[Congressional Record Volume 152, Number 86 (Wednesday, June 28, 2006)]
[Extensions of Remarks]
[Page E1309]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     THE PATRIOT CORPORATIONS OF AMERICA ACT: INVESTING IN AMERICA

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                       HON. JANICE D. SCHAKOWSKY

                              of illinois

                    in the house of representatives

                        Wednesday, June 28, 2006

  Ms. SCHAKOWSKY. Mr. Speaker, as we approach the 4th of July and the 
230th birthday of our great Nation, I am today introducing the Patriot 
Corporations of America Act which encourages corporations to invest in 
the American people and the American economy. It is time to rekindle 
the spirit of patriotism and create a new patriotic corporate ethic in 
America--one that unites workers and their employers in the mutual goal 
of building a stronger, more prosperous, more democratic business 
sector that can vigorously and proudly compete in the twenty-first-
century global economy.
  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.
  If you want to make Americans of all stripes mad, tell them about the 
billions of dollars in subsidies and tax breaks our government gives to 
companies that outsource jobs and relocate to avoid giving back to the 
our great country. A recent poll in Foreign Affairs magazine reported 
that nearly 90 percent of Americans worry about losing their jobs to 
corporate outsourcing. And, it is estimated that between $30 and $70 
billion is hidden away in tax havens like Bermuda by corporate ex-
patriots.
  To end this race to the bottom, to end the offshoring of jobs and 
research, 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 percent tax rate reduction, Patriot Corporations would be asked to 
pledge their allegiance to our country by producing at least 90 percent 
of their goods and doing at least 50 percent 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 percent of payroll to portable 
pension funds and by paying for at least 70 percent 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 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 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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