Weekly Update: What Can Your Bank Afford?

What Can Your Bank Afford?

Take Action

Are you sick of healthcare events yet? Unfortunately if we don't keep the pressure on, reform bills won't keep moving forward. The next 4-6 weeks will be the most critical time for delivering real healthcare reform to middle class Oregonians. On that note, Tuesday, October 20 is a national "Time to Deliver" day of action. Various events will be taking place in Portland, Eugene, Medford and Bend. Check out our website over the weekend for event details in your area.

My Bank Did What?!

What Can Your Bank Afford?

An interesting story appeared in the Wall Street Journal today. Wall Street banks, it said, were predicted to pay out record sums in salaries this year. Wait - record pay? I thought the banks were hurting, that they needed to be bailed out. If they're getting taxpayer money shouldn't they have to pay a reasonable amount to their top employees? I don't know about you, but most people I know are not getting record pay increases this year.

This is interesting on two levels:

First, this story has ties close to home. The Oregon Banker's Association has given the single largest donation to the "no" campaign that's trying to defeat the tax fairness measures that are on the ballot. That's right, those banks that are hurting so badly, many of which only pay $10 in state taxes each year (how much did you pay last year?!), donated $100,000 to keep their unfair tax rates just the way they are. If they can afford a $100,000 campaign donation don't you think they can afford to pay more than $10 in taxes? Some small local banks are trying to distance themselves from this donation. Do you know where your bank stands?

Second, this emphasizes how badly we need to have more oversight of financial industries. Many groups are talking about the need for a federal Consumer Financial Protection Agency, which would be able to monitor things like where banks are spending their bailout money.

Banks think they can monitor themselves. We're pretty sure they're not doing a good enough job.

In Other News...

Health Care Reform Almost in Reach

Yesterday's Senate Finance Committee vote on healthcare reform brought Oregonians one step closer to the changes we need in the healthcare system. Although the Senate Finance Committee bill does not contain many of the important changes that middle class Oregonians need, its progress is necessary to move reform forward and make healthcare affordable for all Americans.

The bill passed with votes from all of the Committee Democrats and one Republican, including Oregon Senator Ron Wyden's vote.

Now Senate leadership will try to combine the Finance Committee bill with the HELP Committee bill that passed earlier this year. It's crucial that our delegation continues to remind leadership that the final bill must be affordable, include a public option, and not punish companies who do the right thing by providing healthcare to their workers, otherwise it won't bring the crucial reform that so many Oregonians need.

Department of Defense Employees Look for Passage of the National Defense Authorization Act

Union members at the Army Corps of Engineers in Portland were ecstatic to learn, last week, that a "security system" that threatened to take away many of their rights was on the chopping block.

The National Security Personnel System has been criticized by many Department of Defense employees, including representatives of the International Federation of Professional and Technical Engineers (IFPTE), which represents Army Corps of Engineers employees in Portland, from the start.

Also included in the National Defense Authorization Act of 2010 are provisions to ensure that DOD employees in Alaska, Hawaii and US Territories are being paid fairly, adjustments to the Federal Employees' Retirement System, and Hate Crimes legislation.

The House passed the National Defense Authorization Act of 2010 last Thursday. It is still waiting for a vote in the Senate, where IFPTE members hope it will pass smoothly.

AFL-CIO Convention - Guests from D.C.

As our schedule for the convention comes together we have a few more names to announce. Union leaders will be joining us from Washington, D.C., and across the country. A few highlights include:

A few highlights include:

• Larry Cohen, President of the Communications Workers of America (CWA) and chair of the AFL-CIO Organizing Committee

• Jerome Ringo, President of the Apollo Alliance, a coalition of labor, business, environmental, and community leaders working to catalyze a clean energy revolution that will put millions of Americans to work in a new generation of high-quality, green-collar jobs

• State Federation Presidents from Alaska, Idaho, Montana, Utah and Wyoming

If you are a delegate from your union make sure you've sent in your credentials and booked your hotel room. We're only a week and a half away from Bend!