From: Leahy for Senate
January 31, 2012
Securities and Exchange Commission
I am a shareholder in about 20 individual corporations, as well as a stock mutual fund holder. It is my opinion that when the corporations, of which I am a shareholder, make political donations that I consider against my best interests, they are confiscating my share of the corporate earnings to injure me. At least, it should be possible for me to know which corporations are abusing my shareholder rights so I can sell the stock in favor of other investments more in my best interest.
Right now, Super PACs don't have to disclose their unlimited corporate donations. That means they can keep the shareholders and the public in the dark about who's funding the attack ads that bombard their TV screens daily. I do not consider their view that revealing their donations would disrupt shareholder meetings justification for secrecy. A better solution than shareholder deception would be for corporations to avoid political donations altogether.
That's why I'm joining with the 14 United States senators who formally asked you to use your regulatory authority to require that corporations disclose their spending in elections.
SEC: Exercise your regulatory authority to require public disclosure of corporate political contributions.