Madam Speaker, I rise in support of H.R. 5175, the Democracy Is Strengthened by Casting Light On Spending in Elections (DISCLOSE) Act and I urge my colleagues to support this important bipartisan bill that will improve transparency and accountability in our federal elections.  I would like to thank Chairman Brady and Congressman Van Hollen for their efforts to quickly move this bill to the floor.

I share the concern of many Rhode Islanders who were disappointed with the Supreme Court’s decision in Citizens United v. FEC, which would allow corporations to fund political ads without disclosing their funding sources.  Unfortunately, this could facilitate unlimited political spending by anonymous donors in campaigns across the nation, allowing special interests and corporations to go unchecked in our democratic process. 

Contrary to some arguments that have been made on this Floor today, this bill does nothing to restrict free speech.  It simply ensures that our citizens know who is speaking.

This legislation takes several critical steps to protect the integrity of our elections and shine light on who is funding campaign advertisements.  First, it prohibits large government contractors, those with over $10 million in contracts, from making campaign expenditures.  The bill further bars those companies that received TARP funding from participating in federal campaigns until the government is repaid.  Additionally, this bill ensures that foreign governments do not influence our elections by banning corporations controlled by foreign nationals from making campaign contributions and expenditures. 

I am especially pleased that the DISCLOSE Act contains strong language to require CEOs to stand by their ads by requiring them to appear on camera to “approve the message,” just as candidates do today.  Additionally, top donors must be listed in ads so that individuals know exactly who is financing the message.  Again, this does not curb the freedom to speak or advocate for an issue or candidate, it simply ensures transparency.  Finally, this legislation requires corporations and other organizations to disclose campaign related expenditures to their shareholders, members, and on their websites. 

While I am disappointed with the inclusion of an exemption for certain organizations, I believe that this bill takes an enormous step towards improving our laws to bring greater transparency and accountability to our nation’s campaigns.  As a former Secretary of State and a proud representative of Rhode Island, I believe free and fair elections are fundamental to our democracy, and I urge my colleagues to support the DISCLOSE Act.