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WASHINGTON, April 29 – In a move aimed at stemming the tide of corporate money into political campaigns allowed by the recent Supreme Court’s ruling Citizens United vs. Federal Election Commission, Senator Charles Schumer and Congressman Chris Van Hollen introduced the DISCLOSE Act today.
The DISCLOSE (Democracy Is Strengthened by Casting Light On Spending in Elections) Act includes a set of strong and necessary reforms which will help protect American elections from the flood of corporate money made legal in the January 21 Supreme Court ruling.
“The stakes could not be higher, and this bill is must-pass legislation. Our democracy is truly at risk, and Congress needs to take immediate action to ensure the protection of the rights of individual citizens instead of corporations,” commented Janet Domenitz, Executive Director of MASSPIRG.
The reforms in the bill will increase disclosure information about advertising spending from corporate sources, and create stand-by-your ad requirements for CEOs. In addition, foreign corporations with domestic subsidiaries, federal contractors and TARP recipients who have not repaid their funds will be banned from spending their money on politics.
“The DISCLOSE Act is a critical first step to protect the public. Regular Americans staunchly disagree with this ruling. There’s no doubt about it,” Domenitz added. “The last thing people want to see are corporations with a bigger role in politics.”
MASSPIRG has also asked Congress to add Representative Mike Capuano’s Shareholder Protection Act to the final reform package. The Capuano bill will provide an additional and crucial level of protection for the public from the flashflood of corporate money and give investors a say in how their money is spent in politics.
Domenitz concluded, “The playing field of American politics is far from level. Congress must pass and strengthen the reforms found in this bill to protect regular voters and the 2010 elections.”
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