January 13, 2013
Securities and Exchange Comm.
Dear Securities and Exchange Comm.,
In January 2010, the Supreme Court issued a ruling that opened the floodgates for increased corporate influence in our elections. This decision, Citizens United v. FEC, rolled back long-standing restrictions on corporate spending in elections, allowing corporations, trade associations and non-profits to spend unlimited, and often undisclosed, amounts of money directly on elections.
I support the petition before the U.S. Securities & Exchange Commission (File No. 4-637) requiring public companies to disclose to shareholders the use of corporate resources for political activities. I urge the SEC to immediately take action on this matter.
SEC Commissioner Luis Aguilar has declared his support for these reforms, noting that this issue reflects a "core responsibility" of the SEC and should be addressed "swiftly". I hope that the remaining Commissioners heed his advice.