Democrats have been vocal in their disdain for the Citizens United ruling, and yesterday they presented their response.
The Wall Street Journal’s Jess Bravin and Brody Mullins have a full analysis, but here are the main proposals:
- A ban on election expenditure by companies that have taken government bailout funds or received federal contracts
- A requirement that corporate CEOs appear in the commercials, voicing their “approval of the message”
- The top five contributors of the organisation sponsoring the ad must be listed in the ad
- U.S. companies controlled by foreign interest would be barred from spending corporate money in elections
It does not include, the article noted, proposals to give shareholders more say over additional spending; the co-author of the proposal, Rep. Chris Van Hollen (D., Md.) said those measures are still under consideration. Sen. Charles Schumer (D., N.Y.) is the other sponsor.
As noted, it’s just a “proposal” now, with a formal bill to follow. That bill would, of course, be heavily modified and debated with strong arguments and protestations made by those companies and financial institutions that fall within the first proposal above.
Like the Citizens United ruling itself, the proposal brought the expected reactions from the two sides of the aisle.
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