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Michael Bennet on Corporations

Democratic Presidential Challenger; CO Senator

 


$300B lending fund for small business; plus $12B tax cut

Q: In this time of high unemployment, what are the most important things that should be done to create jobs?

A: In the short term we must get credit flowing again to small business, because they've been shut out of the credit markets since this recession happened, and they create 2/3 of all new jobs. That's part of why it's so critical that we pass a small business and jobs bill, which cuts taxes by $12 billion for small businesses and creates a small business lending fund to support up to $300 billion in new lending. Also, we need to create an economic climate to discourage the movement of jobs overseas, encourage innovation across the board, and transform our public education system into one that prepares students for higher education so that our kids can take advantage of the jobs of the future.

Source: League of Women Voters 2010 Candidate Questionnaire , Aug 11, 2010

Restructured $3 billion in corporate debt at Anschutz

As a dedicated public servant with comprehensive experience as a businessman, Michael has a proven record of facing tough tasks at critical times. While serving as Chief of Staff to Denver Mayor John Hickenlooper, Michael was credited with leading the way on balancing a historic budget deficit. Prior to his service to the city, Michael was a Managing Director at the Anschutz Investment Company, where he managed the restructuring of over $3 billion in corporate debt.
Source: Biography on www.senate.gov , Jan 23, 2009

Rated 71% by UFCW, indicating a mixed management/labor voting record.

Bennet scores 71% 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 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) (+)
Source: UFCW website 12-UFCW-S on May 2, 2012

Regulatory relief for smaller banks stimulates growth.

Bennet voted YEA 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.

Bennet 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

    Restrict corporate use of consumer mandatory arbitration.

    Bennet signed restricting corporate use of consumer mandatory arbitration

    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:

    Source: Letter to CFPB Director 17LTR-CFPB on Aug 4, 2016

    Other candidates on Corporations: Michael Bennet on other issues:
    CO Gubernatorial:
    Bob Beauprez
    Cary Kennedy
    Cynthia Coffman
    Donna Lynne
    Doug Robinson
    Ed Perlmutter
    George Brauchler
    Greg Lopez
    Heidi Ganahl
    Jared Polis
    John Hickenlooper
    Matthew Hess
    Mike Johnston
    Steve Barlock
    Tom Tancredo
    Victor Mitchell
    Walker Stapleton
    CO Senatorial:
    Alice Madden
    Andrew Romanoff
    Angela Williams
    Cory Gardner
    Dan Baer
    Darryl Glenn
    Ellen Burnes
    John Hickenlooper
    John Walsh
    Jon Keyser
    Mike Johnston
    Peg Littleton
    Ryan Frazier
    Tim Neville

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    Page last updated: Dec 28, 2021