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By William John Cox (about the author) Page 4 of 6 page(s)
The Omnibus Financial Regulation Act of 2005 established reasonable regulations of these financial activities, and it imposed limits on executive compensation and certain lobbying activities. The restriction on lobbying quickly resulted in litigation that brought the Omnibus Act to the U.S. Supreme Court regarding the doctrine of "corporate personhood." Supreme Court decisions had provided corporations with the legal status and protections afforded to "persons" under the Constitution, including the First Amendment right to lobby Congress. In reversing the line of decisions culminating in the 1980 case of Central Hudson Gas & Electric Corporation, a 6-3 majority of the Court found that there was no authority in the Constitution for providing "personhood" rights to corporations, whose power had grown over the years to the extent that it "threatened the very foundations of individual freedom and the survival of the United States’ democratic form of government." 2006
One of the primary concerns of the Gore Administration about regulation of the financial sector was the preservation and stability of public and private retirement systems. Acting upon the recommendation of the Social Security Administration, Congress raised the annual cap on wages subject to social security taxes to be equal to the top salary paid by the federal government – that of the president. With that simple change, the solvency of the Social Security Trust Fund was ensured for at least 100 years.
A companion bill to the Social Security Solvency Act was the National Bond Fund Act in which Congress acted to provide a reliable source of inexpensive bond funds for state and local governments to use for the improvement and maintenance of their infrastructure.
Jump-started with a $10 billion federal contribution, the Bond Fund provides an alternative personal investment plan to workers as a supplement to basic Social Security. Employees can voluntarily make additional tax-free contributions to personal accounts in the Bond Fund, and employers can match employee contributions as a job benefit. All original deposits are guaranteed by the federal government.
Employees are allowed to take their accounts with them from job to job; workers can negotiate the level of each subsequent employer’s contribution; retirees can decide for themselves whether to invest their savings in a lifetime annuity at retirement; they can choose to spend their entire nest egg as they please, or they can leave their account to their heirs.
The 2006 Congressional elections revealed that the alignment of political parties had been substantially altered, perhaps forever. Although Republicans retained status as a national party, fully one third of all voters were registered as independents, and Green Party candidates were elected to congressional offices in a number of states. Overall, representatives and senators with progressive credentials were filling more than two-thirds of all seats.
2007
Early in 2007, President Gore decided to act upon continuing complaints about the North American Free Trade Agreement by inviting the foreign and finance ministers of all North, Central, South, and Caribbean American countries to discuss the possibility of creating a customs union and single currency for the Americas.
Hosted by Secretary Powell, the conference produced a framework for further discussion, which took place when all American heads of state gathered in Washington last year to meet with President Gore. The resulting treaty established the Federation of the Americas as a counterbalance to the European Union and the emerging power of the "Asian Tigers."
When President Gore submitted the treaty to the Senate for ratification, he also proposed that Congress enact a constitutional amendment eliminating the definition of citizenship based on birth within the United States. The amendment defines citizenship as birth to a citizen parent or individual naturalization.
The amendment allows for the movement of the citizens of all countries throughout the American Federation for employment or other economic purposes, without providing the benefit of citizenship to children born to non-citizens, who happen to be in the United States for economic reasons.
The Senate ratified the American Federation Treaty last year, and the constitutional amendment has already been ratified by 15 states. It is expected to take effect by the time the Federation becomes fully operational in 2010.
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