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Tim Kaine on Corporations
Democratic Senate Challenger; previously Governor
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Close some gaping loopholes that advantage big corporations
We need to pursue policies that support our small and medium-sized businesses and create a fair regulatory and tax environment that allows them to grow.
Small businesses create more than 70 percent of all new jobs so when they succeed, our economy succeeds.
I will continue looking for ways to streamline regulations and strike the right balance between protecting consumers and our environment while fostering economic growth.
We also need to create a fair tax code that closes some of the gaping loopholes that have allowed large corporations to get an unfair advantage over small businesses.
Source: Kaine's Senate office website, "Workforce"
, Jul 23, 2016
Protect banking industry's ability to serve consumers
Kaine was one of 70 senators who signed a one-page letter asking Consumer Financial Protection Bureau Director Richard Cordray to try to "prevent any unintended consequences that negatively impact community banks and credit unions or unnecessarily limit
Source: Politico.com, "Banking Letter," on 2016 Veepstakes
, Jul 21, 2016
Fix the tax code to help businesses without lobbying clout
The tax code--both corporate and individual--needs to be simpler. The current complexities suggest that the code isn't driven by policy, but instead by the power of special interest lobbying muscle. Since many people--certainly the poor and
working families--can't match the lobbying clout of special interests, the complexities in the individual tax code generally work to benefit others to their disadvantage.
Since many businesses also don't have full-time lobbyists, the complexities in the corporate and individual tax codes generally work to benefit others to their disadvantage. Some small businesses (including the vast majority of farms) are doubly affected
Source: Kaine's Senate office website, during 2016 Veepstakes
, Jul 31, 2013
Auto industry is back; manufacturers are hiring again
Democrats fought for the middle class. We cut taxes for 95 percent of American families. We went from 25 months of job losses to 29 straight months of private-sector job growth.
The auto industry is back. Manufacturers are hiring again, but we've got to do more. And there's a real choice.
Source: 2012 Democratic National Convention speech
, Sep 4, 2012
Restrict corporate use of consumer mandatory arbitration.
Kaine signed restricting corporate use of consumer mandatory arbitration
Excerpts from Letter from 35 Senators to the CFPB: We write to commend the Consumer Financial Protection Bureau (CFPB) for its proposed rule to limit the use of mandatory, pre-dispute ("forced") arbitration clauses in consumer financial product and service contracts. Every day, Americans across the country are forced to sign away their constitutional right to access the courts as a condition of purchasing common products and services like credit cards, checking accounts, and private student loans. Binding arbitration is a privatized justice system that studies show consistently produces results that favor large corporations and offers no meaningful appeals process. As a result, consumers are left without redress, and companies are unaccountable for their unscrupulous behavior.
Opposing freedom argument: (Cato Institute, "ATLA monopoly," May 2002): The trial lawyers new goal is to tighten their monopoly grip on the court system, and prevent the rest
of us from choosing a more efficient means of resolving our disputes. Arbitration is simply private court. Lawyers with a vested interest in a monopoly court system are trying to stop the arbitration business from developing. But there's nothing forced or mandatory about it. Contracts are the result of choice. People should be free to choose for themselves what contracts to make and what rights to give up.
Opposing economic argument: (Heritage Foundation, "The Unfair Attack on Arbitration," July 17, 2013): Any study by the Consumer Financial Protection Bureau should examine whether a limit on arbitration would:
- Drive up the costs of consumer products;
- Decrease the ability of consumers or businesses to pursue claims, particularly low-value claims;
- Increase the volume of frivolous litigation filed just to obtain settlements; and
- Decrease the availability of consumer products.
Source: Letter to CFPB Director 17LTR-CFPB on Aug 4, 2016
Page last updated: Jun 12, 2018