Congresswoman Kaptur also said:
• Tax benefits to corporations should be conditioned on keeping jobs in the United States. She pointed to a tax compromise proposal that she made with Rep. Peter DeFazio (D-Ore.) to extend the tax cuts for small businesses that might be subject to the top two tax brackets if they certify that they are manufacturing in the U.S., hiring only American citizens, and generally buying domestic content goods and materials.
• “We need a timeout on trade agreements and we need to renegotiate” agreements such as NAFTA. She said trade agreements should prohibit partner countries from using environmental and labor laws for competitive advantage. She said the nation’s deficit, which will exceed $400 billion this year, is quashing domestic growth. “NAFTA is a framework that doesn’t work for us as a country. Certain industries benefit, but if you look at the trade deficit that our nation has accumulated since NAFTA’s passage in 1993, it’s over a trillion dollars in the red…Our ability to grow is severely hampered by this inundation of imports from very low-wage, undemocratic places.” She again called for a bipartisan coalition that includes freshman Republicans in the House to change the framework of the proposed U.S.-Korea Free Trade Agreement.
• “Everything should be on the table” as congressional leaders and the administration search for possible budget cuts.
• “Our Republic is at risk because of what is happening with unlimited amounts of money being put into campaigns…The most important action Congress could take would be to reform campaign finance.”
• The 1999 repeal of the Glass-Steagall Act, which separated commercial banking from investment banking for 66 years, created “a great moral hazard into our banking system and we are still suffering from that.”