February 9, 2012
Securities and Exchange Comm.
Dear Securities and Exchange Comm.,
I am deeply alarmed about the undue influence of corporate money on our electoral process. I have heard recent estimates that the upcoming presidential race will involve upwards of $2 BILLION being spent, most of it by corporations (in the form of PACs), and most of it, therefore, undisclosed. Is our democracy, then, for sale?
This is a truly frightening turn of events for our country. Because of the Supreme Court’s horribly misguided ruling in Citizens United v. Federal Election Commission, publicly traded corporations can conceal expenditures of shareholder funds on politics. How can that be considered, in any way, "free speech?" Since these corporations are hiding behind various (usually patriotically-named) PACs, most Americans are unaware who is behind the ads they see, and what those corporations' self-interested motives are. This is not democracy, it's subliminal influence-peddling. Something needs to be done.
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 about corporate political spending and which candidates it is being used to promote or attack. Disclosures should be posted promptly on the SEC’s web site.
Thank you for considering my comment.
Sincerely,
Brian Rice