Congressman's Amendment Key Part of Campaign Finance Overhaul
Congressman Alan Grayson (FL-8) voted today to save democracy with his support of the DISCLOSE Act (H.R. 5175). The bill includes the Congressman's amendment to limit foreign-owned companies from influencing our elections.
Congressman Grayson said, "American elections are for Americans. We cannot put the law up for sale, and award government to the highest bidder. Democracy is for the people by the people - not something into which foreign interests can buy."
The Congressman's amendment passed unanimously. It prohibits campaign spending by corporations who have a majority of their shares owned by foreign nationals. The amendment also bans spending by foreign entities in which a foreign government, foreign government official, or foreign government-controlled company has more than a 5-percent ownership stake.
"Foreigners cannot vote in our elections, so they should not be allowed to spend unlimited money to buy votes either," Congressman Grayson said.
The DISCLOSE Act is the most comprehensive campaign finance reform since the McCain-Feingold Act. It reins in loopholes resulting from the Supreme Court's egregious Citizens United decision. The bill promotes election transparency by:
* Preventing foreign-controlled corporations from buying influence in U.S. elections,
* Prohibiting federal contractors and corporations receiving TARP funds from funneling taxpayer money to elections, and
* Requiring full disclosure of donors behind election ads.
"This act protects against the threat of a corporate takeover of government in America. By keeping control in the hands of citizens, and away from foreign influences, we are protecting our country. Decisions will be made by those with our best interest in mind," Congressman Grayson said.