SEC Drops Disclosure Rule…For Now
December 3, 2013
Need proof that the so-called disclosure campaign aimed at Corporate America is nothing more than a politically motivated attempt to silence pro-business voices in the political arena? Take a look at how one political party (I won’t say which one) is howling the day after the U.S. Securities and Exchange Commission (SEC) “unceremoniously dropped” a proposal pushed by the Professional Left to require companies to publish contributions to political and nonprofit organizations.
As columnist Robert Samuelson recently pointed out, the influence of U.S. companies on the political process is “vastly exaggerated” – and simply feeds public cynicism, rather than real reform. Yale Law School Professor Jonathan Macey rightly suggests the real goal of activists like the ones pushing the SEC “isn’t disclosure but unilateral business disarmament” in the battle over public policy.
Democrats on the Hill (OK, I said it) are urging supporters to “harass” the SEC into adopting the new rule. Let’s hope the SEC holds firm against the powerful interests that want to suppress advocates for free markets, lower taxes, less regulation and other pro-business policies.