January27

Money and Democracy Update: A pact on Super PACs, advice from Scalia

By: Angela Bradbery

Stunning Statistics of the Week:

  • $3.27 billion: Amount spent on lobbying in 2011
  • $3.51 billion: Amount spent on lobbying in 2010

Note: The drop is attributed to political gridlock.

Citizens United anniversary: Everything it was cracked up to be and more
We’ve been telling you for a while about the momentum that built toward protest events slated for Saturday, Jan. 21, the second anniversary of the U.S. Supreme Court’s ruling in Citizens United v. Federal Election Commission. The anniversary was everything we thought it would be and then some. Citizens and elected officials took to the streets in cities throughout the country to call for a constitutional amendment to overturn the decision. Check out these pieces in Mother Jones, Truthout.org and Firedoglake. If you haven’t joined the movement, it’s not too late. Visit www.DemocracyIsForPeople.org.

Candidates say “Enough already with the Super PACs”
It might not work but it’s worth a shot. U.S. Sen. Scott Brown (R-Mass.) and his opponent Harvard Professor Elizabeth Warren have signed a “People’s Pledge agreement” designed to keep Super PACs and the negative ads they pay for out of the race. Under the agreement, whichever candidate is aided by an ad paid for by a third party must contribute an amount worth half the ad to his or her opponent’s charity of choice.

House lawmakers draft new DISCLOSE Act
The DISCLOSE Act, designed to mitigate the harmful effects of Citizens United, fell victim in 2011 to GOP intransigence. Now, some lawmakers are making another run at it. U.S. Reps. Bob Brady (D-Pa.) and Chris Van Hollen (D-Md.) have drafted a bill that would, among other things, enhance disclosure by Super PACs, corporations and outside groups, and require corporations to tell shareholders about campaign expenditures.

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January26

Same old problems with new drilling proposal

By: Tyson Slocum

The Obama "Tyson Slocum" "Public Citizen"administration’s announcement today to expand offshore oil drilling is a terrible idea: It won’t lower oil or gas prices, and it puts taxpayers on the hook for accidents.

The last time the president made such an announcement, the BP disaster occurred two weeks later. We all saw how that ended. Obama should not be laying the groundwork for history to repeat itself.

Current law caps accidental spill liability at $75 million, far below what actual spill damages would likely be. This translates into a huge subsidy for the industry and puts the American people on the hook.

Congress has yet to pass reforms in the wake of that disaster – including raising oil companies’ spill liability from the current $75 million cap.

Opening new areas to drilling while failing to hold oil companies accountable for fleecing taxpayers on existing drilling leases is unfair.

Obama should know better than to hold Big Oil’s support above Main Street’s interests.

Tyson Slocum is Public Citizen’s Energy Program director. Follow him on Twitter @TysonSlocum.

Posted in: Activism, Climate Change, Congress, Energy, Environment, Ethics, Regulation, Uncategorized0 comments

January25

The Power to Break Up the Big Banks

By: Micah Hauptman

The idea that behemoth banks should be broken up is widespread and bipartisan, embraced by regulators and politicians alike.

Flickr by I-5 Design and Manufacture

Regulators—past and present—including Simon Johnson, Richard Fisher and Thomas Hoenig have offered public support for downsizing and reforming “too big to fail banks.”

The latest to publicly embrace the idea is Sheila Bair, the Republican-appointed FDIC chair who was critical in dealing with the financial crisis.

Politicians also have become supportive of breaking up the big banks. Chief among them is Jon Huntsman, who made this issue the central focus of his presidential campaign, but even Newt Gingrich has expressed sympathy for splitting up financial institutions. The conservative media also has gotten into the act. The idea has garnered support from Bill Kristol of the Weekly Standard, Charles Gasparino of the Fox Business News Network and Arnold Kling of National Review, to name a few.

So, how do regulators actually do it?

They can use section 121 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 121 gives the Federal Reserve and the Financial Stability Oversight Council the authority to mitigate the “grave threat” that a financial institution poses by limiting the bank’s activities or forcing it to divest assets—in other words, the authority to break up a bank into separate institutions.

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January20

Money and Democracy Update: People take to the streets, Citizens United anniversary is upon us, Bain likes Dems

By: Angela Bradbery

Stunning Statistics of the Week:

  • $27.5 million: The amount that Super PACs have spent to influence the 2012 presidential election
  • $8.1 million: The amount Restore Our Future, the Super PAC backing GOP contender Mitt Romney, has spent
  • $5.4 million: The amount candidates have spent on TV ads for the South Carolina primary to date
  • $6.9 million: The amount Super PACs have spent on TV ads in South Carolina

Taking to the streets as Jan. 21 Citizens United anniversary approaches
What a week! Saturday, Jan. 21, marks the second anniversary of the U.S. Supreme Court’s disastrous Citizens United v. Federal Election Commission decision, and activists have been engaged in – or gearing up for – hundreds of events around the country. Public Citizen and other groups held rallies and press events with state officials in Maryland, Vermont and Massachusetts to call for a constitutional amendment to overturn the court’s decision. Another big rally is scheduled Saturday in Sacramento, Calif. In addition, activists are planning about 300 demonstrations around the country. It’s not too late to get involved in your area! Check out www.DemocracyIsForPeople.org. Or if you are a Facebook fan, check this out. Also worth reading is today’s Huffington Post piece by U.S. Sen. Bernie Sanders (I-Vt.) and Public Citizen President Robert Weissman.

CEOs, investors, others call on SEC to require disclosure of corporate political spending
The Corporate Reform Coalition, made up of institutional investors, CEOs, good government organizations and others, is calling on the Securities and Exchange Commission to require publicly traded corporations to disclose political spending. U.S. Sen. Bob Menendez (D-N.J.), who joined a coalition press call Thursday, released a letter to the SEC from himself and 13 Senate colleagues. “Many shareholders remain in the dark, unaware that their money could be funding political activities, or even political attack ads. The rights of shareholders must be protected and at present, we believe that they are being compromised,” the letter said. A citizens petition to the SEC has already garnered more than 20,000 signatures. Add yours here.

Well, this is a bit awkward: Democrats get more money from Bain than Republicans
Bain Capital has been in the spotlight because of Mitt Romney’s tenure at the private equity firm. But truth be told, Democrats have taken more donations from Bain executives than Republicans over the past three election cycles ($1.2 million vs. $480,000), The Hill reports.

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Posted in: Campaign Finance, Uncategorized2 comments

January19

Citizens United v. We the People

By: Sean Siperstein

Two years after the U.S. Supreme Court’s ruling in Citizens United v. Federal Election Commission opened the floodgates to unlimited corporate spending in our elections, the fast-growing movement to fight back with a 28th Amendment to the Constitution is taking shape. With a “Super PAC” frenzy inundating the 2012 presidential campaign, feeding the public’s widespread revulsion at what the Court has wrought, the time to act is upon us. Public Citizen’s Robert Weissman in the Washington Post:

Activists join Maryland legislators and U.S. Representatives, as well as Public Citizen's Mark Hays and other allies, to call for a constitutional amendment at the State House in Annapolis.

“We’re already at a point where the public overwhelmingly opposes the decision ,” said Robert Weissman, president of Public Citizen, a watchdog group helping to spearhead the efforts. “The goal is to build a grass-roots movement that will eventually be able to shape the debate.”

Public Citizen’s Democracy is For People campaign, as a founding member of the United for the People coalition, is proud to be in the thick of this amazing “movement moment.”

Building on more than 50 cities and towns that have passed resolutions demanding a constitutional amendment that overturns Citizens United and stems the influence of money over elected officials, Public Citizen and our allies have been organizing in four different states vying to have their legislatures follow suit (and in the process declare that they’re ready to ratify an amendment). Rallies supporting those resolutions were held in Massachusetts and Maryland over the last 2 days (with Congressmen Chris Van Hollen and John Sarbanes attending in Maryland). Vermont and California will follow suit tomorrow and Saturday.

And to mark Saturday’s anniversary itself, activists around the nation will “Occupy the Corporations,” and expose the corporate imposters posing as ‘people’ with the constitutional right to buy unprecedented influence over elected officials and public policy. We’ll be focusing on some of the mega-corporations most empowered by Citizens United and most responsible for greedy, disastrously short-sighted policies, to the detriment of the rest of us.

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Posted in: Activism, Campaign Finance, Open Government, Social Justice, Uncategorized0 comments

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