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(Here's one solution - thanks, Rep. Capuano! What's yours? - promoted by David)
This week I introduced the Shareholders Protection Act, H.R. 4573, which would require a shareholder vote before any corporate general treasury funds can be spent on political activity. The recent Supreme Court ruling in Citizens United v. Federal Election Commission will basically open the floodgates of corporate spending in federal campaigns. Arguing that a corporation should be treated as an individual for the purposes of free speech, the court ruled in a 5-4 decision to allow corporations to freely spend their money on politics. I find the logic of the majority extremely flawed and am very disappointed in this ruling. We should be moving in the exact opposite direction, limiting outside influence, not enhancing corporate voices in our elections. Those of you who are familiar with me know I have always been a strong defender of free speech, and I always will be. This ruling ignores the free speech rights of the shareholders themselves. Shouldn't they have a say in how these funds are spent? It's their money after all. My legislation has the support of U.S. PIRG and Public Citizen, and I am optimistic that many of my colleagues will sign on as well. We know that we cannot reverse the full impact of this ruling legislatively, but Congress can certainly take steps to ensure that the voice of the voters is not overshadowed by corporate influence. I am also working with my colleagues to develop a more comprehensive approach to this ruling and I will keep you informed on our progress.
