Last week, the House Financial Services Committee passed the H.R. 4790, the Shareholder Protection Act of 2010. The legislation will amend the Securities Exchange Act to require shareholder approval before a publicly traded company may engage in political speech.
The types of political activities requiring shareholder approval include independent expenditures, political contributions, electioneering communications, and dues or other payments to trade associations and other nonprofits that may sponsor independent expenditures.
It appears that Congressional Democrats are continuing their quest to chill political speech sponsored by their issue opponents in the business community. The U.S. Chamber of Commerce opposes this legislation.
Posted in Campaign Finance, Congress, Corporations, Disclosure, Elections, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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Tagged Campaign Finance, Congress, Corporations, Disclosure, Elections, Labor Unions, Legislation, Party Committees, Politics, Trade Associations
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The Los Angeles Times reports that Representative Maxine Waters (D-CA) faces ethics allegations stemming from her efforts to help a bank with ties to her husband. A source close to Representative Waters indicates that she intends to contest the charges in a House trial. More information on this matter may be released Monday.
The other Democratic Representative facing ethics charges and a possible House trial is Representative Charles B. Rangel (D-NY), the former chairman of the powerful House Ways and Means Committee. Representative Rangel faces a possible House trial on thirteen ethics charges that were disclosed last Thursday in a rare public hearing of the House Ethics Committee.
CQ Politics reports that at least three independent expenditure PACs have registered with the Federal Election Commission (“FEC”) since the FEC issued two advisory opinions holding that such groups may accept unlimited donations from individuals, corporations and labor unions. The advisory opinions also provided technical guidance on registration and reporting requirements for such groups.
Posted in Advisory Opinions, Campaign Finance, Corporations, Disclosure, Elections, FEC, Labor Unions, Outside Groups, Politics, Trade Associations
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Tagged Advisory Opinions, Campaign Finance, Corporations, Disclosure, Elections, FEC, Labor Unions, Outside Groups, Politics, Trade Associations
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The Federal Election Commission’s Weekly Digest for the week of July 26-30, 2010 is now available.
Posted in FEC
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Tagged FEC
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Politico reports that Senate Democrats have tabled the DISCLOSE Act for the time being. However, they may bring it up for another vote this fall if they believe they can score some political points. The strategy appears to be fairly consistent with the partisan political purposes of the legislation.
Posted in Campaign Finance, Congress, Corporations, Disclosure, Elections, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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Tagged Campaign Finance, Congress, Corporations, Disclosure, Elections, Labor Unions, Legislation, Politics, Trade Associations
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The U.S. Senate just completed the procedural vote to proceed to debate regarding the DISCLOSE Act. Senate Democrats failed to achieve the required 60 votes, and the motion failed 57 to 41. We will have to wait and see if the they try to bring the legislation to the floor again.
Posted in Campaign Finance, Congress, Corporations, Disclosure, Elections, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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Tagged Campaign Finance, Congress, Corporations, Disclosure, Elections, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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Politico reports that the White House has announced that President Obama will make a statement on the DISCLOSE Act today at 2:20 pm.
Posted in Campaign Finance, Congress, Corporations, Disclosure, Elections, Labor Unions, Legislation, Obama Administration, Outside Groups, Politics, Trade Associations
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Tagged Campaign Finance, Congress, Disclosure, Elections, Labor Unions, Legislation, Obama Administration, Outside Groups, Politics, Trade Associations
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The National Journal reports on the DISCLOSE Act maneuverings in the Senate in advance of tomorrow’s cloture vote.
Posted in Campaign Finance, Congress, Corporations, Disclosure, Elections, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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Tagged Campaign Finance, Congress, Corporations, Disclosure, Elections, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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Politico published an article discussing a new initiative by two groups to strengthen the lobbying registration requirements. Specifically, the American League of Lobbyists and Sunlight Foundation are teaming up to advocate the elimination of the 20% lobbying activities requirement so that behind-the-scenes players are required to register and report their activities under the Lobbying Disclosure Act. According to the article:
Currently, the law requires people to register as lobbyists if they make more than one contact, spend more than 20 percent of their time lobbying and have more than $11,500 in expenses or $3,000 in income from lobbying per quarter.
Sunlight is proposing to eliminate the 20 percent rule and to lower the thresholds to $5,000 in expenses or $2,500 in income per quarter, said Lisa Rosenberg, a Sunlight lobbyist.
The full article can be found here.
Posted in Congress, Corporations, Disclosure, Legislation, Lobbying, Politics
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Tagged Congress, Corporations, Disclosure, Legislation, Lobbying, Politics
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Last week, the Federal Election Commission (“FEC”) adopted an advisory opinion in response to a request from Commonsense Ten, a Democratic soft money group that intends to air advertisement protecting Democratic incumbents and attacking Republican candidates. The FEC advisory opinion request sought confirmation that independent expenditure PACs established pursuant to the SpeechNow.org federal court opinion may solicit and accept donations from corporations and labor organizations.
Buried on footnote 3 of Advisory Opinion 2010-11 is a simple statement that may provide a commonsense comment on the DISCLOSE Act’s disparate treatment of corporations and labor unions. Footnote 3 states:
Although Citizens United did not directly address whether labor organization also have a First Amendment right to use their general treasury funds for independent expenditures and electioneering communications, the Act and Commission regulations generally treat labor organizations in the same way as corporations. The Court’s decision suggests no basis for treating labor organization communications differently than corporate communications under the First Amendment. (emphasis added)
It’s important to remember that the DISCLOSE Act’s expanded federal government contractor and foreign national bans only apply to corporations and not labor unions. In addition, the draconian disclosure requirements have been carefully tailored to exempt labor unions from many of the disclosure requirements while any incorporated entity – including new grassroots organizations – suffer the full effect of the burdens imposed by this misguided legislation.
There is no basis to treat similarly situated labor organizations and corporations differently other than to tilt the playing field in favor of the Democratic Party. The DISCLOSE Act seeks to suppress the political speech of the business community in an effort to elevate the speech of labor unions, the Democratic Party’s traditional soft money allies.
Posted in Advisory Opinions, Campaign Finance, Congress, Corporations, Disclosure, Elections, FEC, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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Tagged Advisory Opinions, Campaign Finance, Congress, Corporations, Disclosure, Elections, FEC, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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Senate Majority Leader Harry Reid filed cloture late Thursday night for the DSICLOSE Act. This move now sets the stage for a cloture vote on the legislation next Tuesday, July 27, 2010. Most commenters believe that Senate Democrats do not have the 60 votes for cloture. Hotline On Call has the details.
Posted in Campaign Finance, Congress, Corporations, Disclosure, Elections, FEC, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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Tagged Campaign Finance, Congress, Corporations, Disclosure, Elections, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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The Federal Election Commission’s Weekly Digest for the week of July 19-23, 2010 is now available.
Posted in FEC
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Tagged FEC
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The Federal Election Commission (“FEC”) just announced that it approved two advisory opinions on independent expenditure PACs (“IE PACs”). From the FEC press release:
In Advisory Opinion 2010-09 (Club for Growth), the Commission concluded that Club for Growth — a 501(c)(4) corporation — could establish and administer a political committee that will make only independent expenditures, that will register and report with the Commission, and that will solicit unlimited contributions solely from individuals in the general public, including contributions given for specific independent expenditures.
In Advisory Opinion 2010-11 (Commonsense Ten), the Commission concluded that Commonsense Ten, a registered nonconnected political committee that intends to make only independent expenditures, and that will report the contributions it accepts and the independent expenditures it makes, may solicit and accept unlimited contributions from individuals, political committees, corporations and labor organizations for the purpose of making independent expenditures.
Commissioner Walther dissented in both Advisory Opinions and issued a statement.
The full FEC press release can be found here.
Posted in Advisory Opinions, Campaign Finance, Corporations, Disclosure, Elections, Express Advocacy, FEC, Labor Unions, Outside Groups, Politics, Trade Associations
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Tagged Advisory Opinions, Campaign Finance, Corporations, Disclosure, Elections, Express Advocacy, FEC, Labor Unions, Outside Groups, Politics, Trade Associations
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Yesterday, Senator Charles Schumer - Democratic Chairman of the Senate Rules Committee - introduced a new DISCLOSE Act in the United States Senate. The legislation, S. 3628, amends the Federal Election Campaign Act. Thomas has posted a Bill Summary & Status page for S. 3628, and a link to the text of the 116 page bill can be found here.
I have not had a chance to read the full text of the legislation and will post on it later.
Posted in Campaign Finance, Congress, Corporations, Disclosure, Elections, Internet, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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Tagged Campaign Finance, Congress, Corporations, Disclosure, Elections, Internet, Labor Unions, Legislation, Outside Groups, Politics, Trade Associations
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The Federal Election Commission (“FEC”) released two draft advisory opinions providing guidance concerning the operations of independent expenditure PACs (“IE PACs”) established pursuant to the SpeechNow.org and Citizens Unitedfederal court decisions. Comments on the draft AOs are due no later than 5:00 pm on July 21, 2010.
Draft AO 2010-11, provides that an IE PAC may solicit and accept funds from corporations and labor unions in unlimited amounts so long as the IE PAC does not coordinate its activities and communications with a federal candidate or political party committee and does not make any contributions to other political committees.
Draft AO 2010-09, provides that an incorporated 501(c)(4) membership organization may establish an IE PAC so long as specific conditions are satisfied.
UPDATE: Commissioner Walther has offered an alternative draft opinion for AOR 2010-09.
Posted in Advisory Opinions, Campaign Finance, Corporations, Disclosure, Elections, FEC, Labor Unions, Outside Groups, PACs, Party Committees, Politics, Trade Associations
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Tagged Advisory Opinions, Campaign Finance, Corporations, Disclosure, Elections, Labor Unions, Obama Administration, Outside Groups, Politics, Trade Associations
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