November 6, 2013
SEC Comment file 4-637
Dear Comment file 4-637,
I am deeply concerned about the influence of corporate money on our electoral process. The fact that the law of the land allows corporations with deep pockets to use their financial influence is unconscionable. However, to further allow corporations to do their influence peddling behind closed doors secretly, exacerbates the process and creates an unfair advantage against the average voter. I realize I may be invested in some of the corporations abusively taking advantage of the current law; it does not mean I agree with their political view.
In particular, I am appalled that, because of the Supreme Court's ruling in Citizens United v. Federal Election Commission, publicly traded corporations can spend investor's money on political activity in secret.
I am writing to urge the Securities and Exchange Commission to issue a rule requiring publicly traded corporations to publicly disclose all their political spending.
Both shareholders and the public must be fully informed as to how much the corporation spends 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.
Sincerely,
R. M. McKenna