Campaign finance fight lands at the SEC's door - Anna Palmer and ...

Coming off the most expensive election in the country's history, the Securities and Exchange Commission is weighing a move to force public companies to stop hiding their political spending of shareholders? dollars.

The rule could dramatically increase the amount of information known about how some of the biggest companies and powerful political players dole out money to influence politics after the 2010 Citizens United ruling opened the floodgates on corporate-sponsored election ads.

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Lawmakers upset with the Supreme Court decision are eager for the SEC to take on a slice of the campaign finance fight.

"In the context of Citizens United, at least requiring corporations that are publicly traded to have to go ahead and let their shareholders know what contributions are being made is an appropriate protection for the shareholder to have a voice in that process and generally for the public to know what companies are funding what," Sen. Robert Menendez? said.

The New Jersey Democrat, who sits on the Senate Banking Committee that oversees the SEC, led a letter sent to the SEC last year signed by 14 other senators urging the commission to implement the disclosure requirements. They specifically called for more transparency on independent expenditures, electioneering communications and donations to outside groups such as super PACs.

Rep. Michael Capuano (D-Mass.) told POLITICO that a rule would empower shareholders.

"Who owns the company, is it the CEO or the shareholders? It's pretty obvious it?s the shareholders," Capuano said, who favors allowing shareholders to vote on political spending. "There is a questionable business purpose to be involved in political speech."

While some companies do disclose political spending, there is no formal requirement.

It's unclear when the SEC could take up the matter, but advocates are hoping for early this year.

?We need to make it happen as soon as possible because the closer we get to the next election cycle the harder it will become to get these things in place and we want to have them in place before the 2014 midterm election,? said Rep. John Sarbanes (D-Md.) said Tuesday on a call organized by supporters of the rule.

An SEC spokesman said the rule is in the "staff consideration phase."

The idea is appearing for the first time on the Office of Management and Budget?s agenda of agency rulemakings, which was released Dec. 21, and it sets an April time frame for when the SEC may release a proposal.

Supporters are hailing the SEC?s decision to include the idea on the OMB list, arguing the agency would not have done so if it was not serious about advancing a proposal.

?This is really a momentous moment for protecting investors,? said Lisa Gilbert, director of Public Citizen's Congress Watch.

The push to require more disclosure began in August 2011 when a group headed by Harvard Law professor Lucian Bebchuk and Columbia Law School professor Robert J. Jackson, Jr. petitioned the agency to put a rule in place.

While the pressure on the SEC has been steadily building since that time, advocates have lacked an opportunity to leverage the issue onto the agency?s agenda.

That may change early this year.

President Barack Obama is expected to nominate in the first few months of the year a replacement for the spot on the commission left open when former Chairman Mary Schapiro departed on Dec. 14.

The confirmation process will give congressional advocates of the rule a chance to put the issue in the spotlight and pressure the nominee to get behind increased disclosures.

"When a nomination is made, there will be a hearing and that will be an opportunity to bring that up," Menendez said.

Any action before a new commissioner is confirmed could be difficult.

Source: http://www.politico.com/story/2013/01/campaign-finance-fight-lands-at-the-secs-door-85917.html

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