Lautenberg Cosponsors Bill to Strengthen Campaign Finance Laws

Press Release

Lautenberg Cosponsors Bill to Strengthen Campaign Finance Laws

Today, U.S. Senator Frank R. Lautenberg (D-NJ) signed on as an original cosponsor of legislation to strengthen campaign finance laws and mitigate the negative impact of the Citizens United Supreme Court decision. The DISCLOSE Act, introduced today by Sen. Chuck Schumer (D-NY), will require corporations to take responsibility for their campaign activities and ensure that Americans receive full disclosure about which special interest groups are funding political campaigns.

"The Citizens United decision opened the floodgates for special interest money, and now Wall Street and other corporate big spenders are drowning out the voices of everyday Americans," Lautenberg said. "This bill will help ensure that political campaigns are fair and transparent. We are acting quickly to prevent the Citizens United decision handed down in January from distorting the upcoming midterm elections. We must move this bill soon and put these protections in place this year, so that when voters go to the polls in November, they know who the candidates truly represent."

Companion legislation was introduced today in the House of Representatives by U.S. Reps. Chris Van Hollen (D-MD) and Mike Castle (R-DE).

Highlights of the Democracy is Strengthened by Casting Light on Spending in Elections (DISCLOSE) Act

Enhance Disclaimers: If a corporation, union, section 501(c)(4), (5), or (6) organization, or section 527 organization runs a political ad, its CEO or organization head will have to stand by the ad and say that he or she "approves this message," just like candidates have to do now. The top five contributors to the organization will also be listed on the screen.

Enhance Disclosures: Any covered organization must disclose to the Federal Election Commission (FEC) not just its campaign-related activity, but also transfers of money to other groups that may use the money for campaign-related activity.

Prevent Foreign Influence: Bans corporations under the direction or control of a foreign entity from spending in U.S. elections.

Shareholder Disclosure: Mandates that corporations, unions, and other groups disclose all campaign-related expenditures to their shareholders and members in their annual and periodic reports. This would also require groups to list their political spending on their websites within 24 hours after filing with the FEC.

Prevent Government Contractors and TARP Recipients from Spending: Due to the appearance of corruption and possible misuse of taxpayer funds, government contractors with a contract worth more than $50,000 will not be allowed to spend money on elections. Similarly, TARP recipients who have not paid back government funds are also banned from campaign spending.

Provide Affordable Ad Rates to Candidates: If a covered organization buys airtime to run ads that support or attack a candidate, then candidates, parties, and party committees get to take advantage of the lowest rate in the same media market.

Tighten Coordination Limits: Bans coordination between candidates and outside groups on ads that reference a candidate, from 90 days before a primary through the general election.

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