Earlier this year, the Supreme Court decided Citizens United v. Federal Election Commission, which overturned a long-time ban on companies and unions spending unlimited funds for or against political candidates in federal elections (President, U.S. Senate and House of Representatives). It used to be that companies and unions weren’t allowed to use “general treasury” funds on ads and other communications that advocated for the election or defeat of specific candidates. Not anymore. These entities can now spend unlimited funds to influence elections. Not great.
That’s where the DISCLOSE Act comes in. (DISCLOSE stands for Democracy is Strengthened by Casting Light on Spending in Elections. Rolls right off the tongue.) The goal of the bill – a version was introduced in both the House and the Senate – is to increase transparency and require fuller disclosure of political spending (not end the spending itself entirely, which would have to be done with an amendment to the Constitution). You can read a summary of the bipartisan bill that was introduced in the House yesterday by clicking here.
Specifically, the bill would prohibit foreign-controlled corporations from making political expenditures. In addition, entities with government contracts of $50,000 or more or those that got money under the Troubled Asset Relief Program (TARP) and have not paid back the taxpayers would be barred from this type of political spending. Other requirements, as summarized by the Washington Post, include: “companies and unions would have to identify themselves on ads that they pay for; disclose information about such expenditures to shareholders and the public; and stand by the message of any ads through statements from a CEO or other top official, much as political candidates currently are required to do.”
President Obama likes it:
“I welcome the introduction of this strong bi-partisan legislation to control the flood of special interest money into America’s elections. Powerful special interests and their lobbyists should not be able to drown out the voices of the American people. Yet they work ceaselessly toward that goal: they claim the protection of the Constitution in extending this power, and they exploit every loophole in the law to escape limits on their activities. The legislation introduced today would establish the toughest-ever disclosure requirements for election-related spending by big oil corporations, Wall Street and other special interests, so the American people can follow the money and see clearly which special interests are funding political campaign activity and trying to buy representation in our government. I have long believed that sunlight is the best disinfectant, and this legislation will shine an unprecedented light on corporate spending in political campaigns. This bill will also prohibit foreign entities from manipulating the outcomes of American elections and help close other special interest loopholes. I hope that Congress will give this legislation the swift consideration it deserves, which is especially urgent now in the aftermath of the Supreme Court’s Citizens United decision. Passing the legislation is a critical step in restoring our government to its rightful owners: the American people.”
What do you think?
