Protecting Us from Hugo Chavez, Saudi Arabia, and Goldman Sachs

And Exxon Mobil,

and China State Construction Company,

and Bank of America, and ...

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WHO is doing this protecting, and HOW are they doing it?

Make the jump.

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First, in a press release, there's this:

Today, Congressman John Yarmuth (KY-3) introduced a resolution to express the House of Representatives’ objection to the Supreme Court’s recent decision to allow foreign companies and big Wall Street banks unlimited influence in American elections.

Congressman Yarmuth’s resolution is a first step of Congress’ legislative response to the Court’s 5 to 4 decision in Citizens United v. FEC.  Overturning nearly a century of judicial precedent, the Court declared private companies, including subsidiaries of foreign-owned companies controlled by governments unfriendly to the United States, shall be given free rein to spend millions of dollars to influence American elections.

"Under this fundamentally flawed decision, giant foreign-owned corporations like Citgo, which is wholly-owned by the Venezuelan government of Hugo Chavez, and bailed-out Wall Street executives at Goldman Sachs can use their deep pockets to influence elections to fit their agendas," said Congressman Yarmuth. "At a time when so much special interest money is already flowing through our political system, the Supreme Court has swung open the floodgates so that Wall Street banks, drug companies, and unfriendly foreign governments can now drown out the voices of all American citizens."

He goes on to explain the impact of the decision, then lists the points of the resolution:

• Multinational corporations should not have a greater voice in our democratic process than U.S. citizens;


• The House of Representatives disapproves of the Supreme Court’s Citizens United ruling, which allows the interests of corporations – both foreign and domestic – to supersede those of U.S. citizens; and


• Congress should act quickly to limit the impact of this decision.

But this is just the first step:

Congressman Yarmuth has been invited to participate in a new Congressional Task Force charged with drafting legislation to minimize the impact of special interests on federal elections. The task force, headed by Rep. Chris Van Hollen (MD-8), was formed in response to the Court’s recent decision. Legislation establishing more restrictions on corporate spending is expected to be introduced in the coming days, including new transparency and disclosure requirements and outright bans on expenditures by foreign-owned companies, federal contractors, and companies that received taxpayer bailouts.

I know, I know -- it's just a resolution. And the Chavez thing is a nice hook (and a talisman to ward off Repub opposition). But it's a start, and my rep -- from the same state and city that produced Money-Bags Mitch -- is the one filing the bill and pushing the issue.

And I'm proud he's my representative ... thus, the diary.

(cross-posted from Daily Kos)

Comments

[E]

How about he pass a resolution wherein any and all campaigns are restricted from spending more than an established amount per registered voter...say like a dollar per!

[Bruce]

Ed -- I'd be right there with you. Money in politics is going to be the death of democracy.