Archive for the ‘Campaign Finance’ Category

"Public Citizen Lady Liberty"This week, we will present our take on the proposed Cap One-ING merger (hint: we have concerns that this would create another too-big-to-fail institution). An announcement from the Federal Reserve is due soon. Watch this space for more.

Also today, we will be giving you details about our petition drop at Starbucks headquarters. Late last Friday, Public Citizen activists submitted more than 15,000 signatures to Starbucks, demanding the company stop requiring gift card customers to give up their right to go to court. The terms of service of the coffee giant’s prepaid cards contain a forced arbitration clause and class-action ban that unfairly restricts its customers’ legal rights.

Speaking of petition drops, we will be joining folks from CALPRIG and Common Cause today to deliver more than 10,000 signatures to a California Assembly member calling on the state legislature to support a constitutional amendment to overturn the U.S. Supreme Court’s Citizens United v. Federal Election Commission decision. That’s the one that let corporations spend as much as they want to influence elections.

Also today, we are urging everyone to tell the Senate not to approve the Keystone XL pipeline. A vote is scheduled for tomorrow, and Public Citizen is joining with other organizations to help generate 500,000 emails to senators in 24 hours. Make your voice heard on this critical issue!

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"Public Citizen Money and Democracy"Stunning Statistics of the Week
$10,000:
The amount people had to raise to participate in a “policy roundtable” at a Washington, D.C., fundraiser for GOP presidential contender Mitt Romney this week
$2,500: The amount people at the event were charged for having their photo taken with Romney
$1,000: Price of admission to the reception
Source: http://influencealley.nationaljournal.com/2012/02/romneys-washington-fundraiser.php

Strange but true: Jack Abramoff makes a splash at Public Citizen
Yes, yes, we know, it was very strange. Notorious ex-superlobbyist Jack Abramoff at Public Citizen?! It happened this week, and oh boy, did Abramoff’s appearance make a splash. Read some of the coverage and watch the video.

25,000 people say: Obama, fix the FEC
A petition on the White House website calling for President Barack Obama to nominate new commissioners to the deadlocked Federal Election Commission (FEC) has garnered 25,000 signatures – enough to prompt the administration to respond.

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What a sorry – but telling – display. The Republican leadership’s weakening of legislation banning congressional insider trading reflects its commitment to the hedge funds and Wall Street interests who lobbied against transparency of their trading activities that are based on insider knowledge gleaned in the halls of Congress.

Despite the fact that two-thirds of the U.S. House of Representatives sponsored strong legislation to ban congressional insider trading (H.R. 1148), and the U.S. Senate approved similarly sweeping legislation (S. 2038) by a 96-3 vote, House Majority Leader Eric Cantor (R-Va.) has permitted the House today to vote only on his own watered-down substitute measure

Cantor’s substitute deleted two of the most important components of the original STOCK Act – provisions requiring transparency of political intelligence consultants and strengthening the nation’s anti-corruption laws. Cantor’s decision to weaken the legislation, which was roundly condemned by congressional Democrats and Republicans alike, is a gift to the financial interests that oppose transparency of trades that exploit insider knowledge.

Given no other choice, the House approved Cantor’s weak version of the “Stop Trading on Congressional Knowledge” (STOCK) Act by a vote of 417-2.

All is not lost. Public Citizen urges congressional leaders to bring the measure into conference negotiations, where proponents of the more comprehensive version of the STOCK Act should secure the more meaningful original legislation. President Barack Obama is waiting to sign a strong STOCK Act into law, and the American public expects no less.

Yes, yes, we know, it was very strange. Notorious ex-Super lobbyist Jack Abramoff at Public Citizen?!  Don’t you remember what he had to say about Native Americans?! What’s the deal with him being a blogger at United Republic?! Is he promoting his book? Didn’t you read this article in Mother Jones? Yes. Sadly, yes. Not sure. Probably, though no copies here. And, of course.

However, as Public Citizen President Robert Weissman explained to the Washington Post: “We’re not inviting him here to give him a citizen of the year award.” Said Weissman, “He has credibility in explaining how lobbyists exert influence.” And, he also has some pretty radical ideas. For example, Abramoff thinks that to truly reform government anyone with pecuniary interest (from government contractors, to corporations lobbying for a tax break) should be prohibited from donating to campaigns. He also has aggressive views about the revolving door problem in Washington. While ethics laws were passed after his scandal requiring a “time off” period between when a congressional staffer could work on the Hill and take a job at a lobby shop, Abramoff thinks former staffers should, in fact, be prohibited from working as lobbyists forever.

Abramoff said of those he lobbied on the Hill, “It seemed 90-percent of staffers wanted to come work for me.” Their motivation was a better-paying job. The motivation for politicians themselves to interact with and ultimately to do favors for lobbyists: time. He explained that the way to get a politician in your pocket was by bringing them a check for their campaign that could save them a few hours of dialing up potential donors and trying to raise the same amount the next afternoon.

When Abramoff entered our “temple of good government” he admitted, “If somebody told me a number of years ago that I’d be sitting in this room, in this building, talking to all of you and not have handcuffs on or something– I’d never have believed you.” He is still a conservative and there are lots of things with which we would never agree with him on. Nevertheless, as he pointed out when it comes to many money and politics issues, “It is not conservative to defend this system, this corruption.” And, as Peter Overby from NPR observed:

“. . . [Abramoff] posited that these reforms are something that conservatives and liberals can agree on. Nobody at Public Citizen disagreed.”

The Citizens United decision gave corporations unprecedented power to influence our elections. Sure corporations have been able to bully politicians for ages through lobbying and direct campaign giving, but never before has it been so easy for a corporation to impact who gets elected. Now, corporations can pump millions of dollars into either SuperPACs, non-profits, or trade associations that play in politics, and if they play their cards right it can be done entirely in secret.

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Flickr by 401K

Fortunately, many corporations are coming to realize that this type of spending might have repercussions and are changing their policies. So far, Twenty-four companies in the S&P100 do not make independent political donations, and fifty-seven companies either have board oversight or disclosure of political spending. These are steps in the right direction, but more needs to be done.

On Jan. 9 the Coalition for Accountability in Political Spending (CAPS) sent out a letter to the 20 least transparent companies in the S&P500 asking them to disclose their contributions to SuperPACs, 527s, etc. in a timely fashion. They were met with complete silence.

Breaking their silence by ending secret corporate spending in politics is exactly what the Corporate Reform Coalition is all about. The coalition is made up of institutional investors, public officials, academics and good governance groups working to reign in corporate spending. The coalition works to protect shareholders by promoting legislation, regulatory action and company policy changes around political spending. After all, in a publicly traded company the money belongs to shareholders, and so why shouldn’t they know how it’s being spent? What if you personally donated $20 to a campaign only to find that your 401k is linked to a company that donated $200,000 to the other guy? That’s not what your money was there to do, it’s not what you want your money to do, but hey, Corporation X didn’t ask you.

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