Senate Dems Push SEC For Corporate Political Spending Rule
Law360, New York (September 1, 2015, 8:24 PM EDT) -- Senate Democrats have urged the U.S. Securities and Exchange Commission to pass a rule to force public companies into disclosing their political spending, a firebrand issue since the U.S. Supreme Court declared corporate political advertisements a form of speech protected by the Constitution.
In a letter to SEC Chair Mary Jo White on Monday, 44 senators including Jeffrey Merkley of Oregon and Robert Menendez of New Jersey said they supported a rulemaking petition submitted in August 2011 that would require companies to tell shareholders how they use corporate resources for political activities.
They said the rule was needed in light of...
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