Companies should disclose political spending, Democrats say

The Securities and Exchange Commission should require publicly traded companies to disclose their political spending to shareholders, a group of 43 House Democrats said on Thursday
In a letter to SEC Chairman Mary Schapiro, the lawmakers said last year’s decision by the Supreme Court in the Citizens United case has left shareholders “completely in the dark” about how corporate funds are used – and that their money could be used for political attack ads
“The present system serves the interest of no one except corporate executives wishing to skirt accountability from their shareholders,” wrote the lawmakers, including Reps.
Gary Ackerman of New York, Chris Van Hollen of Maryland and Jan Schakowsky of Illinois
The lawmakers said the disclosures should appear on proxy statements, quarterly and annual reports and registration statements
The Citizens United case allowed companies to run unlimited issue ads. Republicans including Senate Minority Leader Mitch McConnell of Kentucky supported the high court’s decision in January 2010, saying it restored First Amendment rights to corporations and others
– Robert Schroeder