Barbara Lee
Lee and Sanders Introduce Inclusive Prosperity Act to Curb Wall Street Greed
Representative Barbara Lee (D-Calif.) and Senator Bernie Sanders (I-Vt.) on May 22 introduced the Inclusive Prosperity Act along with Senator Kirsten Gillibrand (D-N.Y.) and more than a dozen House Democrats.
The legislation imposes a tax of a fraction of a percent on the trades of stocks, bonds, and derivatives. This tax on Wall Street speculation, also known as a financial transaction tax, is estimated to generate up to $2.4 trillion in public revenue from wealthy investors over 10 years. An added benefit of the proposed tax is deterring the high-frequency trading that increases the instability of the financial sector and produces no economic value.
Wall Street enjoys record-breaking profits despite its role in triggering the financial crisis of 2008. The top 400 richest Americans now own more wealth than 150 million Americans—60 percent of the country. Meanwhile, a typical middle-class family in America has seen its net worth decline by 30 percent from 2007 to 2016. More than 1,000 economists have endorsed a tax on financial speculation, and 40 countries currently impose the tax, including Britain, which first instituted the tax on stock trades in 1694.
“I am proud to introduce the House version of the Inclusive Prosperity because taxing Wall Street is not an extreme idea. The government already taxes everyday families for basic items like food, clothes, and housing. Wall Street gets away with no taxes, even when conducting high-risk financial transactions,” said Barbara Lee. “This has to stop. It’s past time to make sure Wall Street pays their fair share so that we can provide funding for things that make us a better nation like jobs, housing, infrastructure, and college education.”
“While the top 23 banks in America received over $20 billion in tax breaks last year as a result of the Trump tax plan, hundreds of thousands of young people are unable to go to college because they can’t afford it, 34 million Americans have no health insurance, one out of five Americans can’t afford to buy the medicine prescribed by their doctors, over 40 million Americans are living in poverty, we have the highest childhood poverty rate in the developed world and life expectancy in the U.S. has gone down for the third year in a row,” said Sanders. “It is long past time for Congress to rein in the recklessness of Wall Street billionaires and build an economy that works for all Americans.”
The legislation sets different rates on stocks, bonds, and derivatives based on the existing transaction costs in each market—0.5 percent for stocks, 0.1 percent for bonds, and 0.005 for derivatives. This more targeted approach roughly equalizes the increase in transaction costs across securities due to the tax and thus reduces the economic distortions and tax avoidance possibilities created by it.
Activism
Butler, Lee Celebrate Passage of Bill to Honor Congresswoman Shirley Chisholm with Congressional Gold Medal
“Shirley Chisholm lived an honorable life of service and was a trailblazer who opened doors for generations of Black women and opened the imagination of what leadership looked like for our entire nation,” said Butler. “Her extraordinary contributions to American history and progress deserve recognition, and today I am proud to stand with my colleagues in both chambers and on both sides of the aisle to have taken this step to celebrate her legacy, ensuring that future generation of leaders never forget her courage, sacrifice, and patriotism.
By U.S. Senator Laphonza Butler
Special to The Post
U.S. Senator Laphonza Butler (D-Calif.) and U.S. Representative Barbara Lee (D-Calif.-12) celebrated the passage of bipartisan legislation to honor the life and work of the late Congresswoman Shirley Chisholm, the first Black woman elected to Congress in 1968.
The Shirley Chisholm Congressional Gold Medal Act would instruct Congress to posthumously endow Chisholm with a Congressional Gold Medal – the highest award Congress can bestow – in commemoration of her accomplishments, activism, and legacy.
The Shirley Chisholm Congressional Gold Medal Act was led in the House by Congresswoman Lee, Congressman Byron Donalds, Leader Hakeem Jeffries, Congresswoman Maxine Waters, and Congresswoman Yvette Clarke. The Senate companion to the bill was introduced by Butler and Georgia Senator Raphael Warnock.
“Shirley Chisholm lived an honorable life of service and was a trailblazer who opened doors for generations of Black women and opened the imagination of what leadership looked like for our entire nation,” said Butler. “Her extraordinary contributions to American history and progress deserve recognition, and today I am proud to stand with my colleagues in both chambers and on both sides of the aisle to have taken this step to celebrate her legacy, ensuring that future generation of leaders never forget her courage, sacrifice, and patriotism.
The Congressional Gold Medal serves as the nation’s highest expression of gratitude for distinguished service and achievements, and I see no one more deserving than Shirley Chisholm,” said Lee. “It is critical for the next generation of leaders to see the first Black woman elected to Congress get the recognition that she deserves.
“Congresswoman Chisholm made history as the first Black woman elected to the United States Congress and the first Black woman to run for President of the United States. To Mrs. C, thank you for being unbought and unbossed, for paving the way, and for being a catalyst for change,” Lee said.
During her seven terms in the U.S. House of Representatives, “Fighting Shirley” introduced 50 pieces of legislation and was a champion for racial and gender equity, low-income communities, and the end of the Vietnam War.
In 1972, Chisholm became the first woman and Black candidate to seek the nomination for president of the United States from one of the two major political parties.
After a lifetime of service, Shirley Chisholm died at the age of 80 in Ormond Beach, Florida, on New Year’s Day 2005. Nov. 30, 2024, would have marked Chisholm’s 100th birthday. Chisholm’s motto, “Unbought and Unbossed,” embodies her unwavering advocacy for women and minorities, which defined her remarkable career and inspired future generations of leaders.
After passing the House and Senate with significant bipartisan support, the Shirley Chisholm Congressional Gold Medal Act will head to President Biden’s desk for a signature.
“Congresswoman Shirley Chisholm broke barriers for Black women, Black Americans, and anyone who refuses to be confined by injustice. As an educator, trailblazing public servant, and presidential candidate, she fought for an inclusive democracy that lives up to our nation’s highest ideals of equity and justice under law,” said Warnock. “I am proud to have passed this bill alongside Senator Butler to honor Chisholm’s legacy with a Congressional Gold Medal, and I will continue working to carry on her fight through my work in the Senate.”
“Shirley Chisholm was a pioneering figure in American politics, serving as a source of inspiration for millions throughout our country,” said Senator Susan Collins. “I am proud to join this effort to recognize her historic contributions to our nation.”
“Shirley Chisholm broke barriers as the first African American woman elected to Congress, paving the way for future generations of women leaders,” said Nevada Senator Cortez Masto. “I’m proud I helped pass this bill in the Senate to honor her legacy and continue the fight for representation and opportunity for everyone across the country.”
Barbara Lee
Congresswoman Barbara Lee Reflects on Historic Moment Less Than One Week from Election Day
Congresswoman Barbara Lee (CA-12) today released a piece on Medium reflecting on Vice President Kamala Harris’ historic presidential campaign 50 years after Lee worked on the presidential campaign of Congresswoman Shirley Chisholm.
Congresswoman Barbara Lee (CA-12) today released a piece on Medium reflecting on Vice President Kamala Harris’ historic presidential campaign 50 years after Lee worked on the presidential campaign of Congresswoman Shirley Chisholm:
“As Election Day approaches, I’m reflecting on a few dates and numbers that mean something to me.
Zero: the number of Black members in Congress 56 years ago. Next Congress, we hope to swear in over 60 members in the Congressional Black Caucus.
Three: The number of Black women to ever serve in the United States Senate since the first Congress in 1789.
Two: The number of Black women that will be elected to the Senate this year alone if we do our job.
1972: The first time a Black woman, Congresswoman Shirley Chisholm, ran for president in one of the major political parties of the United States.
Zero: the number of Black women to ever serve as president of the United States.
IF we do the work, we can change that with President Kamala Harris.
As I reflect on what would be Congresswoman Chisholm’s 100th birthday next month, I could not help but remember that my first official involvement in U.S. politics was working for her presidential campaign in 1972.
Over 50 years later, I have been involved in every single campaign since. Shirley was my mentor — she was a bold visionary, a progressive woman who understood that working together in coalitions was the only way to make life better for everyone, to build an equitable society and democracy that lived up to the creed of “liberty and justice for all.”
The historic moment we are in today is not lost on me. I have had the privilege to have known Vice President Kamala Harris for over three decades. She, after all, is a daughter of the East Bay. She, like Shirley, truly is a fighter for the people.
And I know she can move our country forward in a new way. As a member of her National Advisory Board, I have campaigned across our country to help take her message, her legacy of service, and her “to-do list,” as she says, to voters who were almost starting to feel hopeless, but are now feeling hopeful once again, captured by the politics joy and the bright possibilities brought upon by a possible Harris-Walz administration.
Recently, I visited churches in North Carolina with members of the Congressional Black Caucus. The chair of our CBC political action committee, Chairman Gregory Meeks from New York’s fifth district, eloquently and powerfully presented a vision of what Dr. Maya Angelou wrote in her famous poem, “And Still I Rise:” “I am the dream and the hope of the slave.”
Meeks remarked that on Jan. 20, 2025, we will observe the birthday of our drum major for justice, Dr. Martin Luther King Jr.
He also described that on Jan. 20, IF we do the work — if we knock on doors, if we make those phone calls, if we spread our message — standing on the podium at the U.S. Capitol will be the first Black speaker of the House of Representatives, Hakeem Jeffries.
In the wings will be over 60 members of the Congressional Black Caucus. Holding Frederick Douglass’ Bible will be the first African American woman appointed to the highest court of the land, Supreme Court Justice Ketanji Brown Jackson.
She will be swearing-in the first Black woman to serve as president, Kamala Harris, in front of the shining white dome of the United States Capitol, built by enslaved Black people.
In front of her and beyond, the tens of millions of Black men and women who voted for her. The world will witness the hope and the dreams of our ancestors ushering in a new way forward.
As I sat in front of the stage this week at the Ellipse in Washington, D.C., as Vice President Harris delivered remarks with the Oval Office behind her, I could not help but feel that our country was ready for this historic moment.
We are not only voting for a Black woman as Commander in Chief of the wealthiest and most powerful country in the world. We are definitively stating that we will not allow the clocks of freedom and justice to be turned back.
We are voting for our ancestors’ hopes and dreams. We are voting for the generations that will come after us, long after we are gone. We are voting for Vice President Kamala Harris.
Let’s get this done.
Activism
Surge of Support for Vote ‘No’ on Recall of Mayor Sheng Thao
Prominent local political leaders have issued strong statements urging voters to oppose the recalls, including Rep. Barbara Lee, State Senator Nancy Skinner, Alameda County Supervisor Keith Carson, and Sandré R. Swanson, a former member of the California State Assembly (see their statements elsewhere in this issue of the newspaper).
By Post Staff
Since its official launch on Sunday, Oct. 6, the campaign to reject the recall of Oakland Mayor Sheng Thao has received a surge of support. Many local organizations with deep roots in Oakland and very prominent elected officials are getting the word out, saying Oakland is not for sale.
Prominent local political leaders have issued strong statements urging voters to oppose the recalls, including Rep. Barbara Lee, State Senator Nancy Skinner, Alameda County Supervisor Keith Carson, and Sandré R. Swanson, a former member of the California State Assembly (see their statements elsewhere in this issue of the newspaper).
Oakland City Councilmember Carroll Fife also condemned the recalls. “The financial and morale cost of these recalls is more than our city can bear. In the face of a budget deficit, a $10-million-special election would be painful in more ways than one. Ten million (dollars) could go a long way to addressing some of the issues in Oakland people care about.”
Said William Fitzgerald, campaign spokesman of Oaklanders Defending Democracy, which opposes the mayor’s recall, “One rich guy in Piedmont thinks he could buy himself a mayor of Oakland. What we’re seeing this week is a tidal wave of support rejecting the premise that the ultra-wealthy can hijack the democratic process. The facts are clear: Mayor Sheng Thao has massively reduced crime in Oakland and is bringing business opportunities to the Town.”
Pastor Servant BK Woodson, a steering committee member of the “Respect Our Vote – No Recalls!” coalition, said, “It is entirely reasonable to fear the continuing accumulating of power into fewer and fewer hands. History is replete with examples of the despotism, destruction and harms that oligarchs, dictators and demigods bring into the lives of ordinary people.
“The privilege to struggle to make these United States of America a more perfect union has taken the form of this consequential election. In Alameda County we must reject the recalls and elect our forward-thinking and progressive candidates,” Pastor Woodson said.
Oakland Rising Action wrote on its website, “(The) recent recalls have been led by a small group of millionaires and conservatives, and their agenda is to undermine our democracy.”
The Wellstone Democratic Renewal Club wrote on its Facebook page, “Deny the Lies.”
“Crime increased during the pandemic, and Oakland and Alameda County were not spared. Both recalls have claimed otherwise and placed the blame on District Attorney Pamela Price and Mayor Sheng Thao, even while crime is on the decline,” the club wrote.
Other organizations opposing the recall of Thao include the Alameda County Democratic Party, SEIU 2021, Alameda Labor Council, Oakland Tenants Union, Nor Cal Carpenters, East Bay for Everyone, Local 21, Oakland Firefighters 55, eVolve California, National Union of Healthcare Workers, John George Democratic Club, Latine Young Democrats of the East Bay, APEN Action, Block by Block Organizing Network and East Bay Young Democrats.
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