Introduced
by
To require a corporation that wants to make an independent expenditure advocating the election or defeat of a candidate to notify shareholders at least 30 days in advance and get their permission and file a notice with Secretary of State five days in advance disclosing details including how much, what for, where the money will be spent, and more. In addition, the corporation would have to disclose the names of the five highest contributors to the political ad or other form of expenditure. Ads would have to contain specific disclaimers, including the name of the corporation president. The bill is part of a package comprised of Senate Bills 1361 to 1368, introduced after the U.S. Supreme Court’s Citizens United v Federal Election Commission ruling that overturned a law restricting independent expenditures not just by for-profit businesses, but also by unions and non-profit groups motivated by ideological or political concerns.
Referred to the Committee on Campaign and Election Oversight
