Conrad Calls for Greater Transparency in Election Contributions

Conrad Calls for Greater Transparency in Election Contributions

Senator Kent Conrad today signed on to legislation to harness the influence America's largest corporations can have on federal elections.

Senator Conrad said these new regulations -- known as the Democracy Is Strengthened by Casting Light On Spending in Elections (DISCLOSE) Act -- were critical to ensuring that the voice of the people would not be drowned out by massive companies or unions with a vested interest in the outcome of a federal election.

"When it comes to electing our representatives in Congress, the American people must play the deciding role. Their will cannot be usurped by the whims of a corporation," Senator Conrad said. "This bill takes critical steps toward ensuring that America's largest companies don't cast the deciding vote when it comes to selecting our representatives in Washington, D.C."

These regulations became necessary after the Supreme Court recently overturned long-held precedent that prevented corporations from buying political ads expressly endorsing or opposing presidential or congressional candidates.

Key provisions of the DISCLOSE Act include:

* Requiring CEOs to "approve this message," like candidates must do now
* Requiring organizations to report donors giving more than $1,000 to political accounts
* Banning corporations with significant foreign control from political spending
* Banning government contractors and recipients of bailout funds from political spending
* Tightening restrictions on corporate coordination with political campaigns

Senator Conrad is an original co-sponsor of the DISCLOSE Act, which was written by Senator Charles Schumer (D-NY).

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