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News

The Daily

House Fights to Head Off Potential SEC Rule on Political Spending Disclosures

By:
Chris Gaetano
Published Date:
Jun 22, 2015
SECURITIES-AND-EXCHANGE-COMMISSION-facebookMembers of the House of Representatives have moved to prevent the SEC from implementing a potential rule that could require companies to disclose its political spending, according to the Wall Street Journal. The House Appropriations Committee inserted a measure into the 2016 Financial Services Bill that would explicitly prevent the commission from ever creating a rule on disclosure of political contributions, or contributions to trade associations and other tax-exempt organizations, said the Journal. This was done in response to a 2011 rulemaking petition proposing exactly that, an idea that has drawn more comment letters than any other proposal in the commission's entire history: more than a million, according to the Journal. This is the second time the House has moved to ban the SEC from putting such a rule in play, having put a similar measure in last year's appropriations bill as well, though that one failed to clear the Senate, said the Journal.