Via Graysons website (savedemocracy.net), here are the six bills 'and what they aim to accomplish,':
- The Business Should Mind Its Own Business Act (H.R. 4431): Implements a 500% excise tax on corporate contributions to political committees, and on corporate expenditures on political advocacy campaigns.
- The Public Company Responsibility Act (H.R. 4435): Prevents companies making political contributions and expenditures from trading their stock on national exchanges.
- The End Political Kickbacks Act (H.R. 4434): Prevents for-profit corporations that receive money from the government from making political contributions, and limits the amount that employees of those companies can contribute.
- The Corporate Propaganda Sunshine Act (H.R. 4432): Requires publicly-traded companies to disclose in SEC filings money used for the purpose of influencing public opinion, rather than to promoting their products and services.
- The Ending Corporate Collusion Act (H.R. 4433): Applies antitrust law to industry PACs.
- The End the Hijacking of Shareholder Funds Act (H.R. 4487): This bill requires the approval of a majority of a public company’s shareholders for any expenditure by that company to influence public opinion on matters not related to the company’s products or services.
The fifth measure has already gained the support of Rep. John Conyers (D-Mich.), the chair of the House Judiciary committee, Grayson said. Grayson hopes the committee might hold a hearing on that bill sometime in the next 30 days. Grayson circulated his proposals among his colleagues on Thursday. He has a decent record with winning support for populist ideas— last year he signed up over 100 cosponsors for Texas Republican Ron Pauls bill to audit the Federal Reserve.
Still, what Grayson could really use is the support of President Barack Obama, who has slammed the Supreme Court decision and promised a 'forceful' legislative response. Graysons bills would certainly qualify. The Atlantic's Marc Ambinder has reported that the White House and other Hill Democrats are seriously considering three options for responding to the decision, including one that bears a resemblance to Graysons sixth bill—requiring shareholders to approve of independent political expenditures. When we spoke, Grayson also voiced support to another idea Ambinder says is under consideration—a 'Stand by Your Ad' requirement. As Ambinder describes it, 'The head of an insurance company would be forced to say, Im Honus Wagner, the CEO of Acme, and I stand by this ad.' Grayson emphasized that such a move would be consistent with the Supreme Courts decision today, which explicitly allowed Congress to pass tough disclosure requirements.
(Via MoJo Blogs and Articles.)
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