Big smile, Chuck: Sen. Schumer is taking on big corporations with his new legislation.
Sen. Charles Schumer is looking to put a check on corporate campaign financing, contesting the notion—promoted by the Supreme Court earlier this year—that big corporations have a constitutional right to spend unlimited amounts on political campaigns. In retaliation against the ruling, Schumer is introducing legislation that would call for transparency when it comes to corporate funding for political causes. President Barack Obama, as foreshadowed by his State of the Union speech’s disapproving aside about the Supreme Court’s decision, endorses Schumer’s plan. —KA
Schumer, who is spearheading the legislative counterattack with House Democrat Chris Van Hollen, said the Supreme Court stacked the deck against average Americans and predicted its ruling would be a factor in President Barack Obama’s upcoming choice for the Supreme Court.
New measures would require corporations, unions and other groups to disclose their financial roles in political advertising campaigns.
“This legislation will stop the funneling of big money through shadow groups in order to fund ads that are virtually anonymous,” Schumer said. “We will, for the first time, follow the money.”