Senators urge SEC on political spending
Friday 20 January 2012 - by Nicola.York@gfnews.com
US Democrat senator Robert Menendez spearheaded the calls from 14 senators who say that allowing corporations to influence elections without the consent of their shareholders is wrong.
Investors would need to approve a corporate budget for political expenditures on an annual basis via a majority vote and any expenditure over $50,000 would need to be individually approved. Additionally, the disclosure of each expenditure and individual board member votes would need to be disclosed online within 48 hours.
Menendez says that super Pacs are on their way to spending more than direct campaigns in 2012.
He adds: "These super Pacs have seemingly benign names like 'Americans For This' and 'Americans For That'.
"Make no mistake about it: these are not grassroots movements. They are corporations trying to influence the outcome of elections to whichever candidate will improve their bottom line, even if that's at the public's expense.
"When a corporation hides behind the curtain of the Supreme Court's decision, the integrity of our electoral process is compromised."
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