BREAK IN TRANSCRIPT
Ms. KAPTUR. Mr. Speaker, I rise to introduce a constitutional amendment to reverse the impact of the Supreme Court's decision in Citizens United v. FEC. No other recent decision has more sweepingly impacted our elections than this decision which allowed corporations to spend unlimited amounts of money to support candidates and PACs. Citizens United inflated the influence of corporations, megadonors, and special interests in American elections and in effect drowned out American votes.
Citizens United unleashed corporate campaign spending. But it also created a gaping hole in the barrier that once blocked foreign money in U.S. elections. Before 2010, all federal campaign spending was traceable back to an individual's contribution to a candidate or a PAC.
But because of the combination of Citizens United and FEC v. Wisconsin Right to Life, ``social welfare'' nonprofits (501(c)(4) can now make political expenditures just like other super PACs. These 501(c)(4)s are even more attractive money funnels than traditional super PACs. They don't have to publicly disclose their donors.
Almost all major corporations have some foreign ownership. The black hole of corporations' unlimited contributions to PACs and 501(c)(4)s should trouble all freedom lovers. This amendment nullifies the misguided decision in Citizens United and chips away at the influence of special interests in our elections.
It restores the power of the American people to choose representatives who reflect their priorities. Mr. Speaker, I urge you to bring this bill to the floor for swift consideration.
BREAK IN TRANSCRIPT