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Mark Udall on Corporations

Democratic Representative (CO-2)


No welfare for CEOs in financial bailout

Q: You said you didnít like anything about this bailout bill. You described it as the dead hand of government making things worse.

SCHAFFER: Yes. Itís essentially a tax of $10,000 to $11,000 per American household.

Q: [to Udall]: One in every 95 households in Denver are in foreclosure, well above the US average. Why should other taxpayers across the country have to now bail out those Colorado mortgage buyers?

UDALL: People are upset. My calls are mixed between people who say no and people who say hell, no. This is a real crisis that we face. I think thereís some principles that we have to pursue as we move towards a rescue plan not for Wall Street, this shouldnít be welfare for CEOs, but for Main Street. And that has to include no blank check, oversight, no golden parachutes. What we canít do, is return to the policies that Schaffer supported and supports today, which are tax breaks for CEOs, tax breaks for companies that offshore jobs, tax breaks for the wealthiest among us.

Source: 2008 Colorado Senate Debate on Meet the Press , Sep 28, 2008

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.

Udall says, "Udall (D-CO)"

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

Voted NO on replacing illegal export tax breaks with $140B in new breaks.

Vote to pass a bill that would repeal an export tax break for U.S. manufacturers ruled an illegal trade subsidy by the World Trade Organization, while providing for about $140 billion in new corporate tax cuts. Revenue raising offsets would decrease the cost of the bill to $34.4 billion over 11 years. It would consist of a buyout for tobacco farmers that could not go over $9.6 billion. It also would allow the IRS to hire private collection agencies to get back money from taxpayers, and require individuals who claim a tax deduction for a charitable donation of a vehicle to obtain an independent appraisal of the car.

Udall says, "Udall (D-CO)"

Reference: American Jobs Creation Act; Bill HR 4520 ; vote number 2004-259 on Jun 17, 2004

Voted NO on Bankruptcy Overhaul requiring partial debt repayment.

Vote to pass a bill that would make it easier for courts to change debtors from Chapter 7 bankruptcy, which allows most debts to be dismissed, to Chapter 13, which requires a repayment plan.

Udall says, "Udall (D-CO)"

Reference: Bill sponsored by Gekas, R-PA; Bill HR 333 ; vote number 2001-25 on Mar 1, 2001

Rated 32% by the US COC, indicating an anti-business voting record.

Udall scores 32% by US Chamber of Commerce on business policy

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 sectorsófrom large Fortune 500 companies to home-based, one-person operations. In fact, 96% of our membership encompasses businesses with fewer than 100 employees.

Mission Statement:

"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.
Source: COC website 03n-COC on Dec 31, 2003

Sponsored raising cap on credit union small business loans.

Udall sponsored Small Business Lending Enhancement Act

Congressional Summary:

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

Udall 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

Other candidates on Corporations: Mark Udall on other issues:
CO Gubernatorial:
John Hickenlooper
CO Senatorial:
Amy Stephens
Ken Buck
Michael Bennet
Owen Hill
Randy Baumgardner

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AL:Sessions(R) vs.Bright(D)
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CO:Udall(D) vs.Buck(R) vs.Hill(R) vs.Baumgardner(R) vs.Stephens(R)
DE:Coons(D) vs.O`Donnell(R)
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KY:McConnell(R) vs.Bevin(R) vs.Grimes(D)
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MI:Land(R) vs.Peters(D) vs.Wiedenhoeft(R)
MN:Franken(D) vs.Abeler(R)
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NH:Shaheen(D) vs.Martin(R) vs.Brown(R) vs.Smith(R) vs.Rubens(R) vs.Testerman(R)
NM:Udall(D) vs.Sanchez(R)
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Page last updated: Dec 24, 2013