Statement by AFL-CIO President Richard L. Trumka on the Omission of Corporate Political Spending Disclosure from the SEC’s Regulatory Agenda for 2014

Washington, DC–(ENEWSPF)–December 3, 2013.

We are disappointed that the Securities and Exchange Commission is not including a rulemaking to require disclosure of corporate political spending on its regulatory agenda for 2014.  The SEC’s Division of Corporate Finance had been previously scheduled to consider whether to recommend a proposed rule in 2013.

Since the Supreme Court’s Citizens United decision, we have seen a dramatic increase in political spending by corporations.  Yet much of this spending is not disclosed to investors who own public companies.  Without transparency, there is a danger that executives will spend money in ways that do not benefit investors.

Just as labor unions are legally required to publicly disclose their political spending, public companies should be held to the same standard. Nearly 700,000 individuals have written the SEC to support this requested rulemaking. We urge SEC to put corporate political spending disclosure back on its agenda for 2014.