Archive for the ‘Congress’ Category

Unfortunately, the theme of deregulating Wall Street comes up time and time again and this election cycle has been no exception. That’s a very irresponsible attitude when Americans are still struggling from the impacts of the Great Recession. We need more financial protections, not less.

Image via Flickr user Russ Allison Loar.

Image via Flickr user Russ Allison Loar.

Public Citizen fought alongside Senator Elizabeth Warren and our partners across the country to enact Wall Street reform legislation but it fell short and left out some key changes to rein-in harmful financial practices, like high-speed trading on the stock market. Now is the time to push for change that can stop the reckless activities of Wall Street traders.

That’s why Public Citizen supports the Wall Street Speculation Tax. Originally introduced in the U.S. in 1914, the tax was doubled as a way to speed economic recovery after the Great Depression, Public Citizen wants the United States to rejoin the around 40 countries that currently have some form of taxes on financial transactions like Wall Street trades.

As a member of the Take on Wall Street campaign, Public Citizen continues to call on Congress to make policy changes that will help cut back on some of the worst of Wall Street’s greed and excesses. Reinstating a tax on Wall Street trades is an essential part of the prescription to making the market work for Main Street and average investors. And, with the Wall Street Speculation Tax, the traders responsible for the 2008 crash would begin to repay their debt to society.

What is the Wall Street Speculation Tax?

Also known as a financial transaction tax or Robin Hood tax, the Wall Street Speculation Tax would add a fee to Wall Street trades such as stocks, bonds, and other financial instruments. Legislative proposals vary, but typically the fee would equal a few cents per hundred dollars traded, but would raise tens billions of dollars per year of revenue that could be spent on education and create jobs while reducing dangerous financial market speculation.

Who supports the Wall Street Speculation Tax?

Business leaders and financial industry professionals like Bill Gates, Warren Buffett, former Federal Deposit Insurance Corp. chair Sheila Bair and Vanguard founder John Bogle have all given their support to the Wall Street Speculation Tax. Labor unions like the Communications Workers of America and the AFL­CIO and environmental and faith groups like Friends of the Earth and NETWORK (the “Nuns on the Bus” group) have also added their voices to the growing number of organizations and individuals seeking to curb reckless Wall Street speculation.

What can I do?

Take action at TakeOnWallSt.com to sign a petition to tell Congress to reform our markets, including by passing a Wall Street Speculation Tax. Or, you can like the campaign on Facebook.

We hope that you’ll join with Public Citizen and our partners in this next phase of Wall Street reform!

Post by recently matriculated Public Citizen intern Amanda Bragg. Thanks, Amanda!

By Anisha Sehgal

Both consumers and healthcare payers are struggling with the rising price of drugs. Unless meaningful reforms are enacted, this problem will only get larger and patients will continue to face crippling out-of-pocket costs in order to care for themselves and their loved ones. The Medicare Part B demonstration is an example of such a reform and would begin to repair the dysfunctional way that we pay for prescription drugs. Unfortunately for patients, the pharmaceutical industry has mounted considerable opposition to this reform and it is not alone. Politicians and organizations such as patients’ groups have also voiced their objection. However, the majority of these individuals and groups have received industry funding.

A recent Public Citizen report revealed that of the 147 patients’ groups who have signed letters objecting to the Medicare Part B demonstration at least 110 (75%) received funding from pharmaceutical or medical device corporations. Since patients’ groups are not required to disclose their funding sources there may be even more than the 110 groups identified by the report that received money from pharma.

The letter organized by the Community Oncology Alliance was sent to congressional leadership while the letter organized by the Partnership to Improve Patient Care was sent to the Center for Medicare and Medicaid Services (CMS). Along with the 147 patients’ groups, 241 doctors’ groups and pharmaceutical industry groups — both of which benefit from the maintaining the status quo of the current reimbursement method — signed either of the two letters opposing the reform. The letters’ combination of patients’ groups as well as industry groups, such as local Biotechnology Innovation Organization (BIO) affiliates, demonstrates the close ties patients’ groups have with the pharmaceutical industry.

In 2015, Part B spending reached $22 billion, double the amount it was in 2007. A reform such as this is necessary in order to remedy Medicare Part B’s unsustainable spending trend. The Medicare Part B demonstration, which is supported by numerous consumer interest groups including Public Citizen, aims to remove incentives for doctors to unnecessarily prescribe higher priced medicines when effective and affordable alternatives are available. Currently a physician who administers a drug under Medicare Part B will be reimbursed for the average sales price plus six percent. The demonstration proposes changing the reimbursement to the average sales price plus 2.5 percent and a flat dollar amount.

The pharmaceutical industry is strongly opposed to this reform because a decrease in the prescription of higher-priced drugs means a decrease in the industry’s profits. In fact, the industry has already spent more than $9 million in campaign funding for members of Congress, which is strongly correlated with lawmakers’ stances on the issue, as revealed by another recent Public Citizen report.

The pharmaceutical industry’s troubling pattern of influence raises questions about the independence of this reform’s opponents. Patients’ groups should reconsider their stance on this issue and realize that in this debate pharma is only looking out for itself, not for the deserving patients of this country.

By Anisha Sehgal

Pharma Part B infographicDuring election season, Americans across the country hear politicians make grand statements on how they will look out for the good, hard-working people of their state and push for progress that will benefit us all. As we watch them head off to Washington we expect or at least hope that they will deliver on their promises and act in a manner that looks out for our best interests.

However, a recent Public Citizen report on the role of corporate money in politics has revealed the strong influence donations can have on swaying lawmakers’ support on big issues. We are in the midst of a contentious debate regarding the Centers for Medicare and Medicaid Services’ (CMS) proposed Medicare Part B demonstration, a proposal strongly opposed by the pharmaceutical industry. Public Citizen’s new study reveals that members of Congress who opposed or were critical of the reform on average received 82% more in campaign contributions for the 2016 election cycle from the pharmaceutical and health products industry than rank and file members who did not take a stance against the reform.

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Today, Senator Sheldon Whitehouse (D-R.I.) and several others are introducing a resolution that links the current denial of climate science to the campaigns by tobacco companies and chemical and lead companies to deny the now well-known harms of tobacco and lead products (primarily lead paint and leaded gasoline). Today and tomorrow, nineteen senators are taking to the Senate floor to speak out on the network of climate denial groups. Follow and support the effort with #WebofDenial and #TimetoCallOut.

You can become a citizen co-sponsor of the resolution here.

Here’s my statement on the effort:

We applaud Senator Sheldon Whitehouse and others who are calling attention to the web of denial surrounding the harms from fossil fuels. They are right to draw parallels between the campaign of deception on climate science and those on tobacco and lead products. Climate denial follows a script written by Big Tobacco and the chemical and lead industries: Fund a network of phony think tanks, research institutes and policy shops to sell lies and distortions, foster doubt and stall solutions to clear, immediate dangers to public health.

There is one major difference. If left unchecked, climate change will be far more terrible. Tobacco and lead products have killed or poisoned millions. Today’s climate deniers risk much more terrible harm: heat, drought, famine, disease, mass migration and violent conflict on a scale that threatens human civilization as we know it. If the deniers have their way, they even risk human extinction.

We wholly support senators who are calling out climate denial as the despicably immoral action that it is – and those who are working to mitigate catastrophic climate change by moving the U.S. quickly to a 21st century, zero-carbon energy infrastructure. That shift will create jobs, stimulate the economy, lower energy prices for consumers and, most important, help us preserve our own habitats and civilization.

There may be no greater patriotism in American today than fighting climate change, and no greater disservice than denying the problem and stalling solutions.

And here’s a shareable graphic from our patriotic friends at Desmogblog:

 

policy riders weigh don budget bill
Each year, Congress and the White House must pass a series of appropriations bills – spending bills – that fund our government for the year ahead. If they fail to do so before the current year’s funding expires, the government shuts down until funding is restored.

The U.S. House of Representatives and U.S. Senate each have their own appropriations committees, made up of 12 subcommittees, whose job is to draft spending bills that fund different parts of the government. The danger is that harmful poison pill riders may be attached to any or all of these bills.

Here are ten reasons why ideological riders don’t belong in appropriations legislation.

1. The budget process is not the place to shove unpopular and damaging legislation down the throats of the unwitting public. Examples: Restrictions to women’s reproductive health and the application of broad religious refusal language that would allow employers, insurers and health care providers to deny others access to health services are unpopular and controversial.

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