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Today saw the introduction of the long-awaited legislative reaction to the U.S. Supreme Court’s ruling in Citizens United vs. Federal Election Commission.
According to the Arizona Public Interest Research Group (Arizona PIRG), the DISCLOSE (Democracy Is Strengthened by Casting Light On Spending in Elections) Act includes a series of strong and necessary reforms which will help protect American elections from the flood of corporate money made legal in the January 21, 2010, U.S. Supreme Court ruling.
“Congress needs to take immediate action to protect our democracy by ensuring the protection of the rights of individual citizens instead of corporations,” stated Diane E. Brown, Executive Director of Arizona PIRG.
The reforms in the bill will increase disclosure information about advertising spending from corporate sources, and create stand-by-your ad requirements for CEOs. In addition, foreign corporations with domestic subsidiaries, federal contractors and TARP recipients who have not repaid their funds will be banned from spending their money on politics.
Arizona PIRG encourages Congress to add the Shareholder Protection Act to the final package or move it to the floor in tandem. The Shareholder Protection Act will provide an additional level of protection for the public from the flashflood of corporate money and give investors a say in how their money is spent in politics.
Brown concluded, “The playing field of American politics is far from level. Congress must pass and strengthen the reforms to protect regular voters and the 2010 elections.”
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