Top Democratic representatives announced Thursday a legislation seeking to ban foreign-controlled corporations that received federal bailouts or government contracts from spending funds on US elections.
Scheduled to be formally introduced in late February, the legislation would also oblige every corporate executive, running an election ad, to appear on the commercial and say that he or she approves the ad’s message.
The move aims to curb the impact of the Supreme Court ruling on campaign finance last month that reversed a long-existing ban on unions and corporations spending their treasury funds on ads for presidential and congressional elections.
The high court’s decision also rejected a ban on corporations and unions running political ads 60 days prior to a national election, and 30 days prior to a primary election.
While many GOP leaders have seen the court’s decision as an affirmation of the First Amendment’s right to freedom of speech, Democrats have considered the ruling as a support to corporate interests favouring Republicans.
In the bill, foreign corporations would be defined to have 20% or more foreign ownership, or a majority of board directors who are foreign citizens.
Moreover, foreign companies would be defined as those with US operations, or decision making related to political activities, being directed by a non-US entity, such as a foreign government.
The high court’s ruling, on one hand, did not particularly answer the question regarding the lifting of restrictions on foreign-based corporations that spend money on elections.
