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U.S. Army Captain Michael Kelvington, commander of the Battle company, 1-508 Parachute Infantry battalion, 4th Brigade Combat Team, 82nd Airborne Division, bows next to remains of Gulam Dostager, a member of Afghan Local Police who was killed in the blast of an Improvised Explosive Device (IED) during the joint Tor Janda (Black Flag in Pashtu) operation, in Zahri district of Kandahar province, southern Afghanistan May 25, 2012. REUTERS/Shamil Zhumatov (AFGHANISTAN - Tags: MILITARY CIVIL UNREST CONFLICT TPX IMAGES OF THE DAY)

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Members of the U.S. Navy Blue Angels fly over the World Trade Center in lower Manhattan as part of the 25th annual Fleet Week celebration in New York, May 23, 2012. REUTERS/Eduardo Munoz (UNITED STATES - Tags: MILITARY ANNIVERSARY TPX IMAGES OF THE DAY)

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Congressional panel to examine campaign spending

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WASHINGTON | Fri Mar 5, 2010 6:00pm EST

WASHINGTON (Reuters) - A top lawmaker said on Friday he is holding a hearing to examine the need for legislative reform after the Supreme Court ruled that corporations can spend freely to support or oppose candidates for president and Congress.

The House of Representatives subcommittee on capital markets is holding a hearing on Thursday to examine how companies are governed and legislation to make corporate campaign spending more transparent.

"At the very least, corporate management should obtain approval from shareholders on any campaign contributions," subcommittee chairman Paul Kanjorski said on Friday.

"Shareholders should not expect that a company will use their money to invest in candidates that the shareholders do not support," Kanjorski said in a statement.

In January, the country's top court struck down long-standing limits on corporate spending in U.S. campaigns.

The ruling, denounced by the Obama administration, is expected to unleash a flood of money to be spent in this year's congressional election and the 2012 presidential contest.

(Reporting by Rachelle Younglai; editing by Carol Bishopric)
Politics
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Comments (3)
keepdad wrote:
“At the very least, corporate management should obtain approval from shareholders on any campaign contributions,” subcommittee chairman Paul Kanjorski said on Friday.

“Shareholders should not expect that a company will use their money to invest in candidates that the shareholders do not support,” Kanjorski said in a statement.

Shouldn’t this apply to unions as well?

Mar 06, 2010 9:30am EST  --  Report as abuse
kbworkman wrote:
As long as the new limitations apply evenly to the groups that pump money into the pockets of the Dem I see no problem. Of course the unions my be a little upset that they won’t be able to buy their “elected” representatives.h

Mar 06, 2010 12:07pm EST  --  Report as abuse
cowboybob92708 wrote:
“Shareholders should not expect that a company will use their money to invest in candidates that the shareholders do not support,” Kanjorski said in a statement.

Just like Union Members should not expect their money to be used to support candidates they do not support.

Mar 06, 2010 12:49pm EST  --  Report as abuse
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