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The Corporate Political Disclosure Act Of 2018

The Corporate Political Disclosure Act of 2018

Today Congressman Carbajal and I publicly announced H.R. 5670, a bill I authored entitled “The Corporate Political Disclosure Act of 2018”.  This bill was introduced into the U.S. House of Representatives yesterday, May 1st by Mr. Carbajal.  The purpose of the bill is to require publicly traded companies to reveal their political expenditures in all their forms to shareholders and the public.  Presently, corporations do not have to tell shareholders when they are spending shareholder money (thanks to the horrible Citizens United ruling) to influence elections.  This is an abrogation of our First Amendment rights of speech (money) that protects your right not to speak (advocating for things you don’t agree with).  Presently, only about half of the S&P top 500 companies reveal their expenditures to its shareholders.  Research shows that corporate political spending is more likely to hurt shareholder interests than help them and that political spending is more a reflection of the managers’ political ideology. This bill will create uniform rules of disclosure for corporations in all 50 states. It’s another important step in reversing the tragic effects of the egregious Citizens United decision by our SCOTUS.  Thanks, Congressman Carbajal for working together on this important bill!

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