Money & Democracy Update: 2011 FEC filing insights, STOCK Act moves forward while California lawmakers fight sunshine?!
Stunning Statistics of the Week:
- 1626.7 percent: The percentage by which the volume of ads paid for by outside groups has increased since the 2008 presidential race
- 1281.8 percent: The percentage by which outside group spending on ads has increased since the 2008 presidential race
Senate bans congressional insider trading; House vote is next
Congressional insider trading is one step closer to being banned. The U.S. Senate this week approved a bill to ban it; now it heads to the U.S. House of Representatives. President Barack Obama says he will sign it. The bill has been in the works for years but gained traction recently when “60 Minutes” highlighted the need for it. Public Citizen, which has pushed for the measure for years, is urging its passage. Tell Congress to pass the STOCK Act.
Super PAC reports are in to the FEC
Jan. 31 marked the deadline for many Super PACs to tell the Federal Election Commission who their donors are. (A caveat: Some reported getting money from generic-sounding corporations housed at a P.O. box, so the information is not complete.) What did we learn? That the casino mogul who is pouring money into a pro-Newt Gingrich group gave five times more than all other donors to Gingrich’s Super PAC combined. And that millionaires and billionaires are having a huge amount of sway over the presidential election process. And that the Karl Rove-backed groups American Crossroads and Crossroads GPS raised $51 million last year.