Washington, DC – Today, the Patriotic Millionaires, a group of high-net worth individuals advocating for greater political and economic fairness, called for the passage of the DISCLOSE Act, legislation introduced by U.S. Senator Sheldon Whitehouse to crack down on unlimited, secret spending in American elections. The endorsement is part of an agenda unveiled by the group to reverse the harmful concentration of “dark” political power in the hands of the very wealthy.
“Since the Supreme Court’s disastrous Citizens United decision, corporations and millionaires have utilized their new legal ability to secretly buy election influence. The DISCLOSE Act will require political groups to list publicly their big donors, so voters can at least know who is trying to sway their opinions,” said Whitehouse. “The Patriotic Millionaires recognize the damage Citizens United has done to our democratic process and the desperate need for greater transparency. I appreciate their support.”
“Transparency is very important because so many elected officials say one thing and do another, and the difference is based primarily on who they’re talking to, who they are getting their campaign funding from,” said angel investor and philanthropist David desJardins of the Patriotic Millionaires. “Congress must pass The DISCLOSE Act because voters have a right to know who their representatives are actually working for.”
The DISCLOSE Act requires any covered organization that spends $10,000 or more during an election cycle to file a report with the Federal Election Commission within 24 hours, detailing the amount and nature of each expenditure over $1,000 and the names of all of its donors who gave $10,000 or more. Transfer provisions in the bill prevent donors from using shell organizations to hide their activities.
In addition to the DISCLOSE Act, the Patriotic Millionaires today endorsed legislation to raise the federal minimum wage to $15 and to end the preferential treatment that hedge fund and private equity managers receive through the so-called carried interest loophole. For more information on the Patriotic Millionaires, visit www.patrioticmillionaires.org.