WASHINGTON – Unlimited outside spending fueled by a small number of wealthy donors is poised to have an outsized impact on the 2012 elections, according to the latest campaign filings.
This Thursday August 2nd at 11am, national public policy organizations Demos and U.S. Public Interest Research Group (PIRG) will hold a press call to announce the major findings from the new report “Million-Dollar Megaphones: Super PACs and Unlimited Outside Spending in the 2012 Elections.”
Thank you for this opportunity to submit testimony regarding the damage that Citizens United and the rise of Super PACs has done to our system of democratic government. In the text below I will discuss why rules that govern the role of money in politics are important to our democracy; the impact of Citizens United and related decisions on our electoral system; and what Congress can and must do to promote the core American value of political equality.
WASHINGTON, DC – Last night, the DISCLOSE Act which would shine a light on the dark money dominating our democracy was defeated on the Senate floor. Although it received a majority of votes it failed to overcome a filibuster from Senator McConnell.
New York, NY -- Today, Connecticut Governor Dannel P. Malloy vetoed House Bill 5556, which would have strengthened Connecticut’s laws on disclosure of political spending. In response, Demos President Miles Rapoport, a former legislator and Secretary of the State of Connecticut, issued the following statement:
A median-income, two-earner household will pay nearly $155,000 over the course of their lifetime in 401(k) fees, according to a new analysis by national public policy center Demos.
Washington, D.C. -- The United States Supreme Court should not summarily reverse the decision of the Montana Supreme Court upholding a state law restricting corporate spending in Montana elections, argue former acting Solicitor General Walter Dellinger and Professor James Sample of Hofstra Law School in an amicus brief filed today and authored by Arnold & Porter LLP and Demos.
Hartford, CT. – A coalition of good government groups including Common Cause, Demos, People For the American Way, Public Citizen, Credo Action and others are calling on Connecticut Governor Dannell Malloy to sign H.B. 5556, “Changes to Campaign Finance Laws and other Election Laws,” which just passed the General Assembly. The bill would require public disclosure of major corporate and individual donors to Super PACs and other independent groups, bringing increased transparency and accountability to Connecticut’s elections.
Washington, D.C. – Today U.S. PIRG Education Fund and Demos released a new analysis of the funding sources for the campaign finance behemoths, Super PACs. The findings confirmed what many have predicted in the wake of the Supreme Court’s damaging Citizens United decision: since their inception in 2010, Super PACs have been primarily funded by a small segment of very wealthy individuals and business interests, with a small but significant amount of funds coming from secret sources.
D.C. – This Wednesday, February 8th, Demos and U.S. PIRG are holding a press call to release a new and comprehensive analysis of Federal Election Commission data on Super PACs, from their advent in 2010 through the end of 2011. This new report, “Auctioning Democracy: The Rise of Super PACs and the 2012 Election,” details FEC data findings, lays out actionable recommendations for all levels of government, and provides vivid new infographics (for use with attribution) that illustrate the damage dealt by Super PACs.
The Corporate Reform Coalition – made up of institutional investors managing a combined total of $800 billion in assets, as well as public officials, legal scholars, good government groups and CEOs – will hold a telephone press conference to discuss a petition calling on the Securities and Exchange Commission (SEC) to issue rules on corporate political spending.
We can’t afford to let Wall Street keep taking us for a ride: Americans need a strong Consumer Financial Protection Bureau to bring fairness and accountability to the financial sector.
Boston, MA - Yesterday, the United States Court of Appeals for the First Circuit -- covering Maine, New Hampshire, Massachusetts, and Rhode Island -- issued a decision upholding Maine's campaign finance disclosure provisions, which had been challenged by the anti-gay marriage National Organization for Marriage. In response, Lisa Danetz, Demos Senior Counsel, issued the following statement:
A commission appointed by the Massachusetts legislature is considering the creating a state Partnership Bank to boost the local economy by increasing community development lending.
New York – Today’s narrow 5-4 decision in McComish v. Bennett continues the Roberts Court’s retreat on fairness in elections, striking down trigger provisions that allowed publicly financed candidates in Arizona to receive additional funds for their campaigns when their spending was outstripped by their privately financed opponents.
New York, NY – 'Shadow Market' investment products have come under scrutiny following the banking meltdown, but they continue to be aggressively marketed to clients who can least afford the potentially catastrophic losses. Millions of American seniors could see their golden years turn bleak if the poorly regulated derivatives underpinning their investment plans implode, according to "How Safe Are Your Savings? How Complex Derivative Products Imperil Seniors' Retirement Security."
NEW YORK, NY – The idea of regulation — of using the institutions of government to set and enforce rules for the world of business — has come under fierce attack. This week, House committees will hold four separate hearings based on the premise that our nation’s economy is chafing under the restraint of excessive regulation and overly powerful regulators.