Leading Democratic presidential candidate Hillary Clinton stated Monday that she helps harder regulation of U.S. banks, after her rival Bernie Sanders accused her of being gentle on Wall Street.
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Like Mr. Obama, Mrs. Clinton wants to prevent companies from leaving the USA tax system by merging with a smaller foreign firm.
In Clinton’s op-ed “How I’d Rein In Wall Street”, the former secretary of state writes that she would impose a yearly risk fee on biggest banks to discourage “hazardous behavior that could induce another crisis;” strengthen the Volcker rule, which restricts some speculative investments made by commercial banks; and strengthen the ability of agencies to independently regulate companies and penalize executives.
“Republicans, both in Congress and on the campaign trail, are dead-set on rolling back critical financial protections”, that are part of the Dodd-Frank legislations passed after the 208 financial crisis, Clinton wrote in the Times piece. The Clinton campaign says the idea is partly based on the existing “New Markets Tax Credit” program, which allows similar tax incentives to encourage private financing for certain projects in economically hurting areas.
In a plan being unveiled today in New Hampshire, Clinton is expected to unveil a new tax credit she is calling the “Manufacturing Renaissance Tax Credit” to encourage industrial investment in communities at economic risk because they lost manufacturing jobs or on the brink of factory closures or major layoffs, according to sources with the campaign.
Her campaign put out a list Monday of what it described as “190 elected officials, community, labor and grassroots leaders” who have pledged their support to the Democratic presidential hopeful.
Secretary Clinton is right to fight back against Republicans trying to sneak Wall Street giveaways into the must-pass… The purchase – an example of a huge inversion deal – would create the world’s largest drugmaker and shift Pfizer’s headquarters to Ireland. That would enable Pfizer to slash its tax rate from around 25 percent this year to about 18 percent. Top Republicans say the only way to adequately address inversions is to overhaul the tax code, making it more attractive for businesses to locate in the U.S.
“The Clinton plan would stop tax incentives that reward companies that ship jobs overseas and would instead help bring jobs home”, Stabenow said in a statement.
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Clinton is proposing a tax on “harmful” high-frequency trading, which she says “makes markets less stable and less fair”.
