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Joe Sestak on Corporations

Democrat


The plaque says 'We the People,' not 'We the Corporations'

Toomey accused Sestak of supporting policies of bigger spending and higher taxes. He argued that such policies are have "a chilling effect on our ability to create jobs." Sestak attacked Toomey's pro-business stance. Pointing to the backdrop of the debat hall, Sestak said, "It says above us in Constitution Hall, 'We the People.' Not, 'We the Corporations'"

In closing remarks, Sestak repeated his people approach in this election. "It is we the people. Not we the corporations; nor we Wall Street."

Source: Epoch Times coverage of 2010 PA Senate debate Oct 23, 2010

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 YES on allowing stockholder voting on executive compensation.

To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation [and as part of that process, fully disclosing executive compensation].

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.

Reference: Shareholder Vote on Executive Compensation Act; Bill H R 1257 ; vote number 2007-244 on Apr 20, 2007

Screen imports & ban lead in children's products.

Sestak co-sponsored screening imports & ban lead in children's products

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.

House version is H.R.4040.
Source: CPSC Reform Act (S.2663) 08-S2663 on Feb 25, 2008

Other candidates on Corporations: Joe Sestak on other issues:
PA Gubernatorial:
Tom Corbett
PA Senatorial:
Bob Casey
Pat Toomey

Retiring as of Jan. 2011:
CT:Dodd(D)
DE:Kaufman(D)
FL:Martinez(R)
FL:LeMieux(R)
IL:Burris(D)
IN:Bayh(D)
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KY:Bunning(R)
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Unseated as of Jan. 2011:
AR:Lincoln(D)
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WI:Feingold(D)


Newly elected, Nov. 2010:
AR:Boozman(R)
CT:Blumenthal(D)
CO:Bennet(D)
DE:Coons(D)
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IL:Kirk(R)
IN:Coats(R)
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NY2:Gillibrand(D)
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UT:Lee(R)
WI:Johnson(R)
WV:Manchin(D)


Re-elected, Nov. 2010:
AK:Murkowski(I)
AL:Shelby(R)
AZ:McCain(R)
CA:Boxer(D)
GA:Isakson(R)
HI:Inouye(D)
IA:Grassley(R)
ID:Crapo(R)
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MD:Mikulski(D)
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Page last updated: Nov 27, 2010