Sen. Elizabeth Warren (D-Mass.) says that, if elected president, she’ll create a new federal agency to impose “Economic Patriotism” on large companies like Levi’s, General Electric and “the maker of the famous Number Two Pencil.”
In a video posted to her Twitter page, Sen. Warren says “giant companies” like these call themselves “American” – but, their only loyalty is to their shareholders:
“There are a lot of giant companies who like to call themselves ‘American.’ But, face it: they have no loyalty or allegiance to America.
“Levi’s Blue Jeans: only two percent of their factories are here in America.
“The maker of the famous Number Two Pencil? They make most of those pencils in China and Mexico.
“And General Electric? They recently shipped jobs from Wisconsin across the border to Canada.
“The truth is that these ‘American’ companies have only one real loyalty, and that’s to their shareholders – a third of whom are foreign investors.”
“If they can close up an American factory and ship jobs overseas to save a nickel, that is exactly what they’ll do – hollowing out American cities along the way,” Warren says.
A lot of giant companies refer to themselves as “American.” But let’s face it, they only have one real loyalty: Their shareholders. A Warren administration will halt the hollowing out of American cities and create good American jobs. Here’s how. pic.twitter.com/pX0VpRXqqR— Elizabeth Warren (@ewarren) August 25, 2019
But, large companies will no longer “call the shots” under a Warren administration, because she will create a new federal agency to enforce “Economic Patriotism,” the presidential hopeful promises:
“For decades, Washington politicians have let these big companies call all the shots of our trade agreements and our tax code.
“But, not on my watch.
“In a Warren administration, government policy will support American workers. I call it ‘Economic Patriotism.’
“We’ll create a new federal agency - the Department of Economic Development – to replace the Commerce Department and a handful of other federal agencies.
“We’ll pull them all together and this new agency will have a single mission: to defend and create American jobs. And, we’ll direct the new agency to use aggressive new tools, tools that other countries have used successfully, we’ll use them to boost American workers.
“This is not a question of more government or less government. It’s about who government works for. I have a plan to get us there.”