A few days ago, Senate Republicans united to defeat the Disclose Act, critical legislation intended to respond to the Supreme Court's invalidation in Citizens United v. FEC of the ban on the use of corporate general treasury funds to make independent political expenditures. The House passed the Act in June.
While Congress may be restrained, to put it politely, in its efforts to clean up corruption for its own sake, xenophobia may come to the rescue. The LA Times reports that the Democratic party's legislation in both houses is "now considering a broad definition of foreign corporations -- companies that are more than 20% owned by non-American entities. That could end up banning thousands of corporations from contributing to political activities."
H. R. 4729
To clarify the situations in which a corporation may be treated as a person under Federal law.
IN THE HOUSE OF REPRESENTATIVES
March 2, 2010
No Taxpayer Money for Corporate Campaigns Act of 2010 (Introduced in House)
HR 4550 IH
Shareholder Protection Act of 2010 (Introduced in House)
HR 4537 IH
Senator Charles Schumer of New York is expected to introduce legislation on behalf of the Democratic leadership, coordinating with Congressman Chris Van Hollen of Maryland.
Congressman Chris Van Hollen of Maryland is expected to introduce legislation on behalf of the Democratic leadership, coordinating with Senator Charles Schumer.