Politics & Government

Bill banning ‘secret political advertising’ by corporations introduced by Rep. Carbajal

Rep. Salud Carbajal reflects on first term in Congress ahead of 2018 primary

U.S. Rep. Salud Carbajal reflects on his accomplishments during his first term in the House of Representatives, explains why the 2018 California primary election is important and outlines goals for the next term.
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U.S. Rep. Salud Carbajal reflects on his accomplishments during his first term in the House of Representatives, explains why the 2018 California primary election is important and outlines goals for the next term.

The Central Coast’s representative in Congress on Friday filed a federal bill that requires publicly traded corporations to disclose their political spending.

U.S. Rep. Salud Carbajal reintroduced the bill after a previous effort failed to pass the Republican-controlled House Committee on Financial Services.

The Corporate Political Disclosure Act of 2019 would require publicly traded corporations to disclose political expenditures to their shareholders and to the general public through the Securities and Exchange Commission.

Carbajal was joined in authoring the legislation by Bill Ostrander, director of campaign finance reform nonprofit advocacy group Citizen’s Congress, and Carbajal’s former Democratic opponent in the 2016 primary election.

“Shareholders deserve to know exactly where their money is going when they choose to invest in a company,” Carbajal said. “The voices of Central Coast residents and small businesses shouldn’t be drowned out by billions of dollars in secret political advertising backed by corporations that place making a profit above the public interest.”

In a news release Friday, Carbajal’s office said that special interest groups spent nearly $1.5 billion on the 2016 presidential election.

Since then, absent action by the Securities and Exchange Commission, stockholders have begun compelling corporations to become more transparent about their political spending, with 294 out of the Standard & Poor‘s 500 companies having implemented some form of disclosure of their political spending and lobbying activities, according to the 2018 CPA-Zicklin Index.

The Corporate Political Disclosure Act would create a uniform reporting requirement through the SEC, the news release states.

Salud Carbajal shares what he learned after visiting the U.S. Coast Guard station in Morro Bay. They are unpaid during the partial government shutdown and the U.S. Congressman said this is causing pain and anxiety.

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Matt Fountain is The San Luis Obispo Tribune’s courts and investigations reporter. A San Diego native, Fountain graduated from Cal Poly’s journalism department in 2009 and cut his teeth at the San Luis Obispo New Times before joining The Tribune as a crime and breaking news reporter in 2014.

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