Al Franken on Corporations

DFL Jr Senator (MN)

End collusion between banks and security rating agencies

As had been widely reported, banks would shop around lousy securities looking for the best rating, paying the rating agency in return for a desired rating. Franken saw the issue, as many did, as a clear conflict of interest. "If a failing student paid their teacher to turn their grade from an F into an A, everyone would agree that what the teacher had done was unethical."

In early May, Franken put forth his proposal, dubbed the "Restore Integrity to Credit Ratings Amendment", and was, as well, greeted with bipartisan support. The amendment called for, among other things, every asset-backed bond issue to be rated by a government-created board, rather than having the bank choose the agency itself. On May 13, Franken's proposal passed the Senate 64-35.

Source: Confidence Men, by Ron Suskind, p.429-430 , Sep 20, 2011

Level the playing field for middle class against industry

Franken said, “Tens of thousands of Minnesotans have been hurt by Norm Coleman’s allegiance with the banking industry. It’s time for a change in Washington, and it’s time for common-sense reforms to level the playing field for Minnesota’s middle class. Norm Coleman is a wholly-owned subsidiary of George Bush and the special interests. I’ll be a Senator on your side.” Franken proposed the following major reforms:

A Credit Card Bill Of Rights: Ban ‘universal default’; Ban mandatory arbitration clauses.
Crack Down On Predatory Payday Lenders: Cap the interest rate on ‘payday’ loans at 36%; Require proof of income before a cash advance is approved.
Repeal The 2005 Bankruptcy Bill: Repeal the bill written by the banks and credit card companies. Mandate an exemption in bankruptcy law for individuals who can prove they filed for bankruptcy because of medical expenses. Require prioritization of child support and alimony payments before credit card debt in bankruptcy proceedings.

Source: Campaign press release , Aug 13, 2008

Expand lending caps for credit unions to small business.

Franken co-sponsored Small Business Lending Enhancement Act

Congressional Summary:

Amends the Federal Credit Union Act to limit loans outstanding to either 1.75 times the net worth, or 12.25% of the total assets of the credit union.
Authorizes insured credit unions to make business loans up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria.
Directs the development of a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner that is consistent with safe and sound operations.

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 86% by UFCW, indicating an anti-management/pro-labor record.

Franken scores 86% 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.

American Jobs Act (+)
Balanced Budget Amendment (-)
Rejecting Cut, Cap, and Balance (+)
Repeal Health Care Law (-)
Sen. Am. 14 Wicker Am. to S 223, excluding unionization at TSA (-)
Sen. Am. 740 McCain Am. to HR 2112, defunding TAA (-)
Trade Adjustment Assistance Extension Act (TAA) (+)

Source: UFCW website 12-UFCW-S on May 2, 2012

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