Kerry Proposes Watchdog for American Family Finances

Seeking to boost his credentials as a defender of the middle class, Sen. John F. Kerry of Massachusetts said Wednesday that as president he would establish a special White House watchdog to look after the financial interests of families and investors.

The new Director of Family Economic Security would coordinate federal programs aimed at safeguarding pension and retirement funds, reducing identity theft and ensuring fair practices in housing and lending, among other responsibilities, Kerry said.

The position would be part of a broad Worker’s Bill of Rights that Kerry described as “not something that’s formally passed, but a group of efforts, initiatives and ethics that we embrace in order to guarantee that we keep faith with the American dream.”

The plan, unveiled before a crowd of about 200 local Democrats and business people, was short on specifics. But it reflected Kerry’s recent focus on a populist-oriented message, in this case offering workers some protections from the worst of corporate abuses.

At the same time, Kerry described himself as an “entrepreneurial Democrat” and condemned wrongdoing by some corporate executives that have added to public skepticism about corporate America.

“I am a capitalist,” Kerry said. “I want people to make a profit. I want to create wealth. The more millionaires and billionaires we create in the United States of America, the better. But we need to create a fair playing field.”

Kerry’s Worker’s Bill of Rights includes his earlier call for a repeal of the Bush administration tax cuts for families earning roughly more than $200,000 a year. He would retain the tax cuts enacted for those making less and offer tax credits to help cover the costs of college.

Kerry also has offered a health care plan that would reimburse companies and insurers 75% of costs for catastrophic care cases that exceed $50,000, as long as health coverage is provided to all employees and savings on premiums of up to $1,000 are passed on to workers.

Kerry, who also wants to increase the minimum wage from its current $5.15 an hour, said Wednesday that if elected he would order an immediate review of existing trade agreements “to ensure that our trading partners are living up to their labor and environmental obligations.”

He did not detail how that would be achieved.

Later, Kerry spoke to workers at Timberland, the outdoor-clothing maker in Stratham, where he cited as a good example of corporate responsibility employee programs on preventive health care, child care at work and release time for community service.