November 8, 2013
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 – and to do so this year.
“Dark money” groups that accept contributions from corporations, but are not required to publicly identify their corporate donors, spent millions of dollars during the 2012 elections. It is a scandal that money from publicly traded corporations – which belongs to investors – can be secretly spent to distort our democracy.
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.
This behavior is being done with MY MONEY as a stock holder. I have no idea what is being said and by whom. This makes planning my financial portfolio that is consistent with my moral beliefs IMPOSSIBLE. This information is essential to the decisions I make on which publicly traded corporations I wish to support, or not support, when I find out what they are doing with my money.
They intentionally use misleading names to procure my money such as donations to (as an example) "Americans for Freedom". I have no desire to support this organization, EVER. If I do not know who is supporting them, I am unable to reallocate my financial resources to eliminate that corporation from my financial portfolio. That in my opinion is FRAUD.
I do not believe corporations are acting in MY INTEREST by participation in the political arena. I will chose whom I will support politically, not just 1 corporation I may have stocks in. I chose to buy stocks for financial issues but because I do not know if they are secretively using my money in politics I am unable to make an educated decission.
I cannot make that decission with out complete disclosure and transparency from all public traded corporations on what or whom they are contributing to in the politics.
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 to prevent FRAUD.
Thank you for considering my comment.