Katie Porter on Corporations

Consumer law professor and consumer protection attorney

˙Her tireless work standing up to corporate special interests and fighting corruption is one reason the NRCC has again targeted her seat in the 2022 midterm election.˙

Frontline is the DCCC's program to ensure Democratic Members of Congress from the most competitive seats have both the resources and cutting-edge information they need to execute effective reelection campaigns. This cycle, our Majority hinges on winning these tough Frontline races. These Members need your help to get across the finish line in November 2022.

Push banks to repay $18B to cheated homeowners

Katie served as the California Monitor of the National Mortgage Settlement. The five biggest Wall Street banks had promised billions in relief to the homeowners they had cheated, and Katie held the banks' feet to the fire--securing $18 billion for California homeowners and helping tens of thousands of families in the state. She has worked to bring down credit card fees and is dedicated to ending the predatory banking practices that hurt women and families. Katie ran for Congress to get our economy working for all Californians and to fight back against a dangerous agenda that puts powerful interests ahead of people & families.

PVS:Lower corporate taxes don't promote economic growth.

Project Vote Smart inferred whether candidates agree or disagree with the statement, 'Economy: Do you support lowering corporate taxes as a means of promoting economic growth?' PVS self-description: "The Political Courage Test provides voters with positions on key issues. Historically, candidates have failed to complete our test due to the advice they receive from their advisors and out of fear of negative attack ads."

Voted YES on corporate transparency.

GovTrack.us Summary: Corporate Transparency Act (CTA): To ensure that persons who form corporations or limited liability companies disclose the owners, in order to prevent exploitation for criminal gain, to assist law enforcement against terrorism, money laundering, and other misconduct.

Statement in support by Rep. Charlie Crist (D-FL-13): This bipartisan bill closes the shell corporation loophole by requiring identification of the actual person or persons who stand to gain financially from the arrangement. `Each year, nearly two million corporations are formed in the U.S., often requiring less information about the owner of than is needed to open a bank account. Unfortunately, this has allowed bad actors to exploit our laws--establishing shell companies that are used as a vehicle for money launderers and human traffickers,` said Rep. Crist.

Statement in opposition by The Heritage Foundation: Under the CTA, religious organizations and charities would be subject to fines unless they file a written certification with the Financial Crimes Enforcement Network. The CTA is easily and lawfully avoided by the sophisticated, and would do virtually nothing to achieve their stated aim of protecting society from illicit finance. The Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act [ILLICT CASH Act, the Republican-introduced alternative] makes meaningful improvements to other aspects of anti–money laundering laws.

Legislative outcome: Bill Passed House, 249-173-10 on Rollcall no. 577, Oct. 22, 2019. [The 116th Congress terminated with no Senate action on this bill].