Bloomberg: Dow’s Hometown Congressman Camp Will Help Set Tax, Trade Agenda

Written by admin on December 4th, 2010

Bloomberg News removed a story they published on incoming Congressman Dave Camp and his relationship to Dow Chemical.

The Google cached version is here.

Dec. 2 (Bloomberg) — Dow Chemical Co. will have a well- placed ally in January when Republican Dave Camp takes the chairmanship of the House Ways and Means Committee, which writes U.S. tax and trade laws.

No single entity in the district, however, is as prominent as Dow Chemical. The company’s executives and its political action committee were the top corporate donors to Camp’s 2010 campaign, giving more than $44,000 to his campaign treasury, according to the Center for Responsive Politics.

Andrew Liveris, Dow’s chief executive officer, contributed $2,400 to Camp in September. Dow’s chief tax officer, William Curry, and the company’s chief financial officer, William Weideman, each donated $1,000 this year. Over Camp’s congressional career, Dow Chemical and Dow Corning executives and political committees have been the top two contributors.

That kind of relationship is a sign of increasing corporate influence in Congress, Linda Beale, a tax law professor at Wayne State University in Detroit, said without singling out Camp or Dow.

“The more that congressmen are indebted to big corporations for their positions, then the more likely they are to look favorably on the legislation the corporations are favoring,” Beale said.

Climate Bill

Camp, who said he has good working relations with the company, often votes in line with Dow’s interests, though he and the company sometimes diverge. Camp cited Dow Chemical’s support of a cap-and-trade climate bill that the congressman called a “national energy tax” that would mean “all pain and no gain.”

Dow Chemical also is Camp’s single largest stock holding, according to his most recent financial disclosure report, filed in June. As of Dec. 31, 2009, he owned between $250,000 and $500,000 of Dow stock.

Since the beginning of this year, the company’s stock has increased 17 percent, closing at $32.42 yesterday.

According to the June filing, Camp also held between $50,000 and $100,000 in each of these companies’ shares: Abbott Laboratories, Apple Inc., Cisco Systems Inc., Exxon Mobil Corp., Hewlett-Packard Co. and Procter & Gamble Co.

 

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