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Thread: SEC may force Wall Street to disclose all corporate political donations

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    SEC may force Wall Street to disclose all corporate political donations

    The Securities and Exchange Commission (SEC) is considering a rule that could stem the tide of shadowy corporate money into political advocacy groups, plugging a hole in campaign finance law blown open by the Supreme Court’s controversial decision in Citizens United v. Federal Election Commission.The rule, supported by a broad coalition of advocacy groups, pension funds, academicsand more than 70 members of Congress, surprisingly hinges upon a portion of the Supreme Court’s decision in Citizens United, in which Justice Anthony Kennedy says that while the government cannot ban speech ahead of elections based upon corporate identity, it does have a compelling interest in protecting shareholders from unknowingly funding political speech whenever it may occur.
    “There is, furthermore, little evidence of abuse that cannot be corrected by shareholders ‘through the procedures of corporate democracy,’” Kennedy wrote, citing corporate free speech precedent set by the court’s 1978 ruling in First Nat’l Bank of Boston v. Bellotti.

    As a result, activists are pushing the SEC toconsider a rule that would force all publicly traded companies to disclose their political spending to shareholders, forcing hundreds of millions of secretly-spent dollars out into the open. A petition on the agency’s website has garnered nearly half a million signatures and comments, which The New York Timesnotes is vastly more public comments than any other rule has received in the agency’s history.


    Read more @: SEC may force Wall Street to disclose all corporate political donations | The Raw Story

    I really really hope this passes. Corporate money in politics is a huge problem but disclosing it would be a victory for transparency and democracy.


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    Re: SEC may force Wall Street to disclose all corporate political donations

    Finally the SEC steps up. Let's hope their boss is onboard with this.

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    Re: SEC may force Wall Street to disclose all corporate political donations

    every cent given to a candidate or superpac should have to be disclosed.

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    Re: SEC may force Wall Street to disclose all corporate political donations

    This is good. Corporations should, under the first amendment, have the right to make campaign contributions like anyone else. But the owners of those corporations have every right to know what their corporation is doing in their name.
    Don't be a grammar nazi - Marcus Aurelius, Meditations, Book 1 #7

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    Re: SEC may force Wall Street to disclose all corporate political donations

    Quote Originally Posted by TheDemSocialist View Post
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    Read more @: SEC may force Wall Street to disclose all corporate political donations | The Raw Story

    I really really hope this passes. Corporate money in politics is a huge problem but disclosing it would be a victory for transparency and democracy.
    What exactly is the problem with "corporate money in politics"? I do agree that any donation should be disclosed to the fullest and most timely as possible. It would also help to actually expel any member of Congress who violates any ethics rules.

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    Re: SEC may force Wall Street to disclose all corporate political donations

    I don't believe corporate money in politics is any more dangerous than other money in politics but I would support fully all donations being transparent. I'd also support legislation that prohibited publically traded companies from donating to political parties unless all donations are spread evenly among those parties running candidates and the same would go for unions and other associations.

    I oppose the powers that be at the head of both publically traded corporations and unions funnelling money to political causes I as a shareholder or union member don't support unless both sides are funded equally.

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    Re: SEC may force Wall Street to disclose all corporate political donations

    A step in the right direction for Democracy, political lobbying through what is no better than bribing takes away the credibility of the politician. The masses would not wish for a politician sponsored by Malborough & Meryll Lynch given the choice.

    We need more politicians with non-corporate sponsored backing as they would do right by the electorate, rather than be swayed by the money.*

    Capitalism is a pre-requisite of Democracy, however when your funding base is Goldman Sachs,
    Bank of America,Morgan Stanley,JPMorgan Chase & Co,Wells Fargo,Credit Suisse Group,Deloitte LLP,Kirkland & Ellis,CitigroupInc,PricewaterhouseCoopers,UBS, AG, Barclays, Ernst & Young,HIG Capital
    Blackstone Group,General Electric,EMC Corp,Bain Capital, & Elliott Management

    Your capitalist funding makes it Impossible to deliver democracy.*

    If you really want to know what a politician is going to do, check their Capitol Hill funding.
    **
    The American Spectator : Countrywide Corruption on Capitol Hill

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