Watch this live broadcast now of Bank of America workers and SEIU's Stephen Lerner on GRITtv discussing how the bank's practices hurt consumers, employees, and our economy. « More on how BofA "encourages" its employees to help consumers rack up debt, as well as BofA workers speaking out about the bank's anti-consumer practices.

On legislation to help small biz, U.S. Chamber is "Chamber of No"

The U.S. Chamber of Commerce claims to defend the interests of small businesses, but even a quick examination of their legislative record shows them opposing bill after bill that may help small businesses--and consistently siding with big corporations. From legislation that would ease the burden of credit card terms for small businesses, to bills that would stop outsourcing, the U.S. Chamber has proven to be the "Chamber of No." Here's our list of the top five worst Chamber policies for small businesses.

1) U.S. Chamber of Commerce Sided with Big Credit Card Companies over Small Business Owners. Small business owners are increasingly likely to rely on credit cards to finance their business operations, yet- like the rest of us- are increasingly finding the terms of their card agreements less favorable. The U.S. Chamber sided with big credit card companies over small business in the Credit Cardholders' Bill of Rights Act of 2008--legislation to provide common-sense regulations on credit.

Small Business Owners Rely On Credit Cards, Get Hurt By Credit Card Companies. A recent survey by the National Small Business Association found that 59 percent of all small businesses used credit cards to fund capital purchases and that 34 percent of small businesses held over one quarter of their business debt in credit cards. Moreover, 75 percent reported that the terms of their credit cards had become less favorable in the last six months.

2) U.S. Chamber of Commerce Sided with Big Oil Over Small Businesses on Bill to Stabilize Gas Prices. Despite the fact that gas prices were skyrocketing, the U.S. Chamber opposed the Consumer-First Energy Act of 2008, legislation designed to stabilize gas prices during a period of meteoric price increases. The bill-- which would have created a special supplemental 25 percent tax on the windfall profits of major oil and gas companies, suspended the filling of the Strategic Petroleum Reserve, punished price gouging, and limited oil market speculation-- would have gone a long way to help America's small businesses, who are disproportionately sensitive to fluctuations in energy prices and price gouging at the pump.

3) U.S. Chamber of Commerce Opposed Legislation to Help Steelworkers Keep and Create Jobs in the U.S. The Chamber showed its true colors when it opposed "American-made" provisions in the aptly named "American Steel First Act," which would require infrastructure projects receiving federal funds to use American-made steel. The requirement would help domestic steel producers enjoy the benefits of federal stimulus funds, keeping much-needed jobs and commerce in the United States. Although mammoth companies like GE and Caterpillar get half or more of their revenue from exports, the same is emphatically not true of many small, local businesses and steel producers who deserve to benefit from federal spending before foreign counterparts.

4) U.S. Chamber Opposed Legislation to Stop Outsourcing of Call Centers
The US Chamber has continually supported the out-sourcing of jobs, despite small business support for legislation like the Call Center Consumer's Right to Know Act, an anti-outsourcing bill that requires call centers to disclose their location during each call. The small companies associated with the National Association of Manufacturers (NAM) and the American Electronics Association (AEA) oppose outsourcing because it allows larger multinational companies to take advantage of cost-cutting mechanisms that are unavailable to smaller businesses, causing small businesses to close.

5) U.S. Chamber of Commerce Opposed Expanding Healthcare for, Low-Income Families and Children- Siding with Big Tobacco Over Small Businesses. By opposing the SCHIP Extension Act of 2007 and the Children's Health Insurance Program Reauthorization Act of 2009, the Chamber again found itself on the wrong side of small business interests. The National Federation of Independent Businesses and the Business Roundtable both supported the SCHIP extension because they believe "small business owners and their employees are especially vulnerable to the weakness of the current system." The Chamber of Commerce, in a letter to Senators Baucus and Grassley, called the bill "a broad-based entitlement program is grossly unfair" particularly for states with "tobacco-based agricultural and industrial activities."

Union leaders call for action as industry giants meet at the Private Equity Super Returns conference in Berlin.

GENEVA, LONDON, PARIS and WASHINGTON, DC - As the Private Equity Super Returns conference got underway in Berlin, Philip Jennings, general secretary of UNI Global Union, Andy Stern, president of the Service Employees International Union (SEIU), Jack Dromey, deputy general secretary of UNITE, and John Evans, general secretary of Trade Union Advisory Committee (TUAC) to the OECD, gathered to demand immediate reforms to private equity in order to help avoid further economic crisis. The labour leaders warn that economic disparity and unfettered corporate greed have proven toxic for the economy and must be reformed. Government leaders must take action.

"Millions of workers around the world work in companies that are owned by private equity. As we move into the next phase of the financial crisis those jobs are at risk on top of the millions that stand to be lost because of the crisis. Private equity is being tested as never before. We want to know how they will respond. Will they cut and run or will they work with unions and the workforce to weather the storm?" said Philip Jennings, general secretary of UNI Global Union.

UNI Global Union general secretary Philip Jennings is scheduled to address the Super Returns International conference on 4th February at 16:45 when he will bring labour's message to investors and private equity principals.

"Financial manipulation, greed and deregulation have led to economic havoc," said SEIU President Stern. "For our global economy to thrive and grow again, corporations, governments, and non-state actors -- like labour unions -- must work together towards a system where competition is based on the quality and sustainability of goods and services provided--not by a race to lower costs at the expense of workers, the environment, and product quality."

Many Private equity funds have been driving companies into enormous debt making the future of employment in these companies precarious. Self regulation has allowed financial engineering that generates enormous profits for few and without any regard for the ongoing health of the companies they buy or the workers in their employ.

"The threat that private equity poses to workers, our communities and the global economy is very real. The accumulation over years of huge debt risks in recession disaster. We need much more than promises by the industry to do better," said UNITE General Secretary Jack Dromey. "We need real reforms, with accountability and enforcement. Private Equity in Britain is hiding behind self regulation. But self regulation of the Cayman Islands will never work. Self regulation is no substitute for effective regulation designed to protect the public interest."

During a global news briefing by teleconference, the four leaders demanded:

• Debt disclosure by private equity for every leveraged buyout portfolio company.
  
• Engagement with unions on jobs and solutions to unstable portfolio companies.
  
• Tighter regulations and reforms from governments to prevent future leverage-fueled crises from undermining the global economy.
  
• No bailouts for private equity firms without adequate reforms, oversight and protections.
  
• End tax breaks for high-risk leveraging strategies.
  
• Accountability and enforcement of principles promised by private equity.
  
• Regulation of private equity to be on the agenda of the G20