Securities Law Updates | New Proposed Legislation
March 3, 2010
Senate Bill Restricts Corporate Spending in Elections
Citizens Right to Know Act
S. 3004, 2/4/2010
U.S. Sen. Sherrod Brown (D-OH) has unveiled legislation that aims to place restrictions on corporate spending in elections. Brown’s bill, which comes in the wake of the January Supreme Court ruling that corporations can use company dollars to influence the democratic process, would subject corporate campaign contributions to new measures of transparency and accountability.
By way of background, on January 21, the Supreme Court issued its ruling on Citizens United v. Federal Election Commission. In a 5-4 decision, the Supreme Court held that corporate funding of independent political broadcasts in candidate elections cannot be limited. This means that special interests –…
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