Warren, Banking Committee Colleagues Call on SEC to Require Disclosure of Corporate Lobbying Expenditures to Increase Transparency and Fight Dark Money

Letter

"In 2022, total federal lobbying expenditures reached $4.1 billion -- the highest since 2010. Amazon and Meta spent almost $20 million each to influence decision-making in Congress and across government agencies, while the U.S. Chamber of Commerce -- which counts companies like JPMorgan Chase, Alphabet, and Chevron among its members -- spent $79.4 million. While these figures are staggering, they provide little insight into the interests that companies spend millions each year to advance. This lack of transparency erodes the ability of everyday investors to make informed decisions about where to invest their money -- and where their money goes once they have invested."

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"In the absence of strong lobbying disclosure rules, investors are largely kept in the dark regarding the policy campaigns they are indirectly funding. This raises concerns that investors may be funding lobbying activities that are counter to the stated missions of the companies they've invested in, that are counter to their own beliefs, or that may even erode the value of their investment."

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"A company's lobbying activity is of material importance to its investors, and it is past time for the SEC to require strong disclosure rules to ensure that investors have access to that information."

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