To the members of the Securities and Exchange Commission:
The SEC has so far ignored its duty to protect investors and promote the public interest, by failing to draft and issue a rule requiring disclosure of political contributions by publicly traded companies.
Shareholders deserve to know whether companies they are invested in spend money on running attack ads rather than running a good business.
The commission – and especially Chair Mary Jo White – has dragged its feet for too long on the "dark money" rule, while public demand for the rule has soared. A record-breaking 1.2 million members of the public have commented on the rulemaking petition, along with five state treasurers and numerous other institutional investors. Meanwhile, the problem of dark money has only grown.
I urge you to place a rule on the unified agenda by the end of May 2015 that will require disclosure of political spending, as laid out in file number 4-637.