May 10, 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.
As a lifetime voter I am very upset about this ruling and the potential for undetected fraud, waste and abuse, I would also add that the rules for companies and private individuals to give monies to social welfare groups, the super PAC's need to ensure that monies given social welfare causes are going to this entity, and not political campaigns that fall under perview of the FCC. The group, headed by Karl Rove needs to be thoroughly investigated and to ensure he has stayed within the rules and regulations of the FCC, as well as the IRS.
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.
edna birch
carneys point, NJ