This is a continuation of a prior post concerning initiatives to fight big money in politics. In that post, 4 initiatives were discussed in which action can be taken to reduce the influence of big money in politics and in our government or, at least, bring attention to that need. This post discusses 4 more initiatives.
5. SEC Regulation
This initiative involves soliciting the Securities and Exchange Commission (SEC) for a rules change in order to provide more transparency in corporate political spending. One of the arguments used by the Supreme Court in substantiating its Citizens United decision was that there would be full disclosure and transparency in corporate political spending, so there was no need to worry. However, this has turned out not to be the case. Because of the dysfunctional Federal Election Commission (FEC), disclosure rules are becoming more and more ineffective because of all the loopholes. Even Congress tried to pass a law requiring all publicly traded corporations to disclose their political spending, but has twice failed. Many are now looking to the SEC to act. Since the SEC has rulemaking authority in this area, it has the power to require disclosure. Continue reading