In this letter 44 senators called on SEC Chair Mary Jo White to act on a rulemaking petition that would require companies to disclose their political spending. The letter was referring to Petition for Rulemaking, File No. 4-637, Petition to Require Public Companies to Disclose to Shareholders the Use of Corporate Resources for Political Activities, dated August 3, 2011 (the “Petition”), submitted by the Committee on Disclosure of Political Spending.
The rulemaking petition has garnered support from five state treasurers, more than 70 major endowed foundations, former SEC Chairs Arthur Levitt (Democrat) and William Donaldson (Republican), and former SEC Commissioner Bevis Longstreth. In addition, the SEC has received more than 1.2 million supportive comments from the public and retail investors.