Rob Portman on Corporations Republican Jr Senator; previously Representative (OH-2)

Don't sell out the middle class to the billionaires

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.

More than 70 company tours & plant visits, to stay in touch

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."

More favorable policy: encourage business development

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.

Voted YES on replacing illegal export tax breaks with $140B in new breaks.

Voted YES on Bankruptcy Overhaul requiring partial debt repayment.

Rated 97% by the US COC, indicating a pro-business voting record.

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."

Regulatory relief for smaller banks stimulates growth.

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

Reduce corporate tax rates from 35% to 21% to create jobs.

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 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: