Last week, the Republican-led House Appropriations Committee passed the bill to fund the SEC for $1.4bn (a figure less than the marketing budgets for many Wall Street firms, and $300m less than the budget requested by President Obama). Buried in the bill is a section that explicitly prohibits the SEC from using any funds from Congress to create political disclosure rules.
Allowing corporations to make undisclosed political contributions UNDERMINES DEMOCRACY AND MISLEADS SHAREHOLDERS.
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