April 18, 2012
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.
As I read through the proxy statements of stocks I own, many shareholders are submitting petitions to require corporations to report on their political spending. However, few are passed. It is essential that shareholders know how much money (our profits) and which candidates or causes this money is being used to support. In addition, the public needs to know what corporations are supporting candidates, causes or legislation. Corporate resources dwarf those of individual Americans and distort the voice of the people while magnifying that of businesses. We all have a right to know and see that. Please shed light on political spending.
Thank you for considering my comment.
Susan McCormack