King Joins Call to Reject Efforts to Block Disclosure of Corporate Political Spending

Press Release

U.S. Senator Angus King (I-Maine) has signed a letter led by Senators Bob Menendez (D-N.J.) and Jeff Merkley (D-Ore.) calling on the Chair and Ranking Member of the Senate Financial Services Appropriations Subcommittee to reject any effort to prevent the Security and Exchange Commission (SEC) from requiring public companies to disclose political spending to their shareholders as part of the fiscal year 2018 funding bill.

"For seven long years, companies have had free rein to solidify their influence in politics and maximize their impact on elections," Senator King and his colleagues wrote in the letter. "As the magnitude of the problem and the potential for abuse has skyrocketed, investor demand for this information has greatly intensified."

The Senators added, "We believe any appropriations language intended to block this critical disclosure will serve only to impede the SEC's ability to perform its primary mission of investor protection. As such, we urge you to reject any language that would prohibit the SEC from taking any action to require public companies to disclose their political spending to shareholders."

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