Congressman Paul Tonko today voted to close campaign financing loopholes and ensure that the voices of the American people are not drowned out by a corporate takeover of our elections. The Democracy Is Strengthened by Casting Light On Spending in Elections (DISCLOSE) Act, which Congressman Tonko co-sponsored, will strengthen disclosure and transparency rules for campaign financing, and is the most significant campaign reform law since the McCain-Feingold Act.

“The voters have a right and a need to know who is spending money to influence elections,” said Congressman Tonko. “This legislation will provide transparency to the process, and will make sure that the American people will continue to have a strong voice when it comes to electing their representatives.”

The DISCLOSE Act requires corporations, organizations, and special interest groups to stand by their political advertising just as candidates for office are required to. It will prevent Wall Street, Big Oil and U.S. corporations controlled by foreign governments from manipulating elections by funneling money to fly-by-night groups that run last minute attack ads and other anonymous election advertisements.

This legislation requires CEO’s to identify themselves in their advertisements, and corporations and organizations will be required to disclose their political expenditures. The bill also prohibits entities that receive taxpayer money – such as large government contractors and corporations receiving TARP funds – from turning around and spending that money to influence elections.

“The recent Supreme Court decision in the Citizens United case opened the door to a flood of corporate spending in our elections, without disclosure or transparency,” added Congressman Tonko. “We must protect our elections from being taken over by big corporations and special interests at the expense of the American people.” 

The DISCLOSE Act is supported by campaign finance reform advocates, including Common Cause, Democracy 21, League of Women Voters, Public Citizen, the Citizens for Responsibility and Ethics in Washington, and other groups.

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