WALZ: June E-Newsletter
"Newsletters - Federal Elected Officials"07/01/2010
Dear Friends,
The busy spring we experienced this year has evolved into an equally busy summer. It has been my great honor during June to vote on legislation that will protect the voices of the American people in our elections from the special interests that seek to drown out the public’s interest. This week I also expect to vote on Wall Street Reform, which is designed to prevent another economic collapse like we witnessed in 2008 from occurring. I hope you will use the survey on the right to weigh in on Wall Street Reform.
Warmest Regards,
Tim Walz
Member of Congress
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Wall Street Reform
I believe we need to take a common sense, balanced approached to reforming Wall Street. We need to hold Wall Street accountable and ensure that the irresponsible behavior of Wall Street CEOs does not create another crisis on Main Street like the one we have seen in the last year.
Reforming Wall Street should mean a return to classic American values – if you work hard and play by the rules, you will be rewarded. I voted against the big bank bailout for Wall Street because it rewarded those who didn’t play by the rules and today I am as committed as ever to making sure that average Americans will never again be on the hook for Wall Street’s mistakes.
Both the Senate and House have passed a version of Wall Street Reform. Last weekend, lawmakers finished combining these two bills into one final reform package. As we near a vote on that package, I hope you’ll provide me with your feedback through the survey or by responding to this e-mail.
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Transparency in Elections
Last week, I voted in favor of the DISCLOSE Act, or the Democracy is Strengthened by Casting Light on Spending in Elections Act. This legislation was drafted in response to the Supreme Court’s ruling in the Citizens United v. Federal Election Commission case, which allowed direct corporate involvement in the outcome of U.S. elections and overturned decades of campaign finance law. This legislation included an initiative I pushed that ensures Wall Street banks cannot use taxpayer dollars they received in the bailout to influence elections.
The DISCLOSE Act prevents powerful special interests from hiding behind third party groups, sham organizations, and dummy corporations while spending millions of dollars to influence the outcome of our elections. The bill makes it illegal for foreign corporations to influence the outcome of American elections by running TV attack ads and other forms of paid advertisements. I believe this legislation will increase transparency, bring much needed openness to the electoral process, and ensure that the voices of average Americans won’t be drowned out.
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Helping Small Businesses
Small businesses are the engine that moves our national economy and the most direct expression of the American entrepreneurial spirit. They have traditionally been the greatest creator of jobs. Unfortunately, they have also been among the hardest hit by the financial crisis and the resulting credit crunch.
In order to create an environment in which our locally-owned small business can thrive and get access to the capital they need to grow, hire, and fuel our continuing recovery, the House recently passed a package of tax incentives and small business lending.
The first bill, H.R. 5486, includes a 100% capital gains tax cut for those who invest in small businesses this year. It also quadruples the deduction for certain start-up expenditures from $5,000 to $20,000, and allows more businesses to qualify so that small business owners can focus more on hiring new workers and growing their businesses.
The second piece, H.R. 5297, creates a small business lending fund which will make available $30 billion in capital to small and medium sized community banks to leverage as much as $300 billion in lending. It also includes $2 billion in funding for state credit initiatives like Minnesota’s small business development loan program, or their reservist and veteran business loan program.
This cost of this critical support for our local entrepreneurs is fully offset by ending a tax credit for “black liquor” fuel and closing a loophole in the gift tax. I am hopeful that the Senate will move quickly to get this critical legislation to the President for his signature and keep America on the path to shared prosperity.
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Mission of Love
Lauren McConkey and Antonio Mendez Feliz of St. Clair, MN will be married July 30, 2010. But, it almost didn't happen. The young couple met 3 years ago while working to help children in the Dominican Republic. Lauren was there on a mission from the U.S. with Youth for Christ; Tony lived there and worked for Children of the Nations. Over the course of many months and visits, they fell in love. A year ago, they became engaged and then went through the required immigration process to obtain a fiancée visa and bring Tony to the U.S.
While waiting patiently to reunite with his fiancée, Tony dedicated himself to helping with the earthquake relief efforts in Haiti. During that time, Lauren received many emails from Americans working with Tony, including one from a U.S. Soldier, who said "you don't know me, but I have had the pleasure to work with your future husband and I just wanted you to know he is one of the best people I have met in my life."
With just three months to go before the wedding, the case had stalled at the U.S. Embassy and showed no signs of moving forward. It looked like the wedding might have to be postponed, until the couple sought help from my office. Within a matter of a few weeks, the Embassy's snafu's had been sorted out and Tony's visa was approved. Tony planted his feet firmly in Minnesota on June 5th. What started as a mission of love for the children of Dominican Republic became a mission of love for Lauren and Tony. And with the help of my office, Lauren and Tony will be married this week.
A vote on the final Wall Street Reform package is coming up and I hope you will weigh in by answering the questions below (respond to my offices).
1. Wall Street Reform ends ‘too big to fail’ by creating disincentives for firms to grow so large and creating a means for regulators to safely wind down failing firms. Do you agree that this is the best way to prevent firms from becoming ‘too big to fail’ in the future?
Yes
No
Better consumer protections are integral to changing the way Wall Street works. Have you experienced unfair lending, banking or credit card practices?
Yes
No
Our local community banks and credit unions didn’t cause the melt down on Wall Street, which is why they’re exempt from many of the new regulations. Do you agree that this is a good way to fix what is wrong with our lending industry without hurting local business?
Yes
No