Voting Blogs: One FEC Commissioner’s Answer to Citizens United | More Soft Money Hard Law
FEC Commissioner Weintraub believes that she has hit upon a regulatory maneuver to stop publicly traded corporations from making independent expenditures, or unlimited contributions to independent expenditure committees. At a time when newspaper editorialists carry on with attacks on the Commission as “worse than useless,” the Commissioner seems determined to prod the FEC to face the major “money in politics” issues of the day. This is her theory: foreign nationals cannot make contributions or independent expenditures, which means that the FEC could establish that no corporation with foreign nationals as shareholders could engage in this political spending. The rule would not bring about this result outright: it would require a corporation to “certify” that it was not making contributions or independent expenditures with these funds. As a practical matter, corporations with foreign national shareholders could not risk making the certification and would forgo this political spending. The Commissioner plans to direct lawyers to produce proposals that she and her colleagues can consider in a future rulemaking.