November 10, 2013
I am urging the Securities and Exchange Commission to require publicly traded corporations to declare publicly all if their political spending. This needs to happen as soon as possible.
“Hidden” groups take money from corporations, but are not required to publicly identify their corporate donors. They spent millions of dollars during the 2012 elections. The very foundation of democracy is subverted by such a system. The corporation money virtually purchases influence which affects the votes of Congress and other elected officials including judges. At the very least, voters and investors should have the means to know where such moneyed influence originates and judge for themselves how much influence it will have and track the voting records to see if those who cast votes and hand down judgments are following the wishes of the voters who put them into their positions or are voting according to the wishes of money. At least one study has been done that suggests that even a majority of poor and middle class citizens are basically ignored and that, regardless of political party affiliations, money talks and money is steering our government.
The Supreme Court’s ruling in Citizens United v. Federal Election Commission created the loophole that enables this secret spending, but the SEC has the authority to close it.
Both shareholders and the public must be fully informed as to how much corporations spend on politics and which candidates are being promoted or attacked. Disclosures should be posted promptly on the SEC’s web site.
Thank you for considering my comment.
Kay Red Eagle