In an editorial in the New York Times on Monday, former Secretary of State and current Democratic presidential hopeful Hillary Clinton, said that as president she would “go well beyond Dodd-Frank” by vetoing any attempt to weaken financial reform and fighting for “tough new rules, stronger enforcement, and more accountability”.
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“I am thrilled to see that Hillary Clinton’s jobs plan includes incentives for new industries to reinvest in communities like ours”.
Former National Economic Council Director and Clinton campaign advisor Gene Sperling told reporters that the former secretary of state’s proposal aims to revitalize hardest hit manufacturing communities, create incentives for companies to bring jobs back to the usa and strengthen long-term investment, among other things.
Clinton also noted in her op-ed how her Wall Street plan, first released in October, has gotten the backing of progressive Democrats, including former Massachusetts Rep. Barney Frank, who co-authored the financial reform law signed by President Barack Obama in 2010.
Both plans are part of a detailed set of proposals meant to improve the bottom line for the middle class, whose declining fortunes Clinton has made the organizing principle of her second run for the White House.
Earlier in December, manufacturing facilities in Minnesota and Midwest reported the worst monthly business conditions in three years.
But while Sanders, a self-described “democratic socialist”, has railed for decades against inequities and abuses of the financial sector, Clinton has faced criticism for her close ties to the industry. More than half of 76 such deals completed over the last three decades have happened in the six years since the beginning of the recession.
Clinton faces competition for the Democratic presidential nomination from Sen.
Clinton’s proposal follows Pfizer’s announcement a week ago of an inversion deal in which it would acquire Dublin-based Allergan for $160 billion in part to slash its USA tax bill.
“My plan will help spur reinvestment in communities … that have lost jobs because of factory closures”, Clinton said in a statement.
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Republicans also have addressed corporate inversions and the need to refuel the American economy as ways to attract middle-class voters. An exit tax might help stall many firms’ efforts to earn money overseas in low-tax countries and leave it there, the newspaper added. “But until she says she’s going to stop the revolving door from Wall Street, until she says people like Blair Effron are not going to be rewarded, a key element is missing”.
