Release:

Statement of Lisa Gilbert, Director of Public Citizen’s Congress Watch Division

 

Note: Today, members of the U.S. Senate Committee on Banking, Housing and Urban Affairs postponed votes on block of banking nominees based on the two Securities and Exchange Commission (SEC) nominees.

 

During the earlier confirmation hearing, Hester Peirce, a Republican, and Lisa Fairfax, a Democrat, fielded sharp questions on corporate political spending. U.S. Sen. Charles Schumer (D-N.Y.), began his questions by saying, “a giant hole was ripped in our democracy by Citizens United. It has had a corrosive effect on our country. The SEC has a role to play.” Also during the hearing, U.S. Sens. Robert Menendez (D-N.J.) and Jeff Merkley (D-Ore.) spent the bulk of their time discussing the need for a rule requiring publicly held corporations to disclose political spending. Sens. Elizabeth Warren (D-Mass.) and Jack Reed (D-R.I.) raised the issue as well, with Warren highlighting the obvious conflict between the nominees’ stated support of the SEC’s mandate – investor protection – and whether either of them would eventually choose to ignore the 1.2 million investors that have supported and requested this rule.