Campaign Promises

Cabinet/Departments -> Labor -> Corporate Bankruptcy


ItemLabor
Corporate BankruptcyGrade
LA-1
The Promise: "Protect the jobs and benefits of workers and retirees when corporations file for bankruptcy by telling companies that they cannot issue bonuses for executives during bankruptcy while their workers watch their pensions disappear."
When/Where: Obama Plan: Helping America's Seniors, dated 10/26/07.
Source: http://obama.3cdn.net/f6f6e3259bb8cf1554_6xlnmvr35.pdf
Status:This was a provision of the "Protecting Employees and Retirees in Business Bankruptcies Act of 2007" which President Obama co-wrote when he was in the Senate. It never became law.

On 02/24/10, Senator Richard Durbin (D-IL) reintroduced the above bill (S. 3033). Likewise on the same date, Congressman John Conyers Jr. (D-MI) reintroduced a House version of this bill (H.R. 4677). Both bills expired without action when the 111th Congress expired at the end of CY2010.

Undaunted, Senator Durbin reintroduced this bill during subsequent sessions of Congress: S. 3381 (112th), S. 2589 (113th) and S.1156 (114th). Congressman Conyers did the same: H.R. 6117 (112th), H.R. 100 (113th), and H.R. 97 (114th). All of these bills expired without enactment with their respective sessions of Congress.

It's noteworthy that a 01/12 Wall Street Journal report revealed that chief executives at 21 companies involved in bankruptcy proceedings in CY2011 received bigger bonuses during bankruptcy proceedings than in years prior to the initiation of such proceedings.

This promise was not fulfilled.
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LA-2
The Promise: "As president, Obama will...Increase the amount of unpaid wages and benefits workers can claim in bankruptcy court against their employer."
When/Where: Obama Plan to Strengthen Retirement Security, dated 11/07/07.
Source: http://obama.3cdn.net/2dd244383127eacd44_3kbbmv3qz.PDF
Status:Much like Promise LA-1, the "Protecting Employees and Retirees in Business Bankruptcies Act of 2007," initially co-sponsored by then-Senator Obama during the 110th Congress, would have protected workers' and retirees' wages and benefits when a company files for bankruptcy.

On 02/24/10, Senator Richard Durbin (D-IL) reintroduced the above bill (S. 3033). Likewise on the same date, Congressman John Conyers Jr. (D-MI) reintroduced a House version of this bill (H.R. 4677). Both bills expired without action with the 111th Congress at the end of CY2010.

Senator Durbin reintroduced this bill during subsequent sessions of Congress: S. 3381 (112th), S. 2589 (113th) and S.1156 (114th). Congressman Conyers did the same: H.R. 6117 (112th), H.R. 100 (113th), and H.R. 97 (114th). All of these bills expired without enactment with their respective sessions of Congress.

This promise was not fulfilled.
0.00