To: Mary L. Shapiro, Securities and Exchange Commission, Chairwoman
A First Step in Overcoming Citizens United
Please support and implement rules at the SEC that require all publicly traded companies to disclose in monthly filings and annual reports to shareholders a list of all campaign contributions in any given year which exceeds $2000 to any individual, campaign fund, political party or PAC.
Why is this important?
On 6-25-12, the Supreme Court reaffirmed Citizens United when it overturned Montana's 100-year old state law limiting corporate spending in elections. Ultimately the only way to reverse the now permissible giving of unlimited and undisclosed campaign contributions is by amending the Constitution. And to get complete disclosure of where the money is coming from would take an act of Congress. Both of these remedies will take a long time and success is not assured.
The purpose of this petition is to ask the Securities and Exchange Commission to promulgate rules on an expedited basis that would require publicly traded companies to disclose all political contributions of $2000 or more to any candidate, campaign fund, political party or super PAC in any given calendar year. Any contributions falling under this rule would need to be reported in a monthly SEC filing and all such contributions would need to be set forth in the annual report to shareholders, in a section of the report that immediate follows disclosure of executive compensation. Shareholders when investing in a company have a right to know how much revenue is being devoted to political contributions (now that there is no limit) and precisely who and what are the beneficiaries of the corporation's generosity. This type of disclosure is similar to the existing disclosure rules on executive salary, bonuses and benefits as investors have a right to know how much money is being spent in an area where there is much discretion.
The purpose of this petition is to ask the Securities and Exchange Commission to promulgate rules on an expedited basis that would require publicly traded companies to disclose all political contributions of $2000 or more to any candidate, campaign fund, political party or super PAC in any given calendar year. Any contributions falling under this rule would need to be reported in a monthly SEC filing and all such contributions would need to be set forth in the annual report to shareholders, in a section of the report that immediate follows disclosure of executive compensation. Shareholders when investing in a company have a right to know how much revenue is being devoted to political contributions (now that there is no limit) and precisely who and what are the beneficiaries of the corporation's generosity. This type of disclosure is similar to the existing disclosure rules on executive salary, bonuses and benefits as investors have a right to know how much money is being spent in an area where there is much discretion.