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Pressure Builds On SEC Over Political Spending

Pressure Builds On SEC Over Political Spending

In the push for corporate political spending reform there is a growing movement to pressure the Securities and Exchange Commission to step in an require publicly traded companies to disclose political activities.

In addition to yesterday’s rally at the SEC building which highlighted the need for disclosure of corporate spending in elections, concerned citizens have been submitting comments requesting the SEC act. Groups, as participants in the Corporate Reform Coalition, also pressured the commission to act through an ambush of public comments submitted to the commission. Currently, more than 75,000 people have submitted comments to the agency.

“The message from Americans could hardly be louder or clearer,” said David Arkush, director of Public Citizen’s Congress Watch division. “People who own publicly held companies have a right to know how their money is spent on politics. If corporate officers won’t disclose that information willingly, then the SEC has the responsibility to protect shareholder interests by compelling disclosure.”

Added Lisa Gilbert, deputy director of Public Citizen’s Congress Watch division, “The sheer diversity of the comments that have flooded the SEC is simply astounding. A wide array of stakeholders – from former major mutual fund managers to current investors to academics to good government groups – have all weighed in supporting this measure. The SEC should react now and create this essential rule to protect investors.”

Also at the action, Bill de Blasio, New York City Public Advocate, held a giant clock to symbolize that time is ticking for the SEC to act. Immediately after the rally, de Blasio hopes to meet with SEC Chair Mary Schapiro to discuss the need for transparency in corporate spending and to call on all of the commissioners to provide a timeline on when they will respond to this petition. Already, one sitting commissioner, Luis Aguilar, has voiced his support for the disclosure measure.

For more information, visit here. To learn more about the Corporate Reform Coalition, visit here.

Related Stories:

Rally At The SEC Against Secret Money In Politics

California Striking Back Against Citizens United

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Photo from 401K via flickr.

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9 comments

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4:51PM PDT on Mar 28, 2012

noted

7:59AM PDT on Mar 28, 2012

Absolutely they need to disclose. We, the people, have a right to know who's buying our elections.

5:25AM PDT on Mar 28, 2012

If you have a 401 k or 403 b, you are an investor. The money spent on politics, lobbying, and excessive pay for upper management is coming from your earnings. Speak up! If nothing else, you are being robbed.

3:54AM PDT on Mar 28, 2012

Great idea!

7:42AM PDT on Mar 27, 2012

Follow the money ... big business isn't going to like having its actions so transparent, but shareholders have a right to know where their money is being spent. Large investors (mutual funds, retirement funds, etc.) should be exerting pressure on both the SEC and individual companies for transparency in these matters.

7:24AM PDT on Mar 27, 2012

Thanks for sharing :))

6:57AM PDT on Mar 27, 2012

thanks for sharing

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Disclaimer: The views expressed above are solely those of the author and may not reflect those of
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Kathleen J. Kathleen is currently the Activism Coordinator at Care2. more
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