To Expose Political Contributions from Corporate Interests
BOSTON, MA -- Appearing with former Sen. Russ Feingold (D-WI), a leader in the fight for campaign finance reform, Elizabeth Warren today called for swift passage of the DISCLOSE Act, legislation to increase reporting requirements and identify contributors to political campaigns.
"The Supreme Court’s decision in Citizens United permits powerful corporate interests to shovel millions of dollars into elections—without leaving any fingerprints to show where the money came from." Warren said. "People have a right to know who is contributing. We need more accountability and more transparency now."
The DISCLOSE Act requires outside organizations that spend over $10,000 to report that spending to the Federal Election Commission within 24 hours, and to disclose donors who give more than $10,000. The Act also increases transparency by requiring organizations that sponsor political ads to disclose the top funders of the ads. It also requires that the head of the organization state his or her approval of the advertisement -- as political candidates do now.
"The DISCLOSE Act is a necessary step to cleaning up our political system," said Feingold. "I am proud to stand with Elizabeth and advocate for more transparency in elections."
Feingold served in the United States Senate from 1993 to 2011. He is known as a national champion for campaign finance reform, and for the 2002 Bipartisan Campaign Reform Act, better known as McCain-Feingold.
"Without transparency in elections, our democracy is in danger of being hijacked by shadowy organizations with deep pockets," said Warren. "We’ve got to make sure the big corporate interests are held accountable for their actions and voters have the information they need to make informed choices."
The DISCLOSE Act was introduced in 2010, but Republican Senator Scott Brown cast the deciding vote to block its passage. Senator Sheldon Whitehouse (D-RI) has now introduced the DISCLOSE Act of 2012 with 39 Senators as co-sponsors.