Anti-SuperPAC Bill Fails in Senate Elections Committee Vote

Earlier this week, the State Senate’s Corporations, Authorities and Commissions Committee considered S.101 Squadron, entitled the Corporate Political Activity Accountability to Shareholders Act. The bill would require that corporate contributions to a political candidate or party committee or in support or opposition to a candidate or ballot referendum be approved by a majority of the corporation’s shareholders.

According to the sponsor’s memo:

“This bill responds to the Supreme Court’s decision in Citizen’s United v. Federal Election Commission to effectively eliminate restrictions on corporations’ ability to expend corporate resources in support or opposition to political candidates, political parties and ballot referendums. Specifically, this bill gives shareholders the necessary tools to ensure that the expenditure of corporate resources toward political activity serves the objectives for which the corporation was formed, is consistent with the corporation’s business interests, and enhances – rather than diminishes shareholder value.””

The bill was voted down in committee.

In a statement released after the committee meeting, Senator Squadron said that is circulating a “petition for chamber consideration” of the bill.  If 38 Senators sign on to the petition, the bill will be brought to the Senate floor for a vote.