Financial Services and General Government Appropriations Act, 2017

Floor Speech

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Mr. KILDEE. Mr. Chair, this amendment offered by myself and my colleagues would strike section 625 of this bill and, if adopted, would allow the SEC to write regulations requiring corporations to disclose their political contributions. This amendment would not require the SEC to regulate political disclosure. It would simply allow them to do so if they deem it something that would be necessary or important so that investors and citizens and voters know where the tens of thousands, hundreds of thousands, millions of dollars spent by corporations are going to affect the outcome of elections.

The Supreme Court decision in Citizens United has opened the floodgate for corporations to spend an unlimited amount of money, affecting our democracy in ways that we, as citizens, can never find out about, that we can never determine, dramatically affecting the outcome of elections, often spending more money than any other candidate or any other political party.

Knowledge is power, and the American citizens have the right to know how corporations are spending money to affect the outcome of elections. This amendment would allow the SEC to write regulations that would allow for that kind of disclosure.

This democracy should not be for sale. Transparency is the key. The citizens of this country have a right to know and to understand how money is affecting the outcome of their elections.

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Mr. KILDEE. Mr. Chair, may I inquire as to how much time I have remaining?

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Mr. KILDEE. Mr. Chairman, I yield 1 minute to the gentleman from Florida (Mr. Deutch).

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Mr. KILDEE. Mr. Chairman, I yield 1 minute to the gentleman from Maryland (Mr. Sarbanes).

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Mr. KILDEE. Mr. Chairman, I yield 1 minute to the gentleman from New York (Mr. Serrano), the ranking member of the subcommittee.

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Mr. KILDEE. Mr. Chairman, fundamentally, this amendment is simply about the right of the American people to know who is influencing the elections that determine the leadership in this country.

This legislation, as presented, would actually prohibit the SEC from requiring that kind of disclosure. The American people deserve a democracy that is transparent. This amendment would provide the SEC with the tools to make rules that would provide that. I urge my colleagues to support my amendment.

Mr. Chairman, I yield back the balance of my time.

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Mr. KILDEE. Will the gentleman yield?

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Mr. KILDEE. Are the corporate contributions made under the provisions that we are speaking of disclosed to the Federal Election Commission? Corporate spending under the Citizens United case, for example; are those disclosed by corporations to the FEC?

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Mr. KILDEE. Mr. Chairman, I demand a recorded vote.

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