Dan Kildee: “This amendment offered by myself and my colleagues would strike section 625 of this bill and, if adopted, would allow…”

“This amendment offered by myself and my colleagues would strike section 625 of this bill and, if adopted, would allow the SEC to write regulations requiring corporations to disclose their political contributions. This amendment would not require the SEC to regulate political disclosure. It would simply allow them to do so if they deem it something that would be necessary or important so that investors and citizens and voters know where the tens of thousands, hundreds of thousands, millions of dollars spent by corporations are going to affect the outcome of elections. The Supreme Court decision in Citizens United has opened the floodgate for corporations to spend an unlimited amount of money, affecting our democracy in ways that we, as citizens, can never find out about, that we can never determine, dramatically affecting the outcome of elections, often spending more money than any other candidate or any other political party. Knowledge is power, and the American citizens have the right to know how corporations are spending money to affect the outcome of elections. This amendment would allow the SEC to write regulations that would allow for that kind of disclosure. This democracy should not be for sale. Transparency is the key. The citizens of this country have a right to know and to understand how money is affecting the outcome of their elections. Mr. Chairman, I reserve the balance of my time.”