Assembly Member Lancman and Senator Squadron Announce Corporate Political Accountability to Shareholders Act
Legislation in Response to
Citizens United Decision will Stem
Corporate Dollars in Politics
Legislators: Require Corporations
Making Political Expenditures to Obtain Prior Shareholder
Approval and Disclose Business
Rationale Behind Such Expenditures
Albany, NY— Assembly Member Rory Lancman (D-Queens) and Senator Daniel Squadron (D-Brooklyn/Manhattan) will announce tomorrow new legislation to require corporations making political contributions or expenditures in New York to annually obtain prior shareholder approval and to annually disclose all such expenditures—and the business rationale for them—to their shareholders and the secretary of state. This legislation would rein in reckless corporate spending on political campaigns in response to the Supreme Court’s recent decision in Citizens United v. FEC., which effectively eliminated restrictions on independent corporate spending on political campaigns and advertising.
Who: State Senator Daniel Squadron, Assembly Member Rory Lancman, other legislators and advocates for campaign finance reform
What: Corporate Political Accountability to Shareholders Act, A.9948/S.7083
When: Wednesday, April 14, 10:30 a.m.
Where: State Capitol, Senate Lobby (outside Senate chamber)