Jim Hamilton reports that:
In a letter to the SEC, 43 House Democrats urged the Commission to issue regulations requiring corporations to disclose their political spending to shareholders. The scope of the required disclosures would embrace independent expenditures, electioneering communications, and donations to outside groups for political purposes. The disclosures would be contained in proxy statements, quarterly and annual reports, and registration statements. Requiring disclosures of corporate political spending does not have to be overly burdensome on business, reasoned the House Democrats, since the SEC can utilize these existing mediums of communication with shareholders to facilitate disclosure.
Strangely, the letter makes no mention of political spending by unions. In any case, this remains a very bad idea on the merits.
