New York could become the 17th state to call for a constitutional amendment and the first state with a Republican controlled legislature in either house to do so. A bipartisan majority of the NY Assembly signed onto a letter to Congress, calling for an amendment to overturn the Citizens United ruling.
A few days ago, Senate Republicans united to defeat the Disclose Act, critical legislation intended to respond to the Supreme Court’s invalidation in Citizens United v. FEC of the ban on the use of corporate general treasury funds to make independent political expenditures. The House passed the Act in June.
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.”
Shareholder Protection Act of 2010 (Introduced in House)
HR 4537 IH
H. R. 4537
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.