Squadron Statement on Bill to Shine Light on ‘Black Hole’ of Corporate Spending Blocked by Senate Majority

ALBANY – Today, the Senate Committee on Corporations, Authorities, and Commissions blocked passage of Senator Daniel Squadron’s “Corporate Political Activity Accountability to Shareholders Act” (S.177/A.7287), which would require shareholder approval for corporate political contributions, public disclosure of the contributions, and justification of the business rationale for making them. The legislation would make New York a national leader in the fight against unchecked corporate political spending.

“Once again, the Senate Majority has put the interests of corporations ahead of the interests of New Yorkers. This bill would shed desperately-needed sunlight on the black hole of unchecked corporate spending that Citizens United and McCutcheon have created. Just this morning, there were more reports of plans to flood the 2014 elections with independent expenditures by narrow corporate agendas. When corporations throw millions of dollars into elections, New Yorkers have a right to know who is behind that spending, and why. It’s yet another dispiriting indication that the Majority would rather protect a small number of very powerful voices over those of everyday New Yorkers.”