Squadron's bill would require that a company's shareholders be involved in any decision's about political activity, which theoretically would make it harder for a company to become politically active.
The senator has previously brought this bill forth, and argued that it would provide greater transparency in the political process. In that incarnation the bill died in the Senate Finance Committee. Now, with a Republican controlled chamber, the proposal has even less of a chance, which explains why he had to formally request committee consideration.
Here is the Main Language from the bill's memo:
sections 2 through 11 requires that corporations formed under the business corporation law, the cooperative corporation law, the not-for-profit law, the railroad law, the transportation corporations law, the banking law, and the limited liability company law, professional service corporations as well as foreign corporations, and foreign professional service corporations authorized to do business in New York, (1) at least annually obtain prior authorization of a majority of shares voting before making any corporate political donations in New York, up to a total annual aggregate amount approved by the shareholders, and (2) disclose to its shareholders and file with the secretary of state an accounting of all such corporate donations, including the identity of the candidates, committees and initiatives funded and the business rational for such contributions. Sections 2 through 11 also provide the attorney general with the authority to enforce the provisions of each section.
Would this only effect election donations to candidate or "issue" based election support as well? How would it stand up to federal ruling? I thought we needed a constitutional amendment?
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