Members of Senate Banking Committee, Former SEC Commissioner Urge Support for Disclosure

Senate should use political spending disclosure rule as litmus test for new SEC nominees

U.S. PIRG

WASHINGTON, D.C. – U.S. PIRG commends Sen. Schumer, Sen. Merkley and Sen. Menendez as well as the Republican former Chair of the Securities and Exchange Commission William Donaldson, who today urged President Obama’s new nominees to the SEC to make a corporate political spending disclosure rule a priority during their time in office.

“Following the infamous 2010 Citizens United decision, the past few elections have been flooded by corporate dark money and this secret spending creates real risks for investors who have no way to evaluate how corporations are spending their money. The SEC has a responsibility to protect investors and shed light on this spending,” said Elise Orlick, Democracy Associate at the U.S. Public Interest Research Group (PIRG).

The proposed disclosure rule has received unprecedented support from numerous sources in recent years. It solicited a record 1.2 million comments from the public on the SEC website, the vast majority of which were supportive. In late August 44 Democratic Senators, another record number, signed a letter to SEC Chair Mary Jo White urging her to approve the rule.

The Senators were joined by former Republican SEC Chair William Donaldson. Former Democratic Chair Arthur Levitt and former Democratic Commissioner Bevis Longstreth have also voiced support for the rule in the past.

###
 

U.S. PIRG, the U.S. Public Interest Research Group, is a consumer group that stands up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society.