Senators Urge SEC to Continue With Political Disclosure Rule

Jan. 21 (BNA) – The Securities and Exchange Commission should continue preparing a rule on corporate disclosure of political speech, despite a law stating that the agency can’t currently complete such a rulemaking, several Democratic senators from the Banking Committee said today.

A rider to the December omnibus spending bill prohibits the SEC from using any funding to adopt or implement rules regarding the disclosure of corporate political contributions and activities. Nevertheless, the senators insisted on a conference call with reporters that the SEC had the ability to continue its preparations for writing such a rule, which could be adopted once the spending bill and its provisions expire.

“We’re calling on the SEC to go fast-forward in holding every possible preparatory meeting, discussion [and] gathering to prepare the draft of what this rule should look like,” Sen. Jeff Merkley (D-Ore.) said.