February 9, 2016 In The News, News

New Court Case Seeks SEC Political Disclosure Rules

By: Kenneth P. Doyle, Bloomberg BNA, February 9, 2016

A new federal appeals court case has been filed calling for the Securities and Exchange Commission to issue a rule requiring corporations to disclose political spending.

The nonprofit Campaign for Accountability said it filed a petition Feb. 8 in the U.S. Court of Appeals for the District of Columbia Circuit calling for the new SEC disclosure rule. The petition was filed on behalf of activist investor Stephen Silberstein.

It was the latest in a series of court actions filed in an effort—thus far unsuccessful—to persuade the SEC to pay more attention to the disclosure of political spending.

The SEC has hinted in past years that it might adopt a new rule to require publicly traded companies to disclose political spending not revealed under existing campaign finance rules. However, disclosure proposals have faced fierce resistance from business groups and Republicans in Congress. More recently, the SEC has indicated it has no immediate plans to write a new disclosure rule.

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