Comments Rain Down Upon SEC

Disclosure of corporate political spending sought.

, The National Law Journal

   | 1 Comments

A campaign to force disclosure of corporate political spending has bombarded the U.S. Securities and Exchange Commission with more than 1 million comments since 2011 — too many to ignore, according to a law professor behind the effort and his supporters.

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What's being said

  • James McRitchie

    Please continue to send e-mails in support of the petition to rule-comments@sec.gov. Include File Number 4-637 in the subject line. Copy and paste my comments or write your own:

    Mr. Brent J. Fields, Secretary
    Securities and Exchange Commission
    100 F Street, Northeast
    Washington, D.C. 20549
    Re: File Number 4-637.

    Dear Mr. Fields:

    I am an individual investor concerned with how the corporations I invest in are spending corporate funds on political activities. I write in support of a petition by the Committee on Disclosure of Corporate Political Spending, File Number 4-637. In Citizens United v. FEC the US Supreme Court noted that shareowners could “determine whether their corporation’s political speech advances the corporation’s interest in making profits” and could discipline directors and executives who use corporate resources inconsistently with shareowner interests.

    However, unless shareowners can easily access information about a company’s political speech and expenditures we will be unable to know whether such speech “advances the corporation’s interest in making profits” and will be unable to discipline directors and executives. The rulemaking sought by the petitioners would address that issue by giving shareowners the information we need to hold the managers and directors of our companies accountable.

    Surely, three years and more than a million comments later, it is time for the SEC to act.

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