Ted Deutch: “This is a simple amendment. It strikes a highly partisan policy rider that would bar the SEC from requiring disclosure…”

“This is a simple amendment. It strikes a highly partisan policy rider that would bar the SEC from requiring disclosure of political spending by corporations. Since the Supreme Court's decision in Citizens United, we have seen an explosive growth in corporate political spending. Even under the twisted interpretation of the First Amendment in that case, disclosure would at least mean some level of accountability. In that case, the Court decided that corporations get the same free speech rights as people; and now these corporations are taking advantage by funneling unlimited funds through tax-exempt groups to secretly influence our elections. Section 625 of this bill would completely bar any funds from being used to develop a rule to require disclosure of political contributions to tax-exempt organizations. This represents a behind-closed-doors trick to block the administration from requiring corporations to simply stand behind their political spending. Corporations shouldn't be able to hide their political motivations behind complex webs of so-called social welfare groups, not when these groups are little more than P.O. boxes in Virginia. We have to get money out of politics, but until then, let's have some disclosure. I urge my colleagues to support this amendment. {time} 2045”