Tester pushes Wall Street regulators to crack down on dark money in elections
Senator: unlimited corporate spending weakens democratic process
(U.S. Senate) – Senator Jon Tester today urged the Chair of the Securities and Exchange Commission (SEC) to crack down on dark money in elections.
Tester sent a letter to SEC Chair Mary Jo White urging her to require corporations to disclose political spending. The Senator said that dark money in elections undermines the rights of shareholders and weakens the democratic process.
“Without much needed transparency, corporate executives now have the ability to freely spend shareholder funds to influence campaigns without accountability,” Tester wrote. “Corporations are not people and should not be allowed to dump unlimited dark money in our elections.”
The SEC has regulatory oversight over what corporate boards must disclose to investors.
Tester this year introduced and sponsored a legislative package designed to overturn the Supreme Court’s Citizens United decision and shed more light on dark money in politics. The package included his Constitutional amendment stating corporations are not “people,” restoring the right of Congress to limit corporate influence in elections.
Tester’s letter to SEC Chair Mary Jo White is available online HERE.