Former SEC members call out agency for inaction on corporate contributions

Secret corporate political spending is a scourge on U.S. democracy. And despite inaction by the Securities and Exchange Commission (SEC) on the matter, a bipartisan collection of former SEC members are speaking out saying something has to be done now.

The Teamsters joined with others to call out the SEC last fall.

In a letter sent today to SEC Chairman Mary Jo White, former SEC Chairmen William Donaldson (R) and Arthur Levitt (D), as well as former SEC Commissioner Bevis Longstreth (D) said it is time for the agency to put in place mandatory political spending disclosure laws so that investors know about corporations' giving practices.

They noted when the U.S. Supreme Court issued its ruling in the 2010 Citizens United case, the court expected the SEC to issue rules that would give investors transparency on the company donations. And a petition signed by a record-breaking 1.2 million people also called for intervention. The three wrote:

To date, the Court’s expectation of disclosure, which can only be assured by SEC rule, has been denied. It is now five years since Citizens United and almost four years since Petition 4-637 was filed. The Commission’s inaction is inexplicable. Its failure to act offends not only us, who are alumni of this agency struggling to retain our deep pride of association, but investors and the professionals who serve them. And it flies in the face of the primary mission of the Commission, which has since 1934 been the protection of investors. To use a metaphor, mandatory disclosure of corporate political activities should be a “slam dunk” for the Commission.

The Teamsters have been outspoken critics of this inaction as well. Teamsters General President Jim Hoffa wrote in a Reuters column a year ago:

Companies increasingly are playing an outsized role in U.S. elections. In many cases, they donate money to advocate controversial policies that could antagonize their customers and undermine their businesses. Because so many of these contributions are not disclosed, however, shareholders are left in the dark and unable to evaluate potential conflicts or risks.

That's not how it should be. Unions need to disclose their contributions. And millions of people making retirement investments have a right to know about how the companies they’ve purchased shares in are spending their cash. Many times, political contributions end up biting corporations in the backside and cost their investors dearly. Teamsters, through affiliated pension and benefit funds, have more than $100 billion invested in capital markets. The union relies upon the SEC to ensure that as investors the Teamsters are provided accurate and transparent financial reports by the companies with whom we invest.

Government needs to be responsive to its citizenry. Corporations shouldn’t get a pass on following the same rules as organizations that represent workers.

Today's Teamster News 04.23.15

Teamsters
Teamsters reject fact-finder report, talks ongoing with Metro RTA  Ohio.com   ...A local Teamsters union has rejected a fact-finder’s report, spurring more contract talks with Metro RTA over increased wages and benefits. Teamsters Local 348, which represents 34 mechanics and maintenance workers, and RTA negotiators held a hearing March 20...
Abridged funding for infrastructure upgrades hurts all of us   Teamster Nation   ...Unions like the Teamsters take a great deal of pride in our country. We're proud to build what makes America work and we would be thrilled to get more workers on the job making our infrastructure the best in the world. It's time for a bipartisan solution to do so...

Global Labor & Trade
With 'Brave Tactic,' Sanders Tries to Slam Brakes on Fast Track  Common Dreams   ...In what is being heralded as a "brave tactic," Senator Bernie Sanders (I-Vt.) on Wednesday temporarily blocked lawmakers from rushing through legislation that would allow the Obama administration to "Fast Track" the controversial and highly secretive Trans-Pacific Partnership agreement. Sanders forcibly delayed the Senate Finance Committee from considering Fast Track legislation by using a rarely invoked senate scheduling rule...
China's shadow looms over Senate trade debate   Politico   ...The Senate Finance Committee’s vote late Wednesday to approve “fast track” trade legislation revealed two things: Some Democrats strongly support the measure, and concerns about China’s currency practices will dog the bill as it moves through Congress...
House Democratic Leader Joins Bid to Upend Trade-Deal Compromise   Bloomberg   ...With Pelosi’s endorsement, the Levin version could siphon Democratic votes from a bill by Representative Paul Ryan, the Wisconsin Republican who heads Ways and Means Committee, and introduced in the Senate by Finance Committee Chairman Orrin Hatch of Utah and Ron Wyden of Oregon, the panel’s top Democrat...
Eyes wide shut on ISDS   The Hill  ...The ISDS provision allows foreign companies to sue their “host” governments though a specialized international arbitration mechanism that often grants protections exceeding those available in domestic courts. While the Obama administration has sought to downplay concerns about ISDS, the decision in Bilcon v. Canada highlights its very real problems...
Sen. Warren to Those Promising TPP Is So Great: 'Prove It. Let Us See the Deal'  Common Dreams   ..."The Administration says I'm wrong – that there’s nothing to worry about," Warren wrote in a blog post addressed to constituents and the general public on Wednesday. "They say the deal is nearly done, and they are making a lot of promises about how the deal will affect workers, the environment, and human rights. Promises – but people like you can't see the actual deal"...
Obama and Republicans Agree on the Trans-Pacific Partnership … Unfortunately   (opinion) New York Times  ...This is a bipartisan effort if ever there was one; George Will has called the TPP “Obama’s best idea.” Thus we see the administration, along with pro-business Democrats and Republicans, trying to bulletproof the deal. If that passes, Congress could vote only up or down on the deal, not amend it. That’s quite a bit of presidential power for a scheme that would have a striking impact on the global economy...
Congress Must Stop Fast Tracking Fast Track!  (opinion) Daily Kos   ...This Fast Track for secret, unread trade deals must be a wake up call that our democracy is in trouble and that politics as normal does not work. The corporate lobby from Nike, Microsoft, Google, Big Pharma, and led by the US Chamber of Commerce are all lined up against us like never before...
Murder Doesn't Matter Under U.S. Trade Deals, AFL-CIO Reveals  Huffington Post   ...Defenders of the White House push for sweeping trade deals argue they include tough enforcement of labor standards. But a top union leader scoffed at such claims Tuesday, revealing that administration officials have said privately that they don’t consider even the killings of labor organizers to be violations of those pacts...

State & Living Wage Battles
How Raising The Minimum Wage To $15 Changed These Workers' Lives  Huffington Post   ...A valet attendant and shuttle driver at a parking company called MasterPark, Babakrkhil saw his base wage jump from $9.55 per hour, before tips, up to $15. Having scraped by in America since immigrating from Afghanistan 11 years ago, he suddenly faced the pleasant predicament as his co-workers: What to do with the windfall? For the overworked father of three, it wasn't a hard question. Babakrkhil decided to quit his other full-time job to actually spend time with his wife and three young girls...
Federal Contract Workers Just Went on Strike in DC  The Nation   ...Janitors and food service workers at federal monuments are tired of earning a pittance on the taxpayers’ dime, so they’ve gone on a one-day strike. They join workers across the country to demand from Washington what their fellow fast-food workers and retail clerks in the private sector are demanding from private firms: $15 an hour and union rights...
$70,000 minimum pay turns out to be good for business   Daily Kos  ...Remember Dan Price, the CEO who cut his own pay to raise the minimum annual pay at his company to $70,000? Turns out, that wasn't just a morally good thing to do, and Price doesn't have to wait for the longer-term payoff of increased productivity and reduced staff turnover: "Price said the news has brought in dozens of new clients, making it the best week for new business in the company's 11-year history"...

Pennsylvania Scraps Flawed Test Meant To Determine If Food Stamp Recipients Are Poor Enough   Think Progress   ...Pennsylvania will no longer punish its poorest families for saving money after Gov. Tom Wolf’s (D) administration announced the end of a flawed eligibility test for food stamps that was imposed by Wolf’s Republican predecessor. On Tuesday, state officials said they are ending food stamps asset tests...
Kansas Lawmakers Want The Poor To Pay For Tax Cuts For The Rich  Washington Post   ...Even the proposed increases in sales and excise taxes would make up only a fraction of the deficit. To balance the budget for this year, Brownback and other policymakers have proposed temporary measures, such as transferring money out of the state's highway fund...
Chicago Mayor Joins Chorus of Opposition to IL Gov’s Anti-Worker “Turnaround Agenda”   We Party Patriots   ...During a city council meeting this month, Chicago Mayor Rahm Emanuel introduced a resolution to oppose Gov. Bruce Rauner’s proposed “Right-to-Work” zones, which would enable municipalities to enact hyper-ideological anti-union legislation on a local level...
The Chamber Of Commerce Is Fighting Fiercely To Stop The Scourge Of Corporate Transparency  Huffington Post   ...The Chamber of Commerce had submitted a brief in the Citizens United case in support of lifting certain previous restrictions on corporate spending. The business lobby has been active in elections since 1998, but dramatically stepped up its efforts following the Supreme Court's ruling. Since then, the Chamber has spent over $100 million on federal elections, almost all in favor of the Republican Party...
Corporations to Workers: "We Own You"  Truthout.org   ...Right now, House Republicans are trying to give employers here in our nation's capital the right to fire their employees if they go on birth control. Last year, the Washington DC city council passed a law called the Reproductive Health Non-Discrimination Act of 2014 (RHNDA), which bans employers from firing or otherwise punishing employees for the private decisions they make about their reproductive health. Naturally, right-wing religious groups started freaking out...

U.S. Labor
Barack Obama Proposes $3.5 Billion Gas Pipeline Overhaul  Politico   ...But the amount of money the administration is proposing is just a fraction of what it would take to replace the hundreds of thousands of miles of decades-old cast-iron and bare-steel natural gas distribution pipes — the lines that are considered most vulnerable to ruptures. A full replacement would cost $270 billion, the report says. And the whole proposal immediately ran into GOP skepticism...
Pregnant Fast-Food Worker Robbed at Gunpoint Then Fired for Not Repaying Stolen Cash  Alternet   ...Marissa Holcomb was hard at work at a Popeye's in Texas. She was in the midst of one of the busiest shifts of the week when a gunman with a stocking cap entered the store, jumped over the counter and robbed the clerk at gunpoint. Unable to open the safes, she opened the registers and the thief made of with roughly $400. Did she receive praise for handing over the cash and surviving the ordeal?...
Alabama Dispute Strains UAW-Lear Relationship  WardsAuto  ...The amicable relationship built up over the years between the UAW and Lear, the world's largest supplier of automotive seating, is being tested by a dispute at the company’s non-union plant in Selma, AL. The clash is filling up the dockets in two different courts in Alabama and has triggered an angry exchange over employee safety between the company and the union...
NJEA breaks off pension talks with Christie   Philly.com   ...In a setback to Gov. Christie's proposal to overhaul New Jersey's pension and health benefit systems, the state's largest teachers' union on Tuesday said it would no longer participate in talks with a panel he appointed to tackle the funding crisis. The union also called on Christie to fully fund the pension system. Christie shorted the system about $1.6 billion for the current fiscal year...

Miscellaneous
Detroit Just Had The Single Largest Tax Foreclosure In American History  Mother Jones   ...On March 31st at the Wayne Country Treasurer's Office, that Victorian-era invention was accomplishing neither objective. Then again, no door in the history of architecture—rotating or otherwise—could have accommodated the latest perversity Detroit officials were inflicting on city residents: the potential eviction of tens of thousands, possibly as many as 100,000 people, all at precisely the same time...
Pipelines Blow Up And People Die  Politico   ...Oil and gas companies like to assure the public that pipelines are a safer way to ship their products than railroads or trucks. But government data makes clear there is hardly reason to celebrate. Last year, more than 700 pipeline failures killed 19 people, injured 97 and caused more than $300 million in damage. Two of the past five years have been the worst for combined pipeline-related deaths and injuries since 2000...
GOP Infighting Threatens NSA Bill  Politico   ...It’s the second congressional effort to reform surveillance practices since Snowden’s leaks revealed the vast nature of the NSA’s operations. But if lawmakers don’t do anything this time, key parts of the PATRIOT Act will expire, including a key provision that the government has used to justify bulk data collection...
The Sun Must Go Down On The Patriot Act (opinion)  Huffington Post   ...Some legislators want Congress to reauthorize it in its current form -- Senate Majority Leader Mitch McConnell has just introduced a bill that would do exactly that, extending it for another five years. Others want to make relatively minor changes. Congress shouldn't do either of these things. Unless Congress can coalesce around far-reaching reform, it should simply let the provision expire...

Today's Teamster News 03.18.15

Teamsters
NEW: Teamsters Organize Workers at Daniele Foods in RI  GoLocalProv   ...The Teamsters Local 251 have announced that they have organized the shipping and receiving departments, as well as drivers, at Daniel Foods in Pascoag, RI...  
Trade
House Republican Bloc Poses a Threat to Pacific Trade Deal  Wall Street Journal   ...A diverse bloc of House Republicans is threatening to join Democrats in opposition to the White House’s trade push, imperiling an effort long seen as one of the few prospects this year for bipartisan cooperation...
Lawmakers Say TPP Meetings Classified To Keep Americans in the Dark  eNewsParkForest   ...Lawmakers in Congress who remain wary of the Trans-Pacific Partnership (TPP) trade agreement are raising further objections this week to the degree of secrecy surrounding briefings on the deal, with some arguing that the main reason at least one meeting has been registered "classified" is to help keep the American public ignorant about giveaways to corporate interests and its long-term implications...
Obama trade agenda becomes problem for Hillary Clinton  The Hill   ...President Obama's pro-trade agenda is a problem for Hillary Clinton, who is under pressure from liberals to oppose her former boss’s push for fast-track authority as she prepares to run for the White House...
Rep. Tim Ryan hopes President Obama sees trade agreement consequences during Cleveland visit  Cleveland.com   ... Rep. Tim Ryan hopes President Barack Obama takes a good look around Northeast Ohio on Wednesday as visits Cleveland to deliver a speech to the City Club on middle-class economics. Ryan believes such an examination would show Obama that trade agreements harmed the region's economy...
TPP Is Only Secret From You – But Trust Us, It’s Good For You  Campaign for America's Future   ...“We have to see TPP. It may not be the final agreement, but we have to see what it is,” Pelosi told reporters after the first of several House Democratic Caucus meetings to dig into details about the proposed pact with Japan and 10 other countries in the Asia-Pacific region...
Intellectual Property Issues Hinder TPP Talks In Hawaii  Japan News   ...Chief negotiators from Japan, the United States and 10 other countries in Trans-Pacific Partnership multilateral free trade talks failed to iron out differences in their one-week meeting that ended Sunday...
State Battles
'Right to work' means right to leave Wisconsin  KY3   ...The owner of a Wisconsin construction company is taking his business to Minnesota because of the passage of ‘right-to-work’ legislation in Wisconsin. His company employs 200 union workers...
Oregon is first state to adopt automatic voter registration  Associated Press   ...Seventeen years after Oregon decided to become the first state to hold all elections with mail-in ballots, it took another pioneering step on Monday to broaden participation by automatically registering people to vote...
Tampa Bay Democrats ramping up wage-theft laws  Tampa Bay Times   ...Local Tampa Bay Democrats, supported by unions, are pushing ordinances to intervene when employees say an employer has shorted their pay. The proposals are the exact kind of local "wage theft" ordinances that Republicans and retail groups have sought unsuccessfully to outlaw in Tallahassee saying they place an unfair burden on business...
Legislation Would Require Private Student Loans Be Forgiven If Borrower Dies  Consumerist   ...New York Senator Chuck Schumer announced today that he would push for legislation – called “Andrew’s Law” – that would require private student loan companies to forgive outstanding debt if a borrower dies...
War on Workers
Obama Likely To Veto Resolution To Overturn NLRB Rule  Wall Street Journal   ...If Mr. Obama were to veto the resolution, there wouldn’t be enough votes in the Senate to override his opposition, said a Democratic aide. Senate Republicans control 54 of the chamber’s seats, short of the 67 needed to override a veto...
Fixed Fortunes: Biggest corporate political interests spend billions, get trillions  Sunlight Foundation   ...Between 2007 and 2012, 200 of America’s most politically active corporations spent a combined $5.8 billion on federal lobbying and campaign contributions. A year-long analysis by the Sunlight Foundation suggests, however, that what they gave pales compared to what those same corporations got: $4.4 trillion in federal business and support...
Middle-Class Betrayal? Why Working Hard Is No Longer Enough in America  NBC News   ...even with more education, working 18-to-34 year old adults are earning less than they did 15 years ago...
Worker Killed At Plastics Plant In Cartersville  Atlanta Journal Constitution   ...A 40-year-old man was cleaning a plastics mixing machine at Syncot Plastics on South Erwin Street around 7 a.m. when he got caught in a roller bar and was dragged through the machine, said Cartersville police spokesman Maj. Mark Camp...
Va. Mine Worker Killed By Falling Rock  Richmond Times Dispatch   ...Alpha Natural Resources Inc. says a worker at one of its affiliate mines in southwest Virginia has died after being struck by falling rock. According to the Bristol, Virginia-based company, the incident occurred Monday morning at Deep Mine 41 near McClure. The mine is run by Paramont Coal Co...
Miscellaneous
U.S. Oil Prices Fall To Six-Year Low  New York Times   ...Oil prices fell to six-year lows on Monday in the face of concerns that a glut in the United States was outpacing already-brimming storage facilities. Additionally, the Organization of the Petroleum Exporting Countries published a report suggesting that the cartel remained reluctant to intervene to prop up prices...
Drop In Manufacturing Takes Shine Off Small Gain In Industrial Production  Wall Street Journal   ...Industrial production, which measures the output of manufacturers, utilities and mines, rose a seasonally adjusted 0.1% from the prior month, the Federal Reserve said Monday. Utility output surged during unusually cold weather, but factory and mining production declined, reflecting weaker demand and cuts in the oil and gas sector...
Texas Bill Would Turn Off Power To Massive NSA Surveillance Facility  Tenth Amendment Center   ...Rep. Jonathan Stickland (R) introduced House Bill 3916 (HB3916) on March 13. The legislation would prohibit any political subdivision in Texas from providing water or electricity to any federal agency “involved in the routine surveillance or collection and storage of bulk telephone or e-mail records or related metadata concerning any citizen of the United States and that claims the legal authority to collect and store the bulk telephone or e-mail records or metadata concerning any citizen of the United States without the citizen’s consent or a search warrant that describes the person, place, or thing to be searched or seized.”...

Today's Teamster News 03.12.15

Teamsters
Teamsters hit FMCSA with lawsuit over move to open border for Mexican carriers  Overdrive   ...The Teamsters Union announced this week it has filed a lawsuit against the Federal Motor Carrier Safety Administration’s recent move to expand its cross-border trucking program with Mexico...
Teamsters Win Landslide Shareholder Vote At Hologic  teamster.org   ... A shareholder proposal sponsored by the Teamsters-affiliated GCC Benevolent Trust Fund secured an overwhelming majority vote of shareholders at last week’s Hologic Incorporated annual meeting. The proposal called on the Board of Directors to submit the adoption, maintenance or extension of any poison pill plan to a vote of the shareholders...
Hoffa: Film Tax Credits Are Worth Saving  Detroit News   ...Lawmakers on the campaign trail in Michigan have rightfully stressed the need for jobs in recent years. They say it is a top priority. But once within the cozy confines of the Statehouse in Lansing, too many seem to lose sight of the issue or its importance to their constituents. Case in point — a House committee’s decision last week to back legislation that ends some $50 million in annual tax credits to encourage films and television shows to shoot in the Great Lakes State...
Teamsters, RI Hospital Negotiations Stall  Rhode Island Public Radio   ...The Teamsters represent about 2500 nursing assistants, food service, and other workers at Rhode Island Hospital. They’ve threatened to strike if negotiators can’t agree on job protections and wage hikes, as well as improvements to their retirement plan...
Debate Over Fawn's Police Coverage Intensifies  Pittsburgh Tribune Review   ...Smith had a copy of a letter dated March 2, from Tom Huck, business agent for Teamsters Local 249 which represents the police, to supervisors chairman David Montanari. The supervisors and Teamsters negotiators were unable to come to a contract agreement for the police and the contract is headed to arbitration. In the letter, also sent to the Valley News Dispatch, Huck criticized the supervisors for allowing the shifts to go unmanned...
County Employees Receive Pay Hike  Ottumwa Courier   ...Employees in two different bargaining units were given identical pay increases by Wapello County Board of Supervisors Tuesday night. Teamsters Local 238 for the courthouse bargaining unit and Teamsters Local 238 for the sheriff's bargaining unit will receive a two percent increase on July 1, 2015, and July 1, 2016 and a two and half percent increase on July 1, 2017...
Trade
Push against investment rules in U.S. trade deals picks up  Reuters   ...Law professors from across the United States urged lawmakers to keep rules to protect foreign investors out of trade pacts on Wednesday, warning they would give big companies too much power...
Huckabee slams 'globalists,' free trade agreements  Politico   ...Expressing deep skepticism of proposed free trade agreements, Mike Huckabee warned in Iowa Saturday that the United States is becoming like communist China...
Unions To Fight Trade Pact By Freezing Political Donations  Wall Street Journal   ...The move is part of the unions’ campaign against the Trans-Pacific Partnership, or TPP, which the Obama administration is negotiating with 11 nations around the Pacific Ocean. The unions worry the trade agreement could send more jobs to low-wage countries, including Vietnam and Malaysia...
Paul Krugman: TPP At The NABE  New York Times   ...Why, exactly, should the Obama administration spend any political capital – alienating labor, disillusioning progressive activists – over such a deal?...
Health Impact Assessment: TPP Poses Risks To Affordable Medicines, Tobacco Control And Nutrition Labeling  Techdirt   ...The negotiations are still being conducted with a total lack of transparency -- especially compared to TAFTA/TTIP, where public pressure has led to the release of a large number of documents from the EU, though not from the US...
State Battles
Unions Challenge Wisconsin's New 'Right-To-Work' Law In Court  Reuters   ...The Wisconsin state AFL-CIO and two other unions filed suit on Tuesday challenging a new statute that lets private-sector employees avoid joining unions or paying dues even when covered by union-negotiated contracts...
Right-To-Work: NM Senate Panel Tables Bill  KOTA   ...A New Mexico Senate panel has voted along party lines to stop the advance of a bill that prohibits requiring workers to join a union and pay dues as a condition of employment...
War on Workers
Not a Puzzle—Wages Growth is Sluggish Because Employers Hold All the Cards  Economic Policy Institute   ...We’ve finally seen 12 consecutive months of job growth above 200,000, but wage growth shows little sign of accelerating. The question that everyone seems to be asking now is, when will wage growth pick up?...
Business Pushes for Delay, Litigation, and One-Sided Access in Union Elections  Economic Policy Institute   ... The NLRB is updating obsolete election rules that fail to recognize modern developments like e-mail, and which encourage excessive litigation and delay. Yet a panel stacked with anti-union lawyers attacked the rules as if they were ending American democracy...
How income fraud made the housing bubble worse  Science Daily   ... The researchers place the blame for falsified earnings listed on mortgage applications -- which the researchers call "buyer income overstatement" -- on brokers producing mortgages intended to be sold as securities...
Worker Electrocuted, Killed On South Tropical Trail  Space Coast Daily   ...A worker was killed Tuesday at about 2:45 p.m. while replacing power poles...

Tell the SEC to bring corporate political spending into the sunshine

When a CEO takes huge sums of money from a company as compensation, at least the company has to report that to shareholders.

But when a CEO has a political viewpoint he wants to promote with company funds, the company doesn't have to report anything.

Shareholders found out the hard way how that can be a problem. In 2010, Target contributed money to a group running ads for a gubernatorial candidate who opposed gay marriage. The retailer had portrayed itself as a supporter of gay rights, and furious customers boycotted the company. Ad Age reported:

...hundreds of gay-rights supporters demonstrated outside Target stores in locations nationwide, and a petition promising a boycott, signed by more than 240,000, was delivered to Target nearly two weeks ago. A "Boycott Target " page on Facebook had more than 65,000 fans as of Aug. 17. Target 's own Facebook page is littered with disparaging "shame on you" comments from unhappy customers. And a "Boycott Target " flash mob even erupted recently in a West Seattle Target store.

These are the kinds of surprises investors don't like. And if you're expecting to retire with a pension, it's a surprise you shouldn't like either. Because pension funds invest in companies that can spend money on political candidates and causes without telling anyone what they're doing. The Teamsters alone invested more than $100 billion in the capital markets through affiliated pension and benefit funds.

If you invest in the financial markets as an individual -- and you probably do if you have a 401(k) or other kind of retirement account -- you should also be concerned.

The Securities and Exchange Commission (SEC) makes the rules for what publicly traded companies must tell their investors. More than 875,000 Americans officially asked the SEC to require publicly traded companies to disclose their political spending. The SEC so far has ignored their pleas.

You can help tell the SEC that we demand corporate transparency by submitting a comment in support of the petition today. Click on this link and take two minutes to tell the SEC to bring corporate political spending into the sunshine.