The Economy

As the financial reform legislation makes it’s way to President Obama’s desk for his signature, the position for head  of financial Consumer Protection  is available.

Vermont Senator, Senator Bernie Sanders has endorsed Elizabeth Warren for this position (see below). As usual, Senator Bernie Sanders is once again right on with our views on how things in Washington should operate in the best interest of the We The People.

We have followed Ms. Warren’s work. Ms. Warren is bright, articulate and has a refreshing “tell it as she sees it” way of doing things. Let’s just hope the ways of Washington don’t change Ms. Warren - we don’t think it will.

Sanders Urges President to Name Elizabeth

Warren to Head Consumer Protection Agency

WASHINGTON, July 20 – Sen. Bernie Sanders (I-Vt.) urged President Obama to pick Elizabeth Warren to be the first director of a new consumer protection bureau.

Obama on Wednesday plans to sign into law a bill overhauling financial regulations that would create the new Bureau of Consumer Financial Protection.

In a letter sent to the White House on Monday, Sanders wrote that “at a time when doubts about Wall Street and its practices run very deep … American consumers need a federal government that is looking after their best interests.”

Sanders acknowledged that some senators may oppose Warren. “Good!” he wrote. “It will allow for a serious debate as to the role that government should play in protecting the American people against the outrageous behavior we have seen on Wall Street.”

For a copy of the letter, click here.

Media Contact: Michael Briggs or Will Wiquist (202) 224-5141

Today Vermont Senator Bernie Sanders sent Senator Harry Reid a letter that basically says we are spending too much of our tax dollars on the same, dirty old energy sources and we need to fund clean, renewable generation like wind energy and solar energy. Below is Senator Sanders’ letter.

This comes as General Electric released the results of a consumer survey (by  StrategyOne) that exhibits the constituency (yes we the people) of our Congress supports a new energy strategy and economy.

1. 95% of consumers want to save money on energy
2. 90% of consumers want increased control over their energy costs
3. 88% of consumers want to make a difference for their children and grandchildren
4. 86% of consumers want power outages reduced
5. 85% of consumers have concerns on the effects of energy generation on the environment.

Duh, look at the gulf after 60+ days of oil contamination.

Members of Congress, tell us where is the disconnect? Are you listening to what the people want? Or are you listening to the lobbyists lining your pockets?

Senator Sanders Sets Out Energy Policy Principles

Calls Current Proposals ‘By No Means Strong Enough’

WASHINGTON, June 22 – Sen. Bernie Sanders (I-Vt.) today laid out core principles that he said should be part of any comprehensive energy legislation, and he bluntly concluded in a letter to the Senate leader that it “makes no sense at all” to promote coal and nuclear power over cleaner, safer energy sources.

“I am concerned that the current legislative proposals we are examining are by no means strong enough in terms of energy efficiency and sustainable energy,” Sanders wrote in a letter to Senate Majority Leader Harry Reid (D-Nev.).

Any legislation responding to the Gulf of Mexico oil disaster, Sanders said, should move the United States away from fossil fuels and toward energy independence. The chairman of the Senate green jobs subcommittee also said a strong U.S. energy policy would cut greenhouse gas emissions while creating millions of good-paying jobs.

Sanders singled out for criticism a weakness in the Kerry-Lieberman proposal to provide more than $100 billion for nuclear and coal, far more than their plan would invest in energy efficiency and sustainable energy sources. “If we are serious about combating global warming, moving to energy independence and creating millions of jobs in the future, we must transform our energy system away from fossil fuels” Sanders said. “At the very least, any serious energy bill must include funding for energy efficiency and sustainable energy that is on a par with the amounts provided for nuclear and coal.”

Sanders developed and sent to Reid a proposal that would ensure that the energy bill has a significant sustainable energy investment of tens of billions of dollars over a 10-year period. The three principles that Sanders told Reid must be a part of any legislation include:

• A strong energy efficiency and renewable energy provision. Sanders would invest at least 10 percent of the resources from global warming legislation in efficient and renewable energy sources such as solar, wind, geothermal and biomass. An investment of $8 billion to $13 billion a year, he said, would create as many as 2 million new jobs.

• A ban on new offshore drilling. Congress should reinstate a moratorium in effect for decades and ban drilling off the Atlantic and Pacific coasts as well as Florida’s gulf coast. In addition, Congress should demand dramatically improved fuel-economy standards. While better gas mileage could save the equivalent of $1.43 a gallon by 2030, wide-open drilling would produce only enough additional petroleum to bring prices down by 3-cents a gallon.

• A strong renewable electricity standard. Renewable energy standards, also known as renewable portfolio standards, require that a certain percentage of total energy needs be generated from renewable sources. The United States should set a national standard requiring 25 percent renewable power by 2025. “This provision alone could create hundreds of thousands of new jobs while helping to meet our greenhouse gas reduction goals,” Sanders said.

Media Contact: Michael Briggs or Will Wiquist (202) 224-5141

The Senate moved forward with financial reform yesterday - that’s good news. However, does this reform package really address the core issues?

One of the key issues is the high risk derivative trading moves by banking firms that also have on deposit what money most of us in this country have left and is insured by the FDIC. It also does not address capping interest rates and outrageous charges these same banking firms charge even their best customers for credit.

It is our opinion true financial reform lies with Glass-Steagall Act type legislation that separates high risk financial trading activities from the less risky, traditional banking for the people.

You might think we post a lot of releases by Senator Bernie Sanders of Vermont - you’re right - we do!

Of the 535 people in Congress that are responsible for how our country works - or doesn’t, Senator Bernie Sanders is truly a voice of the people.

Thanks again Bernie Sanders - keep up your great efforts on behalf of US!

Now we would like to see and hear President Obama step out strongly in front of these issues. We voted for “change we can believe in”.

Vermont Senator Bernie Sanders released this statement.

bob.b@transparencyandaccountability.org”>
Sanders Statement on Senate

Passage of Wall Street Reform

WASHINGTON, May 20 – Sen. Bernie Sanders (I-Vt.) issued the following statement after the Senate tonight voted 59 to 39 for a major Wall Street reform bill:

“As a result of the greed, recklessness and illegal behavior of Wall Street, this country was plunged into a horrendous recession. While this bill does not go as far as I would like, it is a strong beginning in the effort to reregulate huge financial institutions and to bring transparency to their often nefarious activities.

“I am especially proud that in this bill there is a major provision I authored which, for the first time, will lift the veil of secrecy at the Federal Reserve and give the American people an understanding of where trillions of their tax dollars went in the Wall Street bailout.

“I am disappointed that we could not garner the necessary votes to lower interest rates on credit cards or to begin the process of breaking up the largest financial institutions in this country which are the cause of so many of our problems. I intend to continue that effort until we succeed.”

Contact: Michael Briggs or Will Wiquist (202) 224-5141

You might think we post up a lot of releases by Senator Sanders - you’re right - we do!

Of the 535 people in Washington that are responsible for how our country works - or doesn’t, Senator Bernie Sanders is truly a voice for the people.

Thanks again Bernie Sanders - keep up your great efforts on behalf of US!

WE would like to see and hear President Obama step out strongly in front of these issues. WE voted for “change we can can believe in”.

We just don’t understand how anyone in Congress, especially the Senate can oppose financial reform legislation.

Is it wrong to ask the firms on Wall Street to have sole accountability for bad financial decisions they make - not us tax payers? Is it wrong for the Federal Reserve to exhibit transparency on what deals they are making with these firms?

Maybe, it has to do with all the money the financial lobbyists are throwing at our elected representatives.

With credit cards interest rates from these guys at 20% to 30% (even for good paying customers) and the devastating effect their bad decisions have had on our economy and our retirement funds, it’s time for them to become responsible. If responsibility is in conflict with the need to make as much money as possible as fast as possible, it’s time for Congress to take serious and substantial action.

It’s time to reinstate the Glass-Steagall Act from 1933 that prohibits commercial banks from being engaged in the investment banking world. The Wall Street folks need to decide what they want to be: A commerical bank or an investment bank!

Vermont Senator Bernie Sanders released this statement - we agree with Senator Bernie Sanders 100%.

Sanders Statement on Financial Reform Vote

WASHINGTON, April 26 – Sen. Bernie Sanders (I-Vt.) issued the following statement after Republicans blocked the Senate from proceeding to legislation that would tighten regulation of the nation’s financial system:

“I am disappointed but not surprised that not a single Senate Republican voted to allow us to proceed to consideration of Wall Street reform.  I hope they reconsider. To my mind, it is absolutely imperative that we end the greed, recklessness and illegal behavior on Wall Street which has led to the loss of millions of jobs and the worst recession in modern history.”

Contact: Michael Briggs and Will Wiquist at (202) 224-5141

Below are some eye-opening data from Vermont Senator Bernie Sanders. Is it any wonder why our economy is in the shape it’s in?

Keep it coming Senator Sanders - you’re on our side.

Federal Taxes Drop for Middle Class

WASHINGTON, April 15 –On today’s income tax filing deadline, Sen. Bernie Sanders (I-Vt.) said federal taxes are down for most middle-class Vermonters and Americans but much more needs to be done to create a fair and equitable tax system.

“Despite much political rhetoric to the contrary, 99 percent of Vermont working families and individuals received a much-needed average federal tax cut of over $1,100 for 2009,” Sanders said.

As a result of the American Recovery and Reinvestment Act, some 300,000 Vermont households were able to receive a tax cut of up to $400 ($800 for married couples). Further, 14,000 Vermont families were able to receive an expanded tax cut to send their kids to college last year. More than 20,000 Vermont children benefitted from an expansion in the child tax credit. Nearly 60,000 Vermont small businesses received tax cuts to purchase new equipment and other things.

Nationwide, Congress cut individual federal income taxes by about $173 billion shortly after President Obama took office. “This tax relief is welcome news for Vermonters who continue to suffer through the worst economic crisis since the Great Depression,” the senator said.

While federal taxes on middle class fell, Bush-era tax breaks for the wealthy continue to increase the skyrocketing federal deficit and too many large corporations took advantage of loopholes in the tax code to evade paying billions of dollars.

“Congress has a lot of work to do to create a fairer tax system. This tax day we must resolve to make the tax code more progressive, simpler and fairer to the American people,” Sanders said.

“With the top 1 percent now earning more income than the bottom 50 percent and the gap between the very rich and everyone else growing wider, we have to make sure that the wealthiest in our society and the largest and most profitable corporations in America pay their fair share in taxes. This is especially relevant given the reality that we have a record-breaking deficit and our national debt is approaching $13 trillion.”

The federal tax code is so absurd that Warren Buffett, the third richest person in the world worth $47 billion, pays a lower overall tax rate than his secretary.  Equally outrageous is the fact that the top 25 hedge fund managers who made an average of $1 billion last year, pay a lower effective tax rate than many teachers, nurses, police officers, and fire fighters.

Sanders also called it a “national disgrace” that Exxon Mobil, the most profitable corporation in history, evaded paying billions in taxes last year by setting up tax shelters in the Bahamas, Bermuda and the Cayman Islands, among other things.  “As gas prices continue to climb, making it harder for Vermonters to afford to commute to work, Exxon Mobil shouldn’t be allowed to skirt its tax bill by setting up bogus tax shelters in the Caribbean,” he said.

A member of the Senate Budget Committee, Sanders said he will work to repeal the Bush tax breaks for the wealthiest 1 percent, end corporate tax loopholes, and make the tax code fairer and simpler for ordinary Vermonters.

Contact: Michael Briggs and Will Wiquist at (202) 224-5141

Vermont Senator Bernie Sanders is once again stepping up for the people of his State and our Country.

Senator Sanders is proposing an amendment to interest rate caps on credit cards as part of the financial reform package currently going through Congress. Thanks again for your efforts to right this economy. Way to go Bernie!

Check out below what the State of Massachusetts is doing with their money in banks that charge loan sharking rates.

Sanders to Religious Leaders: Usury Is a Moral

Issue and Outrageous Interest Rates Must End

WASHINGTON, April 14 – Sen. Bernie Sanders (I-Vt.) today addressed a Capitol Hill meeting of faith leaders and community organizations about his proposal to cap credit card interest rates.

Sanders remarks came as Massachusetts’ treasurer announced at the same event that he would pull state funds from banks that refuse to obey a state law limiting interest rates.

In the senator’s speech, Sanders talked about what major religions teach about usury.  He cited passages from the Bible, the Torah and the Quran during a speech to more than 300 leaders of the Metro Industrial Areas Foundation, a network of more than 450 congregations and community based organizations.

“Let’s be clear,” Sanders added. “When credit card companies charge over 20 percent interest on credit cards they are not engaged in the business of making credit available to their customers.  They are involved in extortion and loan-sharking.”

Saying that more than one-quarter of all credit card holders in this country are now paying interest rates above 20 percent, Sanders told the cheering crowd he plans to offer an amendment to cap interest rates at 15 percent during the upcoming Senate debate over financial reform legislation.

Also at the rally, it was announced that Massachusetts State Treasurer Timothy Cahill will withdraw more than $231 million in state funds from a Bank of America account because the lender refuses to cap credit-card interest rates at 18 percent. A $9 million Massachusetts account with Citigroup and $3 million deposited with Wells Fargo & Co. also are being moved. The banks had refused to meet with the Greater Boston Interfaith group.

And the Rev. David Benke, president a Lutheran Church Missouri Synod division, announced that his denomination’s money is being shifted into community banks and credit unions.

Contact: Michael Briggs and Will Wiquist at (202) 224-5141

As Congress heats up the debate on Cap & Trade legislation are we to expect the same productivity we have seen for the past year on Health Care Reform?

The issue of producing clean, sustainable renewable energy while lessening dependence on foreign sources for our energy requirements seems pretty straight forward to us. We’re not sure if Cap & Trade is the most effective way to reduce greenhouse gas emissions. However, we do know that 28 States have enacted Renewable Electricity Standards where certain percentages of electricity come from renewable resources such as the sun and wind. Do we need national legislation to get our country moving forward on this issue - it appears that is what it will take as there are 50 States and way too many special interests trying to impede the implementation of renewable energy.

Vermont Senator Bernie Sanders today held a press conference announcing a solar initiative.

Solar Industry Leaders to Support

Green Job Chairman’s Solar Legislation

Environment America to Roll Out Report on Solar Industry

WASHINGTON, March 9 – Sen. Bernie Sanders and environmental advocates will hold a press conference on solar energy at 10 a.m. on Tuesday, March 9 at the Senate Swamp.

Sanders (I-Vt.), chairman of the Senate’s green jobs subcommittee, will discuss his legislation to encourage the installation of 10 million solar systems on the rooftops of homes and businesses over the next decade.

Environment America will release a report, Building a Solar Future: Repowering America’s Homes, Businesses and Industry with Solar Energy, highlighting the potential of solar energy and the many ways that solar power can transform life by enhancing energy security and reducing pollution.

Who: Senator Bernie Sanders; Sean Garren, clean energy advocate for Environment America; James Resor, chief financial officer of groSolar (White River Junction, Vt.); Anthony Clifford, chief executive officer of Standard Solar (Gaithersburg, Md.); and Kathy Weiss, vice president at First Solar (Tempe, Ariz.).

What: News Conference on Solar Legislation and Report on the Solar Industry

When: 10 a.m., Tuesday, March 9, 2010

Where: Senate Swamp, across from the Capitol’s Senate Steps (map here).

Contact: Michael Briggs or Will Wiquist at 202-224-5141

This is the type of activity we need from Congress to address the 6 Billion tons of carbon emissions we’re putting into the environment. Senator Sanders, you continue to do the right things for the people of this country.

OK folks - the snow storm is gone. Let’s hope this time off enabled Congress to clear their respective heads and get down to the business - not as usual, but in the best interest of the people of this country.

Quit playing games and do your jobs to address the issues of jobs, the economy, health care reform, and an energy policy for clean, renewable energy.

Take a look at this release from Vermont Senator Bernie Sanders - tell me we don’t need health care reform!

It Never Ends: Health Insurance Profits Soar

WASHINGTON, February 12 – Sen. Bernie Sanders (I-Vt.) today blasted the country’s five largest health insurance companies that posted $12.2 billion in profits last year, 56 percent more than in 2008.

“In the midst of the worst recession in memory, with working families struggling to keep their heads above water, insurance companies are siphoning more and more profits out of American consumers,” said Sanders, a member of the Senate health committee.

“These horrendous rate increases will not only impact millions of individuals, but make our entire economy less competitive,” he added. “This outrage is more evidence, as if any were needed, that we cannot stop fighting to reform the health care system in the United States.”

Health Care for America Now conducted a study of public records and found that WellPoint Inc., UnitedHealth Group, Cigna Corp., Aetna Inc. and Humana Inc. covered 2.7 million fewer people than they did the year before.  Some of the insurers actually cut the proportion of premiums that went to medical care and put more into salaries and profits.

The companies’ 2009 profits soared while insurers raised premiums and denied coverage to millions of Americans.

WellPoint’s profit margin of 7.2 percent was the highest of the five big insurers.  Anthem Blue Cross, a California subsidiary of WellPoint, has come under fire for jacking up premiums by as much as 39 percent this year on some individual health policies.

Health and Human Services Secretary Kathleen Sebelius insisted that the company justify the rate increase in detail. “Look,” Sen. Sanders said, “insurance companies are ripping off the American people from coast to coast. It is absolutely appropriate for the secretary of Health and Human Services to call them out on that.”

Contact: Michael Briggs or Will Wiquist (202) 224-5141

As we all struggle through this economy,  jobs are on everyone’s wish list. One area we believe can have a significant impact is by having a nationwide program in full gear that encourages the implementation of renewable energy technologies like PV (photovoltaic) solar, wind turbines, PV Solar thermal (using the sun for heating hot water). Repower America has been pushing this agenda, and now Vermont Senator Bernie Sanders has introduced a bill to fund a solar initiative. These are jobs that can not be exported to other countries. Way to go Senator Sanders - clean energy generation will address major economic and environmental issues!

Sanders Introduces Major Solar Energy Initiative

WASHINGTON, February 4 – Sen. Bernie Sanders (I-Vt.), chairman of the Senate’s green jobs subcommittee, today introduced legislation with nine cosponsors to encourage the installation of 10 million solar systems on the rooftops of homes and businesses over the next decade.

“At a time when we spend $350 billion importing oil from Saudi Arabia and other countries every year, the United States must move away from foreign oil to energy independence,” Sanders said. “A dramatic expansion of solar power is a clean and economical way to help break our dependence on foreign oil, reduce greenhouse gas emissions that cause global warming, improve our geopolitical position, and create good-paying green jobs.”

At a Senate committee hearing today, Sanders questioned Energy Secretary Steven Chu about President Obama’s budget for next year. The White House requested $2.4 billion for energy efficiency and renewable energy programs. The requested 5 percent boost overall included a 22 percent increase for solar power.

The potential for solar power also was the subject of testimony last week before Sanders’ green jobs subcommittee by Jeff Wolfe, chief executive officer of groSolar in White River Junction, Vt. Wolfe said Sanders’ bill “would help homeowners and small businesses stabilize their energy costs.”

Sanders’ bill would authorize rebates which, along with other incentives, would cover up to half the cost of the 10 million solar power systems and 200,000 water heating systems. Non-profit groups and state and local governments also would be eligible. The legislation would ensure that participating homeowners and businesses also receive information on incentives to improve energy efficiency.

Sanders said a recent report shows that solar power could help make every state more energy independent if solar units were installed on available rooftop space, because every state can meet 10 percent or more of its electricity needs just through rooftop solar. Moreover, because solar energy creates more jobs per megawatt than other energy sources. Sanders’ bill could create hundreds of thousands of jobs over the next ten years in the solar industry.

The legislation’s cosponsors include Environment and Public Works Committee Chairman Barbara Boxer (D-Calif.) and Sens. Patrick Leahy (D-Vt.), Frank Lautenberg (D-N.J.),  Robert Menendez (D-N.J.), Sheldon Whitehouse (D-R.I.), Ben Cardin (D-Md.), Jeff Merkley (D-Ore.), Kirsten Gillibrand (D-N.Y.) and Sen. Arlen Specter (D-Pa.).

Sanders’ measure is patterned after successful state programs promoting solar energy in New Jersey and California, where prices have fallen as the number of solar units increased.

To read a copy of the bill, click here.

Contact: Michael Briggs or Will Wiquist at (202) 224-5141.

Today the White House released the fiscal year 2011 Budget. The numbers call for a $3.8 Trillion dollar budget that projects an estimated $1.2 Trillion dollar deficit.

Some key areas getting financial attention are: Job Creation; Small Business tax credits; support of  our Educational system, the military and clean energy. We agree that addressing each of these will begin to put a fix on issues that have all too long been ignored. Not much being said about Health Care as it relates to this budget - we wonder why.

Now the real question - What will Congress do to, and with this budget?