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Sheldon Whitehouse on Corporations

Democratic Jr Senator, previously attorney general


Cap credit card interest rates

The Wall Street economy is happy to accept massive transfusions of cash from the fading middle class. This isn't to say that there were no provisions considered that would help Main Street as part of the Restoring American Financial Stability Act. There were plenty--it's just that almost all of them were either voted down or taken out and never even put up for a vote. Even something as simple and sensible as putting a cap on a credit card interest rates. Senator Sheldon Whitehouse's amendment to do just that was voted down 60 to 35. So much for "financial stability." Though I suppose it depends on whose financial stability you care about--the banks' or the taxpayers'.
Source: Third World America, by Arianna Huffington, p. 25 , Sep 2, 2010

Small businesses keep our economy growing

Whitehouse is launching a tour of small businesses to hear directly from business owners what their needs are for continued success and greater employment opportunities for those living in Providence’s Southside. “Small businesses keep our economy growing and provide much needed jobs for Rhode Island families,” said Whitehouse. “Not only do they provide economic opportunities, but these businesses also contribute to the character of inner city neighborhoods.”
Source: Campaign press release, “Small Businesses” , Nov 11, 2005

Expand lending caps for credit unions to small business.

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

Whitehouse 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.

    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

Sponsored enforcing against corporate offshore tax haven banking.

Whitehouse co-sponsored Stop Tax Haven Abuse Act

Congressional Summary:Stop Tax Haven Abuse Act: to impose restrictions on foreign jurisdictions or financial institutions operating in the US that are of prime money laundering concern or that significantly impede US tax enforcement.

Proponent's argument for bill: (by Jubilee USA Network, a religious antipoverty organization):

"The religious community couldn't be more pleased with this vital legislation that protects poor people inside and outside our borders. This legislation means that corporations can't rob billions of dollars from poor people across the globe. A critical piece of the legislation is country-by-country reporting of corporate payments to governments. Reporting at this level sheds light on the tax dodging that hurts all of us."

Source: H.R.1554 / S.268 13-S268 on Apr 15, 2013

Other candidates on Corporations: Sheldon Whitehouse on other issues:
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Donald Carcieri
Lincoln Chafee
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Jack Reed

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Page last updated: Dec 27, 2013