference between having individuals in the private sector, shareholders and individuals outside of the mandating of government to have it occur and have government come in with its heavy hand and say, this is exactly what you need to do because we know best. Our constituents know better how to act and how to relate to corporations than Washington.
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.
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:
|Other candidates on Corporations:||Tom Udall on other issues:|
Ben Ray Lujan
Maggie Toulouse Oliver
Senate races 2019-20:
AK: Sullivan(R,incumbent) vs. (no opponent yet)
AL: Jones(D,incumbent) vs.Mooney(R) vs.Rogers(D) vs.Tuberville(R) vs.Byrne(R)
AR: Cotton(R,incumbent) vs.Mahony(D)
AZ: McSally(R,incumbent) vs.Kelly(D)
CO: Gardner(R,incumbent) vs.Madden(D) vs.Baer(D) vs.Walsh(D) vs.Johnston(D) vs.Romanoff(D)
DE: Coons(D,incumbent) vs. (no opponent yet)
GA: Perdue(R,incumbent) vs.Tomlinson(D)
IA: Ernst(R,incumbent) vs.Graham(D) vs.Mauro(D)
ID: Risch(R,incumbent) vs.Harris(D)
IL: Durbin(D,incumbent) vs.Stava-Murray(D)
KS: Roberts(R,retiring) vs.LaTurner(R) vs.Wagle(R)
KY: McConnell(R,incumbent) vs.Morgan(R) vs.Cox(D)
LA: Cassidy(R,incumbent) vs. (no opponent yet)
MA: Markey(D,incumbent) vs.Liss-Riordan(D) vs.Ayyadurai(R)
ME: Collins(R,incumbent) vs.Sweet(D) vs.Gideon(D)
MI: Peters(D,incumbent) vs.James(R)
MN: Smith(D,incumbent) vs.Carlson(D)
MS: Hyde-Smith(R,incumbent) vs. (no opponent yet)
MT: Daines(R,incumbent) vs.Collins(D)
NC: Tillis(R,incumbent) vs.Smith(D) vs.Mansfield(D) vs.mith(R)
NE: Sasse(R,incumbent) vs. (no opponent yet)
NH: Shaheen(D,incumbent) vs.Martin(D)
NJ: Booker(D,incumbent) vs.Singh(R)
NM: Udall(D,retiring) vs.Clarkson(R) vs.Oliver(D) vs.Lujan(D)
OK: Inhofe(R,incumbent) vs. (no opponent yet)
OR: Merkley(D,incumbent) vs. (no opponent yet)
RI: Reed(D,incumbent) vs. (no opponent yet)
SC: Graham(R,incumbent) vs.Tinubu(D) vs.Harrison(D)
SD: Rounds(R,incumbent) vs. (no opponent yet)
TN: Alexander(R,incumbent) vs.Sethi(R) vs.Mackler(D)
TX: Cornyn(R,incumbent) vs.Hegar(D) vs.Hernandez(D)
VA: Warner(D,incumbent) vs. (no opponent yet)
WV: Capito(R,incumbent) vs.Swearengin(D)
WY: Enzi(R,incumbent) vs.Ludwig(D)
Senate Votes (analysis)
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