Not content with just trying to control the nations that produce their own oil and natural gas, we are now competing with the rest of the world to define the future of money.
The president was recently in Argentina to meet with the leaders of Argentina, Brazil, Chile, Paraguay, Uruguay and Peru. It was that Latin American gathering that gathered financial leaders from around the world who pledged to work together on new ways to keep people productive and growing.
To get a sense of the importance of this effort, we should examine the recent actions of the Treasury Department. If President Trump was looking for a “quick fix” for the long-term deficit, he was not going to find it here. The Treasury Department unveiled a proposal last week that would allow companies to start making offers as early as four days before a company was slated to go public or not offer its own shares at all. This new policy is currently being mulled over by Congress.
This proposal will help further erode confidence in the financial markets, cause havoc in companies that lose or plan to close their doors, and further expose investors to undue risk.
If the SEC can remove the uniform rules that require companies to wait a certain amount of time between initial public offerings (IPOs) and an offering of stock to the public to improve liquidity in the markets and thereby lower the risk of trading losses, why not go further than simply allowing companies to provide quick investment updates? Just imagine if stocks were sold with no accounting and no check on the quality of the earnings.
It is hard for me to fathom the thought process behind this administration, which, ironically, calls for such reforms, knowing that there is a heavy congressional responsibility for making these decisions. How does the president feel about this administration making these changes that benefit a small percentage of investors at the expense of corporate and individual investors at large?
These heavy-handed regulatory policies are hurting our efforts to create jobs and grow the economy at a time when we are witnessing record-breaking U.S. corporations in record earnings. It seems that we’re pursuing a policy of mutual federal handouts to corporations at the expense of average Americans who are struggling to make ends meet in the face of rising prices, stagnant wages and inefficient regulations.
Republicans are currently the party that is devoting many of their days to legislative proposals that will simultaneously punish corporations and fail to boost the economy. So far, from Obamacare and Dodd-Frank to tax policy and regulations, Republicans seem more concerned with legal challenges than growing the economy.
The president is right to criticize corporate taxes, but if he wants to keep good companies here he must reject the continued crackdown on small businesses. If you are a small business owner, you will see that the rules used to bankrupt your small business are being added to a bill. It only further validates the call I made earlier this year for a substantial reduction in corporate tax rates.
Currently the president is trying to grow the economy and create a more balanced and strong environment for American companies to grow. If we want to be taken seriously as a global economic power, we must work to create an environment that encourages and enables global economic growth. We must stop attacking and putting in place impediments to our own prosperity.
Every day, people are under pressure in every country as to how to live their lives. We must focus on promoting equal treatment for all of our fellow citizens regardless of their country of origin, origin of social security or religious orientation.
In order to properly represent the interests of the interests of my people, I am clearly not going to step on any toes.
We Americans are not going to lose the lead in this global race to the future of money.
Elizabeth Warren is a U.S. Senator for Massachusetts.