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Press ReleasesFinancial Accountability and Corporate Transparency Campaign Launch
Financial Accountability and Corporate Transparency Campaign Launch
April 11, 2011
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The Honorable Max Baucus, Chairman The Honorable Orrin Hatch, Ranking Member Senate Committee on Finance 219 Dirksen Senate Office Building Washington, DC 20510 |
The Honorable Dave Camp, Chairman The Honorable Sander Levin, Ranking Member House Committee on Ways and Means 1102 Longworth House Office Building Washington, DC 20515 |
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The Honorable Kent Conrad, Chairman The Honorable Jeff Sessions, Ranking Member Senate Committee on the Budget 624 Dirksen Senate Office Building Washington, DC 20510 |
The Honorable Joseph I. Lieberman, Chairman The Honorable Susan Collins, Ranking Member Senate Committee on Homeland Security and Governmental Affairs 340 Dirksen Senate Office Building Washington, DC 20510 |
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The Honorable Paul Ryan, Chairman The Honorable Chris Van Hollen, Ranking Member House Committee on the Budget 207 Cannon House Office Building Washington, DC 20515 |
The Honorable Spencer Bachus, Chairman The Honorable Barney Frank, Ranking Member House Committee on FInancial Services 2129 Rayburn House Office Building Washington, DC 20515 |
Dear Members of Congress,
We, the undersigned organizations and individuals, are pleased to announce the launch of the Financial Accountability and Corporate Transparency (FACT) campaign and coalition. As the name indicates, FACT is a campaign to achieve greater financial accountability and transparency within financial institutions, corporations and government.
At a time when countries around the world face budget crises, economies continue to bleed massive amounts of revenue due to secrecy in the financial system which facilitates corruption, tax evasion and money laundering. Shell corporations, anonymous trusts and bank secrecy both in the United States and abroad make it easy for criminals, terrorists, government officials and even otherwise legitimate multinational companies to hide their money and difficult for law enforcement and tax authorities to do their jobs.
The FACT coalition believes it is critical to debunk the myths and false claims of those who want to keep the status quo under the guise of promoting competition and protecting businesses. Our campaign will raise awareness and demonstrate broad support for real reforms.
The policy changes we seek include:
- Requiring ownership information of all business entities, trusts, foundations and charities – information that indicates who actually controls these entities – be made available to law enforcement and the public;
- Requiring country-by-country reporting by multi-national corporations of the sales made, profits earned and taxes paid in every jurisdiction where an entity operates;
- Strengthening, standardizing and enforcing anti-money laundering laws; and
- Eliminating loopholes in our tax system to make sure that the corporations that benefit from all of the resources, protections and markets in the United States pay their fair share of taxes.
Our organizations support these goals for many different reasons – from job security to national security; from fiscal responsibility to human rights. But we are united in our belief that the status quo, with shadow banking systems, shell companies and widespread secrecy severely damages both the developed and developing worlds.
Working together with you, the Administration and other global government entities, we’ll seek policies that promote an equitable market economy, aid law enforcement, curtail corruption, combat terrorism and financial crime, keep more jobs on our shores, level the playing field for small- and medium-sized businesses, foster development, and increase both national and human security.
We look forward to meeting with you to discuss these goals further and how we may be able to collaborate on all or any portion of these initiatives.
Thank you,
- Nicole Tichon, Executive Director , Tax Justice Network USA
- Corinna Gilfillan, Head of U.S. Office, Global Witness
- Damon Silvers, Policy Director and Special Counsel, AFL – CIO
- Robert S. McIntyre, Executive Director, Citizens for Tax Justice
- Tom Cardamone, Managing Director, Global Financial Integrity
- Gary Kalman, Director, Federal Legislative Office, U.S. Public Interest Research Group
- Roger Hickey, Co-Director, Campaign for America’s Future
- Chirag Mehta, Economic Issues Director, SEIU
- Bob Keener, Business and Investors , Against Tax Haven Abuse
- Louis Clark, President, Government Accountability Project
- Chuck Collins, Institute for Policy Studies –Program on Inequality and the Common Good
- Rev Seamus P. Finn, OMI, Director, JPIC Ministry, Missionary Oblates
- Doug Norlen, Policy Director, Pacific Environment
- Alison Goldberg, Wealth for the Common Good
- Jane Hamsher, Founder & Publisher , Firedoglake
- William K. Black, Associate Professor, Departments of Economics & Law, College of Arts &, Sciences & School of Law, University of Missouri – Kansas City
- Mary Hughes, OP , President , Leadership Conference of Women Religious
- Sam Blair, Network Director, The Main Street Alliance
- Eric LeCompte, Executive Director, Jubilee USA Network
- David Arkush, Director of Congress Watch, a division of Pubilc Citizen
- Jo Marie Griesgraber, Executive Director, New Rules for Global Finance
- Danielle Brian, Executive Director, Project On Government Oversight (POGO)
- Michael J. Wilson, Americans for Democratic Action
- Paul Donowitz, Campaigns Director, EarthRights International
- Chuck Loveless, Director of Legislation, American Federation of State, County and Municipal Employees (AFSCME)
- Marsha Moon, RSC, Regional Leader, California/Venezuela Region, Religious Sisters of Charity
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