The DISCLOSE Act
The DISCLOSE Act will shine a light on the role of special interests by increasing disclosure and strengthening transparency in federal campaigns. The law, which passed the House on June 24, 2010, is the most far-reaching and significant campaign finance reform law since the McCain-Feingold Act, prevents big corporations from drowning out the voices of the American people in elections
The DISCLOSE ACT requires corporations, organizations, and special interest groups to stand by their political advertising just like a candidate for office does. CEOs will need to identify themselves in their advertisements, and corporations and organizations will be required to disclose their political expenditures. It will stop Wall Street, Big Oil, and U.S. corporations controlled by foreign – or even hostile – governments from secretly manipulating elections by funneling money to fly-by-night front groups that run last minute attack ads and other anonymous election advertisements.
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.