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Obama JOBS Act leaves labor fuming
http://www.huffingtonpost.com/2012/04/05/obama-jobs-act-labor_n_1404401.htmlOf the two slots Obama awarded to labor unions on the 27-seat council, one was filled by AFL-CIO President Richard Trumka. The 19 corporate executives included the heads of GE, Intel, Citigroup, Xerox, Boeing and American Express. Investment managers, lawyers and academics make up the remainder.
The jobs council recommended lowering the corporate tax rate and easing federal regulations across the board -- sweeping proposals with little chance of being enacted during an election year. But one of its suggestions had political potential: making it easier for growing private companies to sell stock to the public, a process known as an initial public offering. By attracting more funding, the council surmised, these enterprises could expand their operations and hire more workers.
"The average annual number of smaller-firm IPOs (of less than $50 million) has been one-tenth in the 2000s what it was in the 1990s," the jobs council stated. "Removing regulatory barriers to small IPOs … needs to become a priority."
Trumka publicly criticized the jobs council's report. He refused to sign off on it and boycotted a January meeting with Obama presenting the recommendations.
Trumka's outrage, however, did little to slow the jobs council's political momentum. In January, one week after the report was published, Obama stumped for its proposals during his State of the Union address.
"Most new jobs are created in start-ups and small businesses," Obama said. "So let's pass an agenda that helps them succeed. Tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow."
Union leaders heard a clear message from the administration: We'll give you a seat at the table, but that's about it.
The jobs council recommended lowering the corporate tax rate and easing federal regulations across the board -- sweeping proposals with little chance of being enacted during an election year. But one of its suggestions had political potential: making it easier for growing private companies to sell stock to the public, a process known as an initial public offering. By attracting more funding, the council surmised, these enterprises could expand their operations and hire more workers.
"The average annual number of smaller-firm IPOs (of less than $50 million) has been one-tenth in the 2000s what it was in the 1990s," the jobs council stated. "Removing regulatory barriers to small IPOs … needs to become a priority."
Trumka publicly criticized the jobs council's report. He refused to sign off on it and boycotted a January meeting with Obama presenting the recommendations.
Trumka's outrage, however, did little to slow the jobs council's political momentum. In January, one week after the report was published, Obama stumped for its proposals during his State of the Union address.
"Most new jobs are created in start-ups and small businesses," Obama said. "So let's pass an agenda that helps them succeed. Tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow."
Union leaders heard a clear message from the administration: We'll give you a seat at the table, but that's about it.
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