Publicly Traded Companies Should Have to Reveal Political Activity, Groups Say at Action
WASHINGTON, D.C. – The Securities and Exchange Commission (SEC) should require publicly traded companies to disclose their political activity, People For the American Way, the Coalition for Accountability in Political Spending (CAPS), Public Citizen, Common Cause, U.S. Public Interest Research Group (USPIRG) and other groups said at a rally today held outside the SEC building. The action highlighted the need for disclosure of corporate spending in elections in the wake of the U.S. Supreme Court’s decision in Citizens United v. Federal Election Commission, which allows corporations to spend unlimited amounts from their treasuries to influence elections.
As participants in the Corporate Reform Coalition , the groups also pressured the commission to act through an avalanche of public comments submitted to the commission. Currently, more than 75,383 people have submitted comments to the agency. The Supreme Court endorsed full disclosure by an 8-1 majority in the Citizens United ruling and one SEC Commissioner, Luis Aguilar, has voiced his support.
“As we work toward a constitutional amendment to undo the harmful effects of Citizens United, a rule requiring publicly-traded corporations to disclose their political spending would be a powerful step toward curbing the undue influence that well-heeled special interests hold in our elections,” said Marge Baker, Executive Vice President of People For the American Way. “A functioning democracy requires transparency – and today we urge the SEC to take action to uphold that fundamental value.”
To learn more about the Corporate Reform Coalition, visit: http://www.corporatereformcoalition.org .