The recent Supreme Court ruling interprets the Constitution to equate “money” with “speech”, thereby overturning a century of precedent (including the original ruling on Henry Ford which said that stockholders MUST be paid first – period)allowing corporations to throw as much money as they’d like in support of political campaigns.
Representative Alan Grayson has introduced a number of bills as part of a “Save Our Democracy” initiative to blunt some of the worst implications of the Supreme Court’s decision.
The Business Should Mind Its Own Business Act (H.R. 4431): Implements a 500% excise tax on corporate contributions to political committees, and on corporate expenditures on political advocacy campaigns.
The Public Company Responsibility Act (H.R. 4435): Prevents companies making political contributions and expenditures from trading their stock on national exchanges.
The End Political Kickbacks Act (H.R. 4434): Prevents for-profit corporations that receive government money from making political contributions, and limits the amount that employees of those companies can contribute.
The Corporate Propaganda Sunshine Act (H.R. 4432): Requires publicly traded companies to disclose in SEC filings money used for the purpose of influencing public opinion, rather than for promoting their products and services.
The Ending Corporate Collusion Act (H.R. 4433): Applies antitrust law to industry PACs.
The End the Hijacking of Shareholder Funds Act (H.R. 4487): This bill requires the approval of a majority of a public company’s shareholders for any expenditure by that company to influence public opinion on matters not related to the company’s products or services.