January 18, 2012
Corporations have much more money and influence than I do. I am very deeply concerned about the influence of corporate money on our electoral process. Too many people believe what they see in advertisements. Too often, the candidate with the most money wins. That is not free speech, that is bribery.
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. That was a move made by an out-of-control activist court.
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.
It is possible that some CEOs are not looking after the welfare of their companies so much as their own selfish ends. An America that has little or no Middle Class is an America that will be weak, under-educated, and less and less powerful and less and less respected.
America must NOT become a banana republic with the vast majority of economic power held in the hands of the few. Banana republics and oligarchies tend toward stasis and destroy wealth instead of create wealth.
Thank you for considering my comment. I hope you will rule on this matter in a way that is most fair to shareholders...full disclosure on the part of corporations.
Irene Chang
Bartlesville, OK