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regulation

Regulation

Since the 1980s, deregulation and privatization have failed spectacularly.

It has been far more expensive and damaging to the country than was ever anticipated. It has been a profiteer's boondogle which has cost taxpayers more each year.

As a result of deregulation and lax regulation (some as a result of Congress not funding it) and the repeal of the Glass-Steagall law, the country has had the second worst financial disaster in its history.

The environment, food safety, workplace safety, pharmaceutical medicines, and financial scandals have taken an extremely expensive toll on people.

It is time to go back to strong regulation of businesses and industries.

 

 

The NDP Approach:

1. Cap personal fortunes at $50 million

2. Eliminate all federal, state, & local tax breaks / subsidies for companies valued over $1 million

3. Cap CEO pay & pensions and reform corporate Boards of Directors

4. Ensure corporations and the rich pay taxes, eliminate tax havens & tax dodges in tax code

5. Require businesses to share at least 17% of their profits with workers

6. Break up large Wall Street banks (aka "Too Big to Fail") and large corporations that pose a threat to marketplace competition, communities, and employees

7. Break up monopolies

8. Eliminate hedge funds - they are extractive and add no value to the country or the economy

9. Eliminate corporate bankruptcy as a method of eliminating jobs and stealing pensions & benefits

10. Implement corporate tax rate of 78% for income over $250 million limiting deductions to 7%

11. Add a transaction tax of 4% per transaction on high-volume Wall Street stock trades

12. Ban High Frequency Trading (HFT)

13. Charge back the amount of public assistance provided to profitable corporations like McDonalds, Wal-Mart, and corporations

14. Significantly strengthen the EPA, FDA, and OSHA

 

 

Resources:

The Case for a 21st Century New Deal: The Jobs Program

Honoring Dr. King's Call for a Job Guarantee Program

The Case for a 21st Century New Deal - Passing FDR's Economic Bill of Rights

The Case for a 21st Century New Deal - 5.1 Million Jobs for Revitalizing America's Cities