March, 15 2016, 11:30am EDT
Corporate Political Spending Disclosure Rule Should Be a Key Factor in Senate Confirmation of SEC Nominees
Senate Banking Committee Holds Confirmation Hearing Today
WASHINGTON
Lawmakers who ask questions today of two nominees for the U.S. Securities and Exchange Commission (SEC) should ensure that the nominees support a proposal to require publicly held companies to disclose their political spending, the Corporate Reform Coalition said today.
The call comes as the U.S. Senate Banking Committee takes up the long-delayed confirmation hearing for two people nominated to be SEC commissioners, Hester Pierce, a Republican, and Lisa Fairfax, a Democrat.
For the sake of a functioning and accountable corporate democracy, the SEC must issue a rule requiring disclosure of corporate political spending, the Corporate Reform Coalition maintains. Political spending information is relevant to investors, and they have demanded action.
Many members of the banking committee have spoken out on this matter, including Sens. Charles Schumer (D-N.Y.), Robert Menendez (D-N.J.), Jeff Merkley (D-Ore.) and Elizabeth Warren (D-Mass.). Those lawmakers recently organized a sign-on letter to the agency calling on it to work on the regulation. The letter garnered 44 signatures.
The federal government spends more than $128 billion annually on student aid under Title IV of the Higher Education Act. Yet even as for-profit schools benefit from taxpayers' largesse, many of them target students - particularly people of color, low-income individuals and veterans - using fraudulent recruitment practices. Many of these schools provide an inferior education with low-quality programs, few support services, and abysmal graduation and job placement rates. Some students at such schools drop out after they realize the extent of their school's misrepresentations. Other students graduate with a worthless degree. In either case, the school's wrongdoing leaves students with significant financial obligations to the federal government that they cannot repay.
This Senate support is accompanied by robust and overwhelming backing from those the SEC is charged with protecting: investors. A record number of public and retail investor comments - more than 1.2 million - have come into the agency. Supportive comments have come from five state treasurers, 70 major major foundations, more than 100 major individual investors and a bipartisan group of former SEC commissioners and chairs.
The Corporate Reform Coalition looks forward to the new commissioners being responsive to the demand from investors and making this matter a priority.
Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.
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'Flawed and Dangerous': US Appeals Panel Upholds Potential TikTok Ban
"This is a deeply misguided ruling that reads important First Amendment precedents too narrowly and gives the government sweeping power to restrict Americans' access to information, ideas, and media from abroad."
Dec 06, 2024
First Amendment advocates on Friday criticized a U.S. appellate court for upholding a law that would ban TikTok in the United States if its Chinese parent company does not swiftly sell the social media platform used by an estimated 170 million Americans.
Signed by President Joe Biden in April, the law gives ByteDance until January 19 to divest from TikTok. Three judges from the U.S. Court of Appeals for the District of Columbia Circuit found that the parts of the law considered by the panel "do not contravene the First Amendment" nor other parts of the Constitution of the United States.
"The First Amendment exists to protect free speech in the United States. Here the government acted solely to protect that freedom from a foreign adversary nation and to limit that adversary's ability to gather data on people in the United States," Judge Douglas Ginsburg wrote in an opinion the company is expected to appeal to the U.S. Supreme Court.
Responding to the decision on social media Friday, Ashley Gorski, senior staff attorney with the ACLU's National Security Project, said that "the D.C. Circuit's decision today to uphold the TikTok ban is enormously disappointing. If allowed to stand, it would give the government far too much power to restrict Americans' speech online."
Jameel Jaffer, who was on a friend-of-the-court brief as director of the Knight First Amendment Institute at Columbia University, issued a similar warning after the ruling was released.
"This is a deeply misguided ruling that reads important First Amendment precedents too narrowly and gives the government sweeping power to restrict Americans' access to information, ideas, and media from abroad," he said. "I hope the D.C. Circuit's ruling won't be the last word—and I doubt it will be."
Kate Ruane, director of the Center for Democracy & Technology's Free Expression Project, also looked ahead to the next court fight.
"The D.C. Circuit decision upholding the TikTok ban will immeasurably harm the free expression of hundreds of millions of TikTok users in the U.S. and globally who use the app to create, to share information, to get their news, and promote their businesses," she said in a statement. "We hope the next phase of review of this misguided and overbroad law will be a chance to right this wrong and prevent it from going into effect."
In addition to arguing the law is unconstitutional, attorneys for TikTok and ByteDance "have claimed it's impossible to divest the platform commercially and technologically,"
The Associated Pressreported. "They also say any sale of TikTok without the coveted algorithm—the platform's secret sauce that Chinese authorities would likely block under any divesture plan—would turn the U.S. version of TikTok into an island disconnected from other global content."
U.S. President-elect Donald Trump, who is set to take office one day after the law's divestment deadline, previously supported banning the platform, but during the latest campaign, he pledged to try to "save TikTok." According toThe Washington Post:
Trump is expected to try to halt the TikTok ban, people familiar with his views on the matter told The Washington Post in early November, speaking on the condition of anonymity to discuss private conversations.
Alan Rozenshtein, a former national security adviser to the Justice Department, said Trump could take any of three actions to help TikTok fend off the ban: persuading Congress to repeal the law, directing his new attorney general not to enforce it, and declaring that ByteDance has satisfied the statute by performing a "qualified divestiture" of TikTok.
Although the president-elect hasn't yet weighed in on the new court decision, on Thursday he shared on his Truth Social platform a post-election overview of how his campaign performed on TikTok.
While Trump may move to preserve TikTok in the United States, civil rights attorney and Harvard Law School Cyberlaw Clinic instructor Alejandra Caraballo noted that the court decision's "terrible precedent" is also a concern as he returns to office.
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The killing of UnitedHealthcare CEO Brian Thompson outside of a Manhattan hotel Wednesday has sparked a wave of dark humor and fresh fury at the for-profit U.S. healthcare system.
The barbs at UnitedHealthcare—the country's largest private insurer—included a mock denial of coverage letter posted to the subreddit r/nursing in a thread on Thompson’s murder.
"We regret to inform you that your request for coverage has been denied," the letter reads. "Our records indicate that you failed to obtain prior authorization before seeking care for the gunshot wound to your chest." The Daily Beastreported a spoof rejection letter was also posted to a since closed thread on r/medicine.
Police are in their third day searching for Thompson's killer, who shot the healthcare executive multiple times in front of a Hilton hotel in Midtown before fleeing the scene. The New York Police Department has released an image that shows a man authorities deem "a person of interest wanted for questioning" in connection to the Wednesday killing, perCNN. The image was captured at a hostel in Manhattan, according to CNN, citing law enforcement.
The words "deny," "defend," and "depose" were found written on the ammunition used by the gunman, three words that partially echo the title of the book "Delay, Deny, Defend," which details how the insurance industry avoids paying claims.
In addition to dark humor, reactions to Thompson's assassination have brought to the fore the public's downright rage at the health insurance industry.
In the comment section of Common Dreams' coverage of the murder, one commenter wrote: "I guess if you steal people's labor and deny them healthcare in order to line your own pockets, you might occasionally expect retaliation." Another wrote: "For profit health care is unethical and immoral."
"Thoughts and deductibles to the family," read one comment below a video of the shooting posted by CNN, according to The New York Times. "Unfortunately my condolences are out-of-network."
One woman whose mother with stage four breast cancer was forced to battle insurance to get new treatments approved toldNew York magazine that she experienced "a little surge of Schadenfreude," when she heard of Thompson's death.
"UnitedHealth CEO Brian Thompson was just 50 years old at the time of his murder, which is a lot more tragic when you know that his life expectancy as a member of the Top 1% was 88, or 15 years longer than the life expectancy of the average American male," wrote journalist and editor Moe Tkacik on X. Later, in a piece for The American Prospect, Tkacik framed the situation like this: "Only about 50 million customers of America’s reigning medical monopoly might have a motive to exact revenge upon the UnitedHealthcare CEO."
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Charles Idelson, former communications strategist for National Nurses United, said that "you don’t have to sanction murder to see why so many Americans detest health insurance corporations who prioritize profit goals by routinely creating arbitrary reasons to deny patient needs."
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"When the Consumer Financial Protection Bureau is allowed to fully do its job, Americans only stand to benefit."
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In the coming weeks, as President-elect Donald Trump's second term approaches and his pledge to dismantle key agencies potentially comes closer to fruition, 4.3 million consumers are set to receive checks from one of the agencies the incoming administration wants to "delete."
The Consumer Financial Protection Bureau (CFPB) announced Thursday that it will soon begin distributing a historic $1.8 billion to millions of people who were charged illegal junk fees or defrauded by credit repair companies including Lexington Law and CreditRepair.com.
The money will be distributed from the CFPB's victim relief fund, which was created by Congress and is financed entirely by civil penalties paid by companies and individuals who violate consumer financial protection laws.
The fund has distributed $3.3 billion to consumers since its inception, and the CFPB said the forthcoming payment will be its largest ever.
"Lexington Law and CreditRepair.com exploited vulnerable consumers who were trying to rebuild their credit, charging them illegal junk fees for results they hadn't delivered," said CFPB Director Rohit Chopra. "This historic distribution of $1.8 billion demonstrates the CFPB's commitment to making consumers whole."
A district court ruled in August 2023 that the two companies had violated the Telemarketing Sales Rule's prohibition on advance fees, which bars credit repair firms from collecting fees from consumers until they prove they have achieved the results they promise to their customers.
If the CFPB payments are divided equally among those who were wrongly charged fees by the two companies, each consumer would receive about $419.
The payments are being sent days after the CFPB proposed a rule aimed at reining in data brokers who sell people's personal information.
As Common Dreamsreported, billionaire entrepreneur Elon Musk has expressed concern about the practices of data brokers—but as Trump's nominee to co-lead the Department of Government Efficiency (DOGE), a yet-to-be-created commission that would cut regulations and government spending, Musk has pledged to "delete" the CFPB.
Filmmaker and media activist Danny Ledonne said Musk and Vivek Ramaswamy, another businessman nominated to lead DOGE, likely want to do away with the CFPB because the agency acts "in the interest of regular people."
Liz Zelnick, director of the Economic Security and Corporate Power Program at government watchdog Accountable.US, said the upcoming $1.8 billion payout shows why the CFPB should remain in operation.
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