Legislation

While Congress may be restrained, to put it politely, in its efforts to clean up corruption for its own sake, xenophobia may come to the rescue. The LA Times reports that the Democratic party's legislation in both houses is "now considering a broad definition of foreign corporations -- companies that are more than 20% owned by non-American entities. That could end up banning thousands of corporations from contributing to political activities."

Here's Al Franken's S 2959

And Robert Menendez' S 2954

HR 4550

No Taxpayer Money for Corporate Campaigns Act of 2010 (Introduced in House)

HR 4550 IH

To prohibit entities from using Federal funds to contribute to political campaigns or participate in lobbying activities.

HR 4537

Shareholder Protection Act of 2010 (Introduced in House)

HR 4537 IH

To amend the Securities Exchange Act of 1934 to require the express authorization of a majority of shareholders of a public company for certain political expenditures by that company, and for other purposes.

Here's Bill Pascrell's HR 4522

John Hall's: HR 4517

Tom Perriello's HR 4523

Rosa De Lauro's HR 4540

Here's the Wall Street Journal and DailyKos.

This is the package of bills we've been expecting from Rep Van Hollen and Senator Schumer.

UPDATE: A blog by Schumer.

Senator Charles Schumer of New York is expected to introduce legislation on behalf of the Democratic leadership, coordinating with Congressman Chris Van Hollen of Maryland.

Congressman Chris Van Hollen of Maryland is expected to introduce legislation on behalf of the Democratic leadership, coordinating with Senator Charles Schumer.

H.R.4431
Title: To amend the Internal Revenue Code of 1986 to impose a 500 percent excise tax on corporate contributions to political committees and on corporate expenditures on political advocacy campaigns.

Sherrod Brown Introduces Citizens United Fixes
By David Dayen, FireDog Lake

Sen. Sherrod Brown (D-OH) has introduced a bill that would mitigate the effects of the Citizens United ruling on corporate political spending. Saying that corporations already have enormous influence in Washington, as evidenced by their $3.3 billion dollars in annual lobbying expenses, Brown’s bill would at least try to stop this influence from moving into the electoral sphere.