Business groups oppose new political disclosure push

Fredreka Schouten | USA TODAY

WASHINGTON — Three of the nation's largest business groups are urging corporate executives to oppose efforts by activists to force corporations to disclose their political spending.

The real goal of the disclosure push is to "limit or remove altogether the business voice from the political and policymaking process," the groups said in the letter signed by the heads of the U.S. Chamber of Commerce, the Business Roundtable and the National Association of Manufacturers.

Chamber spokeswoman Blair Latoff Holmes said the letter went to a large group of Fortune 200 CEOs.

Companies have faced a record 126 shareholder proposals during this spring's proxy season that are aimed at forcing either more disclosure of political and lobbying spending or demanding that companies to curb their political activity.

The disclosure drive is led by labor unions, state pension funds and liberal activists. Trade associations and other non-profit groups poured more than $300 million into federal contests last year without disclosing their donors.

The business organizations also raised alarms about a proposal that urges the Securities and Exchange Commission to require companies to share information about political spending with shareholders. The letter, first reported by The Wall Street Journal, came as the Senate confirmed former prosecutor Mary Jo White as SEC chairwoman this week. White became the third Democratic appointee on the five-member board, and liberal activists plan a renewed push to urge the SEC to move forward.

The SEC has received nearly 500,000 comments backing more disclosure. The business organizations said 99% come from unions and other activists "rather than a legitimate investor effort."