Mr. President, it is not a shareholder democracy when a $10 million corporate buy effectively drowns out the $5 to $10 to $20 donation that represents real people with real concerns. The DISCLOSE Act would make CEOs do what political…
Mr. President, it is not a shareholder democracy when a $10 million corporate buy effectively drowns out the $5 to $10 to $20 donation that represents real people with real concerns. The DISCLOSE Act would make CEOs do what political candidates do--what we all do--when we pay for political advertising: face the camera and tell the voters we sponsored a commercial. Whether we are Democrat or Republican, surely, we wouldn't want to see our political system, our democratic system, become the puppet of a few large corporations with whatever interest they have--oil or big insurance or drug companies or companies that outsource jobs as their specialty.
I yield the floor.
Mr. President, I think Senator Menendez asked the right question in the absence of this Chamber doing the right thing, and that is staying consistent with what the Republican leader, Senator McConnell, said some years ago. He said that sunlight is the best disinfectant and that we should disclose everything. He wanted unlimited--mostly, I believe, if I recall, unlimited contributions but full disclosure. He has changed his position. I assume it is to protect the oil industry and perhaps the Chinese money that is coming in in these elections or the big Wall Street banks that have opposed my election, as well as the Presiding Officer because of his work on banking issues, and will come in against him in Oregon.
I stand behind this idea Senator Menendez suggested, which is that if the Senate won't move, voters will start asking the question, Who is giving this money, and why are they putting in this kind of money?
I rise--and I thank Senator Shaheen for her leadership--because big corporations and wealthy investors are flooding our elections with campaign money. They are looking for gain. We don't really know whom the money is from. We can guess. In my State, we think it is oil companies. We think it is Wall Street banks. We think it could be money from Chinese interests, whether it is money laundered from China through American corporations or directly from American corporations that specialize in outsourcing jobs to China and making more money. Look what happened with the Olympics just recently, if that doesn't sort of beg the question.
We know that these dollars in Ohio are drowning out the voices of working middle-class people in my State and
across the country. Consider this: The television market in Cleveland, OH, is the 18th largest media market in the country.
Lots of cities come to mind that are larger: Philadelphia, Houston, Detroit, New York, Chicago, L.A., San Francisco, Washington, DC, Boston. Many cities, many media markets are larger than Cleveland, the 18th largest television market in the country, which includes about 1.5 million viewers. Cleveland is now No. 2 ranked in the country in political spending--again, larger than New York and Chicago and Philadelphia and Houston and San Diego. Only Los Angeles has had more money spent in its TV market than has Cleveland.
The Columbus market--still significant but smaller than Cleveland's-- is not far behind in political spending.
Why is that? The Presidential race in Ohio; the Senate race in Ohio; a congressional race in Ohio with two incumbents, one a Democrat and one a Republican, facing off, with most of the money spent by special interest groups; undisclosed, secret money on Cleveland television and Columbus television, mostly against candidates, mostly against incumbents, mostly against people who have a history of standing for the middle class against oil company interests, who have a history of standing for jobs and against bad trade agreements where companies outsource to China--which they benefit from--standing for Wall Street banks that have done significant damage to our country and to our economy.
We do not know for sure where this money comes from. They will not disclose it. The people paying for these ads are simply unwilling to step out of the shadows. It is not hard to guess, but we simply cannot prove it.
At the same time, as to all these ads that have come into Cleveland and have come into Columbus and all over my State, nonpartisan fact- check organizations have discovered that many of these ads in my State are false. They have a rating--they have a ``true,'' ``mostly true,'' ``mostly false,'' ``false,'' and the worst rating is ``pants on fire.'' ``Pants on fire'' suggests that people running these ads or groups making these statements willfully disregard the truth or, to put it more succinctly, simply lie. We are seeing, in many of these ads that are run by these special interest groups, they are simply lying. They get a ``false'' or they get a ``pants on fire'' rating from PolitiFact, a national organization which won the Pulitzer Prize, is nonpartisan, and has no partisan leanings, no ideological leanings.
It is no surprise people paying for these ads do not want to be associated with them. If they are an oil company, they do not want the public to know how they are lying. If they are an American corporation that outsources to China, they do not want the American people to know they are the ones paying for these ads and lying.
That is why this legislation is so important. These wealthy, unnamed, out-of-State donors can get away with this--we know this by now-- because the Supreme Court's Citizens United decision sweeps aside decades' worth of established jurisprudence and allows corporations and very wealthy individuals to spend as much as they like to defeat politicians who do not do their bidding.
Big businesses and billionaires should not be able to buy elections and citizens should know who is behind the ads aimed at winning their votes.
In one of his fireside chats--in a very different political environment, with very different media available to them--President Franklin Roosevelt said the ``use of power by any group, however situated, to force its interest or to use its strategic position in order to receive more from the common fund than its contribution to the common fund justifies, is an attack against and not an aid to our national life.''
In a nutshell, President Roosevelt said--he could have been speaking to this issue today--that he called them the ``malefactors of great wealth.'' He called them ``economic royals.'' He called them a lot of things--very wealthy people who had disproportionate influence on their national government, even with a President who was fighting for the middle class, who was fighting for the common man against these interest groups.
That is why the Democracy is Strengthened by Casting Light on Spending in Elections Act, the DISCLOSE Act, matters. We need to pass this bill.
The DISCLOSE Act would ensure greater accountability and transparency in corporate political spending by requiring the disclosure of campaign-related fundraising and spending by outside groups.
Over the course of the past 2 years, we have seen politics increasingly influenced by millionaires and billionaires who secretly give unlimited amounts of money to manipulate American politics. These multimillionaires are trying to secretly buy elections.
The DISCLOSE Act would prevent these corporations and wealthy individuals from using shell front groups to hide their donations from disclosure.
By giving millions of dollars in secret money, these megadonors are looking to cash in on policies that will benefit their business interests.
I do not want to make this about my State. I mentioned the huge money in Cleveland, the huge money in Columbus. We are seeing it in the Toledo market. We are seeing it in the Dayton market, the Cincinnati market, the Youngstown market, even those TV markets on the periphery of the State that serve other States: Wheeling, WV, Parkersburg, WV, Charleston, Huntington, WV, Fort Wayne, IN--States where you might buy the television time that Ohioans will see.
I do not want to make this about my campaign. In my campaign, we have seen already, in Ohio, $2.5 million in special interest money, laundered--and I use that term advisedly--laundered through groups such as the U.S. Chamber of Commerce, laundered through groups such as Crossroads--that is the group associated with George Bush's political director, whatever his title was--money coming through 60 Plus, money laundered through Concerned Women for America--who decidedly are not, I might add--money laundered through all kinds of organizations; undisclosed, secret money that comes in and does attack ads against elected officials.
I can stand on my own. I am not all that concerned about what it means to me. I am concerned that those groups, undisclosed, want to buy elections. Do you know why they want to buy elections? They want to buy elections so they can continue the subsidies they get and the tax break for the oil companies. They want to buy elections so they can continue to outsource jobs to China and write trade rules that make it easier and more profitable to do that. They want to buy elections because they want to stop our efforts to force the six largest banks in the country--the Wall Street banks--to divest some of their earnings. They are not just too big to fail, they are also too big to manage and too big to regulate.
They want to buy elections, these outside groups, because they want to continue the preferential treatment they get in this Congress when they are drug companies and to stop generic drugs and to stop negotiation directly with the drug companies to save money for seniors for their pharmaceutical drugs.
That is what they have at stake--always, frankly, against the public interest, always an attack on the middle class, always an assault on people who simply want an opportunity to get ahead in this country-- just an opportunity, not a gift, not a handout but an opportunity to go to college, an opportunity to go to the local--to go to Lorain County Community College, an opportunity to go to school and be able to pay back their loans, an opportunity to get a decent job and stay in the town they grew up in so they can raise children around their grandparents--all the kinds of things most Americans agree with.
The DISCLOSE Act would prevent these corporations from continuing to deceive the public and simply not informing the public of what is happening. Their priorities erode protections and safeguards for middle-class workers and their families. They seek to extend tax shelters for the top 1 percent. This is not just an attack on the integrity of our democracy. That is fundamentally what it is, but that is not why they do it. They do it because it is a direct assault on middle-class families and working Americans.
The 1 percent will do increasingly better because of Citizens United. The 1
percent is mostly behind these efforts and mostly behind the efforts to defeat the DISCLOSE Act.
Democracy demands openness in the public square, in our public conversations, and in that most sacred democratic tool: our elections. Under Citizens United, what we have is a sale--not a democracy--it is an auction going to the highest bidder. It is not an election.
Our Nation's highest Court took an issue that was not even presented to the Court and decided to overturn a century of legal precedent. Our largest companies straddle the globe. They wield enormous influence already. The top Fortune 500 companies reap billions in profits. The average Ohio household struggles to break even, as does the average household from Senator Whitehouse's Rhode Island and Senator Shaheen's New Hampshire.
The largest corporations leverage their enormous economic power into seemingly unchecked political clout.
In 2011, corporations spent $3.3 billion lobbying Congress to influence legislation--$3.3 billion to lobby Congress--exerting far more influence on our political process than they should.
We know they spent this $3.3 billion because they were required by law to disclose what they spent. My guess is, if that law did not exist that they had to disclose what they were spending on lobbying, some of my colleagues would vote against disclosure for them, what they are spending to influence elections. So they spend $3.3 billion to lobby. They spend hundreds of millions of dollars on elections. They work to repeal and roll back voter rights.
I will wrap up. Thank you. I ask unanimous consent for 1 more minute.
We have no idea, though, what these groups are spending as they try to undermine our electoral system. What we know is that corporations and roving--if I could use that word--front groups are already pouring hundreds of millions into campaigns.
The DISCLOSE Act can help clear these murky waters. The question ultimately is, if we cannot pass this, then our citizens need to ask us: Why are they spending all this money? Who are these people spending this money? Who is spending it? Why are they spending tens of millions in my State and other States around the country? What is it they want? When voters start asking that question, I think the answer will be pretty self-evident.
I thank Senator Whitehouse and Senator Shaheen for their work on this issue.
I yield the floor.