Carly Fiorina, former chief executive of Hewlett-Packard, was broadly critical of the Dodd-Frank Act and regulation in general, two positions that heartened bankers. But she failed to gain traction in the Iowa or New Hampshire primaries, and subsequently dropped out of the race. Here's where she stood on key issues:
'Too Big to Fail'
Fiorina has said little specifically about solving "too big to fail," beyond frequently noting that Dodd-Frank has consolidated the top of the industry – taking the 10 biggest institutions and turning them into five even larger banks.
She told Fox News before the third Republican primary debate in October that she would have let the big banks fail during the financial crisis.
Fiorina has repeatedly criticized Dodd-Frank, calling for its repeal and warning that the law hurts small banks.
"I think what's interesting about Dodd-Frank is it's a great example of how socialism starts," she said at the fourth GOP debate. "Socialism starts when government creates a problem, and then government steps in to solve the problem. Government created the problem."
Fiorina has joined GOP rivals in speaking out against "crony capitalism" in public debates.
"Crony capitalism is what happens when government gets so big and so powerful that only the big and the powerful can handle it," she said at the third Republican primary debate on Oct. 28. "Why are there five even bigger Wall Street banks now, instead of the 10 we used to have on Wall Street? Because when government gets big and powerful, the big feel like they need to get even bigger to deal with all that power, and meanwhile, the small and the powerless — in this case, 1,590 community banks — go out of business."
She added that reducing the size and scope of government is the "only way to level the playing field between big and powerful and small and powerless."
Fiorina has also been critical of the consumer agency, raising questions about its data collection methods.
"We've created something called the Consumer Financial Production Bureau, a vast bureaucracy with no congressional oversight that's digging through hundreds of millions of your credit records to detect fraud," she said during the fourth Republican debate in November.
Fiorina has been critical of the Federal Reserve, warning that the central bank is too powerful and that its low interest policies have hurt middle-class families.
"It doesn't hurt the big or the powerful or the wealthy or the well-connected, because they are the investor class, because they can invest in equities or real estate, which is the only place you can get a return now," She said in a video on her website, noting instead that those harmed include retirees, college students and young couples saving for their first home. "Anyone who is trying to save money is harmed because they're not earning a return."
Fiorina recommended removing the Fed's dual mandate to monitor inflation and unemployment and requiring more transparency from Fed board members.
Although Fiorina has not yet put forth a comprehensive tax plan, she has cited as a model the Hall-Rabushka flat-tax plan, developed by senior Hoover Institution fellows Robert Hall and Alvin Rabushka. At one of the debates, Fiorina called for a three-page tax code and a postcard-size return.
Individual income tax: The Hall-Rabushka plan, as revised in 1995, would add up compensation, subtract the personal allowance and tax the remainder at 19%. Under the plan as put forth in 1995, the personal allowance would be $9,500 for single filers, $14,000 for head of household and $16,500 for joint filers; each dependent would be provided an additional $4,500 allowance.
Capital gains: No specific position, although would presumably need no special treatment.
Corporate tax: Under the Hall-Rabushka plan, a 19% tax is levied on "business receipts less the cost of business inputs, less compensation paid to employees, and less the cost of capital equipment, structures, and land."
Payroll withholding would remain in place under the plan.
Estate tax: No specific proposal.
Health Care and Employee Benefits
Like others in the GOP race, Fiorina favors a repeal of the Affordable Care Act and wants to replace it with plans similar to those proposed by Rep. Tom Price, R-Ga., and Minnesota Gov. Scott Walker. Additionally, she:
- Opposes a paid maternity leave requirement. (Huffington Post)
- Opposes government involvement in retirement.
- Has said she would not agree to increasing the retirement age until the waste in the system was cleaned up.
- Opposes an increase in the federal minimum wage.
|Top 10 Financial Donors|
|Oaktree Capital Management||$10,800|
|Impala Asset Management||$7,500|
|Aurelius Capital Management||$5,400|
|Capital Group Companies||$5,400|
|Hanna Capital Management||$5,400|
Source: Center for Responsive Politics. Data as of Sept. 30, 2015