On a similar note, another provision tucked away on page 1,982 prohibits the Securities and Exchange Commission (SEC) from requiring corporations to disclose their political spending.
This is especially outrageous because disclosure is, at least on paper, one of the least controversial and most basic steps toward reform the government can take. We're not talking about cutting off the flow of money here -- just letting the public see who's spending it, and what they're spending it on. As noted by the LA Times' Michael Hiltzik, even the Supreme Court made a point of emphasizing the need for disclosure in its widely reviled Citizens United ruling:
"With the advent of the Internet," Justice Anthony M. Kennedy wrote for the majority, "prompt disclosure of expenditures can provide shareholders and citizens with the information needed to hold corporations and elected officials accountable for their positions and supporters." Disclosure would enable shareholders to "determine whether their corporation's political speech advances the corporation's interest in making profits, and citizens can see whether elected officials are 'in the pocket' of so-called moneyed interests."
All that said, Obama's SEC seemed completely unwilling to implement such a rule anyway. Despite the fact that a petition calling for a new disclosure rule drew 1.2 million public comments -- the most in SEC history -- SEC chairwoman, Obama appointee, and former Wall St. lawyer Mary Jo White has consistently refused to take any kind of action on the matter.