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Disclosure it is, then

Submitted by Simon on Thu, 02/11/2010 - 7:04pm

I want to see the actual bill, but stripped of the schoolyard rhetoric attending it, the substance of the proposed Congressional response to Citizens United seems positive:

Opting against a constitutional amendment to undo the court’s rejection of existing laws that ban certain political spending by corporations, Democrats are proposing to ban donations by foreign-influenced and taxpayer-assisted corporations, as well as a series of tough new disclosure requirements on corporations that would still be allowed to steer money toward political action groups. … Schumer and Van Hollen have written legislation — which they will introduce the week Congress returns from the Presidents Day recess — to ban companies with 20 percent or more foreign make-up, as well as government contractors, from being able to fund political advertisements. But the new ban would also extend to any company that received and has not yet paid back Wall Street bailout funds.

As I've already said (and consistent with my general view of regulation), I would be fully supportive of a clear, concise, but robust new statute which requires effective and prompt disclosure, reporting, and notification requirements on corporate politicking.

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