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Rob Portman on Corporations
Republican Jr Senator; previously Representative (OH-2)
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Don't sell out the middle class to the billionaires
Q: You have long called for stronger banking regulation. Community banks are having a difficult time complying with the regulations in Dodd-Frank. Do you see any upside at all to relaxing any of the Dodd-Frank regulations?SANDERS:
You know, it is hard not to laugh to see President Trump alongside these Wall Street guys. I don't mean to be disrespectful. This guy is a fraud. This guy ran for president of the United States saying, "I, Donald Trump, I'm going to take on Wall Street.
These guys are getting away with murder." And then, suddenly, he appoints all these billionaires. And now he is going to dismantle legislation that protects consumers. But I think he is going to sell out the middle class and the working class of
this country. And that business on Wall Street, he told us--in fact, it's in the Republican platform--he is going to bring back Glass-Steagall, we're going to be dividing up commercial banks from investment banks from insurance companies.
Source: CNN "State of the Union" 2017 interview by Jake Tapper
, Jan 29, 2017
More than 70 company tours & plant visits, to stay in touch
The two tussled over who is in better touch with Ohio businesses. Portman, as he frequently does on the campaign trail, touted the more than 70 company tours and plant visits he's made to illustrate that he is attentive to the needs of businesses.
And he suggested Fisher let companies [leave Ohio] by not staying in touch with them.He cited as an example the air freight company DHL which devastated Wilmington when it began shuttering operations in 2008. DHL shocked city and state officials when
it announced plans in 2008 to discontinue ground delivery services, which led to the end of operations in Wilmington and the loss of nearly 8,000 jobs.
Fisher responded to Portman's criticism about company visits that he doesn't need to tour
factories because he's has on-the-ground experience negotiating deals and saving companies.
Portman shot back: "Maybe you ought to visit some more of those factories because that's not what I'm hearing."
Source: Cleveland Plain-Dealer coverage of 2010 Ohio Senate debate
, Oct 8, 2010
More favorable policy: encourage business development
Fisher sought to tie his opponent to the Bush administration, reminding viewers of Portman's service as budget director and US trade representative. Under Portman's watch, Fisher said, the federal deficit ballooned and Ohio lost 100,000 jobs to China. "
It's time that Congressman Portman took responsibility for his role in helping cause this recession," Fisher said. Portman dismissed the jab as a partisan attack and urged Fisher to answer for the 400,000 Ohio jobs that have disappeared over the past
4 years during Fisher's tenure as state development director.Fisher called for more stringent trade and tax policies to discourage companies from moving overseas. Portman's economic solutions included more favorable tax and regulatory policies to
encourage business development, more effective workforce training programs, and undefined spending cuts to lower the deficit. He said his health-care plan would include provisions to restrict malpractice lawsuits, a GOP priority left out of the new law.
Source: Washington Post coverage of 2010 Ohio Senate debate
, Oct 5, 2010
Voted YES 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.
Reference: American Jobs Creation Act;
Bill HR 4520
; vote number 2004-259
on Jun 17, 2004
Voted YES 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.
Reference: Bill sponsored by Gekas, R-PA;
Bill HR 333
; vote number 2001-25
on Mar 1, 2001
Rated 97% by the US COC, indicating a pro-business voting record.
Portman scores 97% 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 sectors—from 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
Regulatory relief for smaller banks stimulates growth.
Portman voted YEA Banking Bill
Congressional Summary:
Economic Growth, Regulatory Relief, and Consumer Protection Act- TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT: [for small banks,] requirements are waived if a loan is originated by and retained by the institution
- TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT: [deregulate] reciprocal deposits [if they] do not exceed 20% of its total liabilities.
- TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS
- TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES
- TITLE V--ENCOURAGING CAPITAL FORMATION
- TITLE VI--PROTECTIONS FOR STUDENT BORROWERS
Supporting press release from Rep. Tom Emmer (R-MN-6): This legislation will foster economic growth by providing relief to Main Street, tailor regulations for better efficacy, and most importantly it will empower individual Americans and give them more opportunity.
Opposing statement on ProPublica.org from Rep. Gregory Meeks (D-NY-5): The bill includes many provisions I support: minority-owned banks and credit unions in underserved communities have legitimate regulatory burden concerns. Unfortunately, exempting mortgage disclosures enacted to detect discriminatory practices will only assist the Trump Administration in its overall effort to curtail important civil rights regulations. I simply cannot vote for any proposal that would help this Administration chip away at laws that I and my colleagues worked so hard to enact and preserve.
Legislative outcome: Passed House 258-159-10 on May 22, 2018(Roll call 216); Passed Senate 67-31-2 on March 14, 2018(Roll call 54); Signed by President Trump. May 24, 2018
Source: Congressional vote 16-S2155 on Mar 14, 2018
Reduce corporate tax rates from 35% to 21% to create jobs.
Portman voted YEA Tax Cuts and Jobs Act
Summary by GovTrack.US: (Nov 16, 2017)
For Corporations:- Reduce the corporate tax rate to 21% from 35%.
- Overseas earnings would be taxed at 15.5% as opposed to the current 35%. This may seem like an enormous reduction, but current law only taxes overseas earnings if they are returned to the US; the 15.5% rate would apply regardless.
For Individuals:- Lower the rate for the highest earners from 39.6% to 37%.
- Nearly double the standard deductions for individuals but repeal personal exemptions.
- The Affordable Care Act's individual mandate would be repealed.
Case for voting YES by Heritage Foundation (12/19/17):This is the most sweeping update to the US tax code in more than 30 years. The bill would lower taxes on businesses and individuals and unleash higher wages, more jobs, and untold opportunity through a larger and more dynamic economy. The bill includes many pro-growth features, including a deep reduction in the corporate
tax rate, a scaled-back state and local tax deduction, full expensing for five years, and lower individual tax rates. Case for voting NO by Sierra Club (11/16/17): Republicans have passed a deeply regressive tax plan that will result in painful cuts to core domestic programs, to give billionaires and corporate polluters tax cuts while making American families pay the price. Among the worst provisions:
This plan balloons the federal deficit by over $1.5 trillion. Cutting taxes for the rich now means cuts to the federal budget and entitlements later.The bill hampers the booming clean energy economy by ending tax credits for the purchase of electric vehicles and for wind and solar energy.The bill opens up the Arctic Refuge to drilling, a thinly veiled giveaway to the fossil fuel industry.Legislative outcome: Passed House, 224-201-7, roll call #699 on 12/20; passed Senate 51-48-1, roll call #323 on 12/20; signed by Pres. Trump on 12/22.
Source: Congressional vote 17-HR1 on Nov 16, 2017
Page last updated: Dec 29, 2021