November 6, 2013
SEC Comment file 4-637
Dear Comment file 4-637,
I am deeply concerned about the influence of corporate money on our electoral process.
In particular, I am appalled that, because of the Supreme Court's ruling in Citizens United v. Federal Election Commission, publicly traded corporations can spend investor's money on political activity in secret.
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 as to how much the corporation spends on politics and which candidates are being promoted or attacked. Disclosures should be posted promptly on the SEC's web site.
The right to know is the most basic tenant of a functional democracy.
Without reliable and accurate knowledge, the right to choose a wise investment or vote intelligently and conscientiously at a corporate shareholders meeting is seriously impeded.
The public has the right to know and the SEC has the obligation to ensure that the public has the tools to know how corporate funds are allocated, when and to whom.
Political donations are like any other corporate spending and should be itemized and explained under a new rule because they affect the company balance sheet and the wider implications of corporate activities.
Thank you for considering my comment.
Sincerely,
Garth Murphy