Quantcast
Environmental News for a Healthier Planet and Life

SEC, Get Money Out of Politics

Energy
SEC, Get Money Out of Politics

It's easy to see the effects of big corporations on our environment in places like Ohio and North Dakota, where fracking is spoiling farmland, or Arkansas, where the Mayflower oil spill is still causing havoc, or Alaska, where carbon pollution is pushing polar bears to the brink of extinction. It can be harder to see it here in Washington, D.C. But make no mistake, here in D.C., the secret political contributions from the 1 percent of the 1 percent of the 1 percent are doing as much damage to our environment as anything else.

This "dark money" flowing through our political system props up politicians and campaigns that have already helped kill the climate bill and make it so one-quarter of all the votes in the House last year were to gut environmental laws. Dark Money encourages politicians to hamstring necessary governmental functions like overseeing the U.S. Environmental Protection Agency, and it helps make the Koch Brothers agenda of deregulation and corporate anarchy a reality. Dark Money works against all of us who wish to uphold the principles of democracy that America was founded on—transparency and fairness—and it must be stopped. For our democracy to function, voters must know who is paying for what. When our government is so thoroughly captured by corporate interests, this is the only way we can make informed choices. It's time to shine a light on dark money.

There are tools in place to begin to do this right now. One such tool is to have the Securities and Exchange Commission (SEC) require corporations that make political contributions to disclose those donations to their shareholders. In 2011, a bipartisan group of academics concerned by the Supreme Court's Citizens United decision asked the Securities and Exchange Commission to create a rule to require publicly traded companies to do just that.

The rule, once proposed, made a lot of sense to a lot of people. It's a simple, straightforward way for us to keep tabs on our officials, and the corporations who want to buy access and influence. The rule received a record-breaking 700,000 positive comments from retail investors and concerned citizens, as well as pension fund managers and State Treasurers who wanted to know where their hard-earned investments were going. It even made sense to more than 100 leading companies, who began taking the initiative to publicly disclose their political spending as the rule moved forward.

Even with all of this backing, SEC Chairman Mary Jo White removed the rule from the committee's formal long-term agenda. Unbelievable. It appears that special interests groups like the Chamber of Commerce, who desperately want to keep their billions flowing in the dark, won another round because they bet on a cynical public not engaging.

But the fight isn't over.

Everyone from Red States to Blue States wants to see who's paying the piper. According to a recent poll from MFour Research and Tulchin Research and commissioned by Represent. Us, 91 percent of Americans think that our elected leaders should be doing more to get money out of politics. In addition, studies commissioned by the Center for Economic Development and the Center for Political Accountability found a strong majority of business leaders endorsing corporate disclosure of direct and indirect political expenditures. Investors want to know where their money is going just as much as everyday Americans want to know who's calling the shots in our Congress.

This rulemaking deserves action now, and so the agency should make a statement by placing this rule on the agenda for a public hearing. Add your voice to the millions calling for the SEC to shed more light on dark money.

Follow Phil Radford on Twitter.

Plastic bails, left, and aluminum bails, right, are photographed at the Green Waste material recovery facility on Thursday, March 28, 2019, in San Jose, California. Aric Crabb / Digital First Media / Bay Area News via Getty Images

By Courtney Lindwall

Coined in the 1970s, the classic Earth Day mantra "Reduce, Reuse, Recycle" has encouraged consumers to take stock of the materials they buy, use, and often quickly pitch — all in the name of curbing pollution and saving the earth's resources. Most of us listened, or lord knows we tried. We've carried totes and refused straws and dutifully rinsed yogurt cartons before placing them in the appropriately marked bins. And yet, nearly half a century later, the United States still produces more than 35 million tons of plastic annually, and sends more and more of it into our oceans, lakes, soils, and bodies.

Read More Show Less
EcoWatch Daily Newsletter
Rise and Resist activist group marched together to demand climate and racial justice. Steve Sanchez / Pacific Press / LightRocket / Getty Images

By Alexandria Villaseñor

This story is part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story.

My journey to becoming an activist began in late 2018. During a trip to California to visit family, the Camp Fire broke out. At the time, it was the most devastating and destructive wildfire in California history. Thousands of acres and structures burned, and many lives were lost. Since then, California's wildfires have accelerated: This past year, we saw the first-ever "gigafire," and by the end of 2020, more than four million acres had burned.

Read More Show Less
Trending
U.S. Interior Secretary Deb Haaland announced a pair of climate-related secretarial orders on Friday, April 16. U.S. Department of the Interior

By Jessica Corbett

As the Biden administration reviews the U.S. government's federal fossil fuels program and faces pressure to block any new dirty energy development, Interior Secretary Deb Haaland won praise from environmentalists on Friday for issuing a pair of climate-related secretarial orders.

Read More Show Less
David Attenborough narrates "The Year Earth Changed," premiering globally April 16 on Apple TV+. Apple

Next week marks the second Earth Day of the coronavirus pandemic. While a year of lockdowns and travel restrictions has limited our ability to explore the natural world and gather with others for its defense, it is still possible to experience the wonder and inspiration from the safety of your home.

Read More Show Less

By Michael Svoboda

For April's bookshelf we take a cue from Earth Day and step back to look at the bigger picture. It wasn't climate change that motivated people to attend the teach-ins and protests that marked that first observance in 1970; it was pollution, the destruction of wild lands and habitats, and the consequent deaths of species.

Read More Show Less