The Patriot Corporations Of America Act: investing In America

Floor Speech

Ms. SCHAKOWSKY. Mr. Speaker, today we find ourselves in the grips of recession. As of is morning there were 5.7 million Americans without a job and we should be doing everything in our power to save jobs--and create new ones.

Today, I am introducing the Patriot Corporations of America Act, which encourages corporations to invest in the American people and the American economy. In this time of change we should lift the spirit of patriotism and create a new corporate ethic in America--one that unites workers and their employers in the mutual goal of building a stronger, more prosperous business that will contribute to a stronger, more prosperous America.

Since the adoption of the Declaration of Independence, we have benefited from the great work and contributions of countless American patriots and Congress has always undertaken efforts to honor those men and women. The Patriot Corporations of America Act continues that tradition by rewarding companies that commit to America and American workers.

It angers Americans, and it angers me, when companies outsource jobs and relocate to avoid giving back to the country that afforded them the opportunity to succeed. Companies that continue to send American jobs abroad during these difficult times should not receive the same benefits as companies who are keeping jobs right here. It is time for the United States to reward companies that show a dedication to the American workforce.

The Patriot Corporation Act will move us along the path to recovery, while simultaneously giving a hand-up to ``patriotic'' companies that are struggling in the midst of a recession.

Bill Edley, a former State Representative in Illinois, and political scientist Robin Johnson of Monmouth College, introduced a new idea of turning the tables around with the Patriot Corporations of America Act. It would reward companies, like New Maryland Clothing and Tama Manufacturing, that care about our Nation, our communities, and American workers. I am honored to be introducing this commonsense concept in the form of legislation in the U.S. House of Representatives.

In exchange for preferential treatment in government contracting and a 5% tax rate reduction, Patriot Corporations would be asked to pledge their allegiance to our country by producing at least 90% of their goods and doing at least 50% of their research and development in the United States. They would limit top managements' compensation to no greater than 100 times that of their lowest-compensated full-time workers. They would show their commitment to their workers by contributing at least 5% of payroll to portable pension funds and by paying for at least 70% of the cost of health insurance plans. Finally, Patriot Corporations would simply be required to comply with existing federal regulations regarding the environment, workplace safety, consumer protections and labor relations, including maintaining neutrality in employee organizing drives.

Mr. Speaker, the Patriot Corporations for America Act would be revenue neutral. It would be paid for by closing corporate offshoring loopholes that have been exploited and, if necessary, reining in some of the new tax breaks for millionaires.

Patriot Corporations would create a new class of companies committed to uphold the dignity and prosperity of American workers as well as to selling their goods on the American market and around the world.

Patriot Corporations are an expression of the American spirit of our fore fathers and mothers when they took that brave step of declaring our independence and creating the United States of America.

I'm confident that between the Recovery Act and legislation like the Patriots Corporation Act--America will emerge stronger from this recession.

I am honored to be introducing this bill today and I encourage my colleagues to join me in saluting American businesses and workers.

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