Bill Calls For Shareholder OK On Political Spending

Law360, New York (February 5, 2010, 4:30 PM EST) -- In the wake of a U.S. Supreme Court decision striking down decades' worth of restrictions on corporate spending in elections, Sen. Sherrod Brown, D-Ohio, has introduced a bill that would require shareholder approval for political spending by publicly traded companies.

The Citizens Right to Know Act, which Brown introduced Thursday in response to the Supreme Court's ruling in Citizens United v. Federal Election Commission, would require the shareholders of a corporation to vote to approve political expenditures in advance of any such spending.

The legislation would...
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