Sen. Hillary Rodham Clinton’s presidential campaign has had its struggles, but the candidate has consistently stayed on message with her proposals for America. The senator from New York discusses her plans for minority business, the economy, and social issues with BLACK ENTERPRISE.
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HILARY CLINTON |
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Born: Oct. 26, 1947 in Chicago Spouse: Former President Bill Clinton Alma mater: Wellesley College; Yale University Law School Profession: Junior U.S. senator from New York (since 2001) |
Black Enterprise: The Senate recently abandoned the prospect of creating legislation that would eliminate carried interest for private equity and hedge fund firms. Where do you stand on this issue? And if you oppose carried interest, what would you propose to level the field?
Sen. Clinton: I do not believe that a Wall Street investment manager earning $50 million a year should pay a lower tax rate on his earnings than a teacher who earns $50,000. Earned income should be taxed as earned income, regardless of whether it is described as salary or as “carry.” I very much appreciate the valuable role private equity firms play in the development of American businesses. I believe that carried interest taxation should be reformed in a manner that comports with equity and in a manner that is sensitive to small, innovative companies. I applaud the progress that minority firms have made in the investment community. Their presence makes the field richer.
Q: News about the housing industry has been mostly bad. Do you think it is the federal government’s responsibility to help homeowners fight and avoid foreclosure? And should lenders be penalized for making enticing loans that were doomed for failure?
A: I am deeply concerned about the effect the foreclosure crisis is having on families and whole communities. I am especially concerned about subprime mortgages because they were disproportionately issued to low-income and minority families. I have announced a series of policies to reduce foreclosures, prosecute foreclosure rescue fraud, and to make sure that the abuses of recent years do not recur. Brokers and lenders who violated the law should be prosecuted. And the disclosure laws should be tightened to ensure that borrowers fully understand the obligations they are assuming. Federal regulators were asleep at the switch.
Q: How do you propose to address the deficit in public infrastructure such as the deteriorating condition of public school buildings, bridges, levees, etc.?
A: Something is very wrong when, at the dawn of the 21st century, in the richest country on Earth, people are actually nervous about driving over bridges for fear that the bridges will collapse. Or they’re worried that the levees near their homes may burst or that the highways they take to work may buckle. I believe the degradation of our infrastructure isn’t just a serious threat to our safety—it is also a grave threat to our economy.
My Rebuild America Plan includes the following initiatives to increase safety in our country: establishing a $10 billion Emergency Repair Fund to address the backlog of critical infrastructure repairs; providing $250 million in Emergency Assessments Grants to the states to conduct immediate safety reviews of
their high-priority, high-risk infrastructure assets; and forming a commission to carry out a comprehensive assessment of our engineering review standards so that we better prioritize needed repairs on bridges and roads.Q: How would you address discrimination in employment, both the effects of discrimination in getting hired and in pay?
A: I will restore funding to the U.S. Equal Employment Opportunity Commission. I recently announced an agenda to fight discrimination and restore the federal government’s historic role as a champion of civil rights. It includes redeeming the Civil Rights Division , helping local school districts pursue voluntary integration and reduce racial inequality, strengthening our voting laws so that every citizen can fully exercise his or her right to vote, combating ongoing racial and sex discrimination in the labor market by improving laws and expanding enforcement, modernizing and strengthening the federal hate crimes law.
Q: Many minority entrepreneurs feel that the SBA has been greatly weakened by the Bush administration. What steps do you believe are necessary to ensure that they get their fair share of federal contracting dollars?
A: As president, I will streamline federal government processes that allow minorities to access credit. I will direct government agencies to pay special attention to mature minority businesses, as well as nurturing new ones. I will strengthen government purchasing programs so that minority-owned companies have access to higher value contracts for goods and services. And I will create a one-stop shop for government programs that provide access to credit and support for micro-enterprise.
I will also make sure that there are qualified people in government to help minority entrepreneurs—people who really want to make small businesses work for everybody and really care about what they’re asked to do. For many small and minority-owned businesses, it is challenging to navigate the complexity of government contracting. Let’s make sure that we’ve got many different businesses at different levels of development being targeted.
Q: The dollar is considerably weakened, especially alongside the euro and the pound. To what do you attribute that and how would you fix it?
A: The state of the American economy is of utmost importance to me. It is critically important that we get back to fiscal discipline, and that we make the economy work for all Americans. At the same time, we have to make sure that other nations play by the rules. China has a long history of manipulating its currency to make its own goods look cheap and ours look expensive. While the President has ignored this problem, I have introduced legislation to address it.
Q: How important do you believe the Black vote will be in helping you win the nomination and then the general election?
A: As first lady and senator, I have worked with and on behalf of African American communities throughout the United States, and I will continue to do so as president. African American voters have long been one of the most important constituencies of the Democratic Party, and I would be honored to have the support of African American voters as I run to become the next president of our great country.
My American Health Choices Plans, for example, will ensure that the 7.7 million African Americans without health insurance today will have access to quality, affordable healthcare. My plan will bring us one step closer to closing the disturbing racial and ethnic health disparities that are pervasive throughout our healthcare system. My plan will also help many African American small business owners, who will be given a significant tax credit if they provide quality health insurance to their employees.
A second initiative will help increase college participation and graduation rates for African American students. At the heart of my plan is a proposal to create a $3,500 tax credit, which will cover more than 50% of the cost of tuition at a typical public institution and more than the full cost of tuition at a community college. The plan also includes maintaining the value of the Pell Grant by annually adjusting it to take into account the rising cost of college tuition.
I know that I have to work hard and earn everyone’s vote and I will not take any vote for granted. I know that America is ready for change, and I know that I have the strength and experience to make change happen.