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News Release | Illinois PIRG Education Fund | Tax

73% of Fortune 500 Companies Used Tax Havens in 2015

In 2015, more than 73 percent of Fortune 500 companies maintained subsidiaries in offshore tax havens, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Collectively, multinationals reported booking $2.5 trillion offshore, with just 30 companies accounting for 66 percent of this total. By indefinitely stashing profits in offshore tax havens, corporations are avoiding up to $717.8 billion in U.S. taxes. Here in Illinois, Abvie, Abbot Laboratories, Mondelez International, Caterpiller, and McDonalds combine to hold $98.5 billiion in offshore tax havens like the Bahamas, Caymen Islands, and Hong Kong.

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Report | Illinois PIRG Education Fund | Tax

Offshore Shell Games 2016

U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to paying taxes. Overall, multinational corporations use tax havens to avoid an estimated $100 billion in federal income taxes each year.

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Blog Post | Public Health

Calling for Big Action on Antibiotics in the Big Apple | Steve Blackledge

Last week, we were in New York City, where the United Nations General Assembly spent an entire day discussing antibiotic resistance, “the biggest threat to modern medicine.” Experts estimate that more than 700,000 people worldwide die from antibiotic-resistant infections each year, including 23,000 in the United States—a number that could grow to 10 million globally by 2050.

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News Release | Illinois PIRG Education Fund | Consumer Protection

Statement on Record $100 Million CFPB Penalty Order Against Wells Fargo Bank For Illegal Sales Practices

On September 8 the Consumer Financial Protection Bureau (CFPB) announced a record $100 million civil penalty plus consumer restitution against Wells Fargo, among the  nation’s largest banks, for a series of unfair and abusive sales practices by thousands of employees that included opening secret accounts for hundreds of thousands of existing customers, solely to meet sales goals to receive financial incentives.

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News Release | Illinois PIRG Education Fund | Consumer Protection

Analysis of Payday Complaints Reveals Need for Stronger Federal Protections

Consumer complaints about payday loans to the Consumer Financial Protection Bureau (CFPB) show a critical need for strengthening the agency’s proposed rule to rein in payday loans and other high-cost lending, according to a report released today by the Illinois PIRG Education Fund.

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News Release | Illinois PIRG | Consumer Protection

Illinois PIRG Questions Experian/T-Mobile Giving Experian Breach Victims Credit Monitoring

In the wake of a massive data breach affecting Experian’s computers holding 15 million files of T-Mobile customers and applicants, we question why the firms are offering credit monitoring instead of paying to place credit, or security, freezes on all three of each victim’s credit reports. Only the security or credit freeze, available in any state, stops new account identity theft. Potential victims should freeze all of their “Big 3” credit reports from Experian, Equifax and TransUnion.

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News Release | U.S. PIRG | Consumer Protection

Over 7,000 Comments Submitted to Department of Labor

Every year, over $17 billion is lost from retirement savings to fees and charges, according to the Council of Economic Advisors. Today, we submitted over 7,000 PIRG member comments urging the U.S. Department of Labor to finalize a strong rule requiring retirement advisors to put the interests of their customers first. We also submitted a detailed expert comment of our own in the important "conflicted advice" rulemaking.

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News Release | Illinois PIRG Education Fund | Consumer Protection, Financial Reform

Top 10 List: How the CFPB Works for Consumers

The Consumer Financial Protection Bureau (CFPB) turns 4 today. To celebrate and increase public awareness of the agency, Illinois PIRG Education Fund released a new webpage, “Meet the CFPB: Just Ten of the Ways It Works for You.”

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News Release | Illinois PIRG Education Fund | Democracy

Final Numbers Show Big Money Dominated Chicago Mayoral Elections

Ninety-six percent of all money raised by the Rahm Emanuel and Chuy Garcia mayoral campaigns came from donors giving $1,000 or more, according to Illinois PIRG Education Fund analysis of fundraising reports, the latest of which were released late Wednesday. Only 2% came from donors giving less than $150.

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News Release | Illinois PIRG Education Fund | Consumer Protection

New Report: Mortgage Problems Rank #1 at CFPB for Consumer Complaints

Mortgage problems were the top source of complaints to the Consumer Financial Protection Bureau (CFPB), according to a report released today by the Illinois PIRG Education Fund.

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Report | Illinois PIRG Education Fund | Transportation

Millennials in Motion

Millennials are less car-focused than older Americans and previous generations of young people, and their transportation behaviors continue to change in ways that reduce driving. Now is the time for the nation’s transportation policies to acknowledge, accommodate and support Millennials’ demands for a greater array of transportation choices.

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Report | Illinois PIRG Education Fund | Transportation

Highway Boondoggles

Even though the Driving Boom is now over, state and federal governments continue to pour vast sums of money into the construction of new highways and expansion of old ones – at the expense of urgent needs such as road and bridge repairs, improvements in public transportation and other transportation priorities. Eleven proposed highway projects across the country – slated to cost at least $13 billion – exemplify the need for a fresh approach to transportation spending.

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Report | Illinois PIRG Education Fund | Public Health

Weak Medicine

Antibiotic-resistant bacteria infect more than 2 million people per year in the United States, causing more than 23,000 deaths. State governments, the FDA and other branches of the federal government should take steps to protect human health from the antibiotic-resistant bacteria that can develop on factory farms.

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Report | Illinois PIRG Education Fund | Public Health

Ending the Abuse of Antibiotics in Livestock Production

Over 70% of antibiotics in classes used in human medicine are sold for use in food animals.  This is typically done to increase the speed at which animals gain weight or to prevent disease caused by unhealthy and unsanitary conditions. The use of antibiotics – many of which are identical (or nearly so) to human medicines such as those containing penicillin, tetracycline, erythromycin, and sulfonamide - in livestock production on this massive scale accelerates the development of drug-resistant bacteria, which can then find their way to the human population through numerous pathways.

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Report | Illinois PIRG Education Fund and Citizens for Tax Justice | Tax

Offshore Shell Games 2014

Many large U.S.-based multinational corporations avoid paying U.S. taxes by using accounting tricks to make profits made in America appear to be generated in offshore tax havens—countries with minimal or no taxes. By booking profits to subsidiaries registered in tax havens, multinational corporations are able to avoid an estimated $90 billion in federal income taxes each year. These subsidiaries are often shell companies with few, if any employees, and which engage in little to no real business activity.

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Blog Post | Consumer Protection

Coalition Launched To Protect Retirement Savings from Wall Street Loopholes | Ed Mierzwinski

We've joined AARP, the Consumer Federation of America, AFL-CIO, Americans for Financial Reform and other leading groups to support an imminent Department of Labor rule to require retirement advisors to put consumers first. Wall Street brokerages and insurance companies have already launched a fierce lobbying attack, since they've been using loopholes to put themselves first to the tune of an estimated $17 billion/year by pocketing what should be your retirement income.

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Blog Post | Financial Reform

Anthem Customers and Others: Some Advice On Steps To Take After Data Breach | Ed Mierzwinski

UPDATED (9 Feb.) Retail store data breaches make a mess, but an easy one to clean up and the few consumers who become fraud victims are quickly made whole. The Anthem hackers, on the other hand, reportedly obtained a mother lode of information that could be used to commit a variety of serious frauds, including obtaining your tax refund. Read our tips here. Here's the first: Don't click on any emails claiming to be from Anthem; some may be malicious.

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Blog Post | Consumer Protection

On Veterans Day, How The CFPB Helps Veterans, and All of Us | Ed Mierzwinski

Columnist George Will recently (and not for the first time) urged Congress to “abolish the Consumer Financial Protection Bureau.” His reasons may seem to come from his conservative philosophy, but merely pander to the powerful Wall Street interests that left our economy in ruins just a few years ago. As a counterbalance, let’s discuss some recent speeches and statements by CFPB Director Richard Cordray on his vision for the bureau and some of its current work, including – on this Veteran’s Day – its efforts to protect military families from financial predators.

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Blog Post | Democracy

The "Level" Playing Field | Abe Scarr

The fact that allowing megadonors to contribute without limit is considered 'leveling the playing field,' creating a playing field on which the vast majority of Chicago voters can't play any meaningful role, is a sad statement of how big money has been allowed to dominate our elections

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Blog Post | Consumer Protection

We urge CFPB to add stories to complaint database | Ed Mierzwinski

While Congress gets the bulk of the news, a lot of the work in Washington is done by agencies writing rules or enforcing laws. The rulemaking process is a contentious battle, where powerful special interests mobilize thousands of lawyers and PR flacks to delay or kill efforts to protect consumer, worker and community health and safety or to make markets work. So, we fight back. Yesterday, we urged the CFPB to add consumer stories to its Public Consumer Complaint Database. We've also recently urged other agencies to take action, including asking the DOT to expand airline passenger rights and the FCC to protect a free and open Internet.

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