Secret Money Lobbyists Fight SEC Disclosure Rule
A new rule, sparked by shareholder complaints, would compel publicly traded corporations to disclose much of their political spending to investors. The Securities and Exchange Commission announced last month that it will release a rule-making in April of this year.
The proposal arrives on the heel of the first post–Citizens United presidential and congressional election, which was the most opaque in recent history. The Huffington Post’s Paul Blumenthal reported that over $416 million was spent in the last election from sources that do not disclose donors.
Lobbyists, especially those guiding large amounts of undisclosed corporate cash into the election, are not pleased with the SEC proposal. Trade groups that lobby for Walmart, Chevron and major Fortune 100 companies are registering their disapproval on the SEC’s open comment website.
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Advocates for the rule are gaining momentum. Over 320,000 comments, from academics, political leaders, public interest groups and individual citizens have been received by the SEC “More than 150,000 CREDO members took time out of their busy schedules to submit a public comment to the SEC to help end the corrosive flood of anonymous corporate money into our political system,” said Becky Bond, Political Director of CREDO Action.
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