Contact Us

NJ Lawmaker Wants Full Disclosure Law for Publicly Traded Companies [AUDIO]

Publicly traded companies are allowed to spend limitless corporate funds on elections by contributing to political action committees (PACs), “super PACs,” and tax-exempt organizations that invest in political campaigns. If you’re a shareholder in a company that is doing this, you might not even know it’s happening because they don’t have to disclose that information to you.

Flickr User Keith Ramsey

“They should have one website that is updated quarterly where shareholders or any member of the public can go to see where it is they’re donating their political contributions,” said New Jersey Assemblyman Jack Ciattarelli. “It’s very possible that shareholders’ views are not consistent with the leadership of the corporation and where those monies are going.”

This Monday, Ciattarelli plans to introduce a resolution urging Congress to pass a full disclosure law. He has also fired off a letter to New Jersey’s congressional delegation asking them to lead the charge.

“This is a shareholder protection bill,” explained Ciattarelli. “This is their capital. This is their company and they have a right to know where these contributions are being made. These are very weighty decisions. They’re also very discretionary decisions and they’re also decisions that really have nothing to do with the product or service that the corporation offers to its customers on a daily basis.”

Some companies voluntarily disclose investment in elections to their shareholders, but most don’t and that leaves gaps in transparency and accountability. While the issue could possibly be addressed on a state-by-state basis by state legislatures, Ciattarelli feels it can be better addressed with federal “law-of-the-land” legislation.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.





Best of WOBM

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for WOBM Listener Club quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive WOBM Listener Club contests, events, coupons, presales, and much more delivered to you for FREE.