In a letter released today, 44 senators are calling on U.S. Securities and Exchange Commission (SEC) Chair Mary Jo White to act on a rulemaking petition that would require companies to disclose their political spending.
Spearheaded by U.S. Sens. Jeff Merkley (D-Ore.), Charles Schumer (D-N.Y.), Tom Udall (D-N.M.), Sheldon Whitehouse (D-R.I.) and Robert Menendez (D-N.J.), the letter states, “If implemented, the Petition would require public companies to disclose to their shareholders how they use corporate resources for political activities, bringing much needed accountability to shareholders and transparency to corporate political spending. We believe this is consistent with the SEC’s requirement for public companies to disclose meaningful financial information to the public.”