Obama fears 'corporate takeover'
Source: Agencies |
May 2, 2010, Sunday
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Print Edition
Print Edition
WARNING of a potential "corporate takeover of our elections," US President Barack Obama increased pressure on the Congress yesterday to limit companies' ability to influence political campaigns.
Obama's remarks, made in his weekly radio and Internet address, came after Democratic politicians introduced legislation on Thursday to blunt the impact of a Supreme Court ruling to allow corporations, unions and other groups to spend unlimited funds on political campaigns.
Obama, who vehemently opposed the Supreme Court ruling and drew criticism for lambasting it in the presence of the court justices at his State of the Union address earlier this year, endorsed the new Democratic legislation and used strong language to encourage lawmakers to turn it into law.
"What we are facing is no less than a potential corporate takeover of our elections. And what is at stake is no less than the integrity of our democracy," he said.
The measures would require corporate, union and advocacy group leaders to disclose their names in TV ads. It would ban election spending by government contractors, companies with more than 20 percent foreign ownership and bank bailout recipients.
In its January decision, the court ruled 5-4 that longstanding campaign finance limits violated the free speech rights of corporations.
Obama's remarks, made in his weekly radio and Internet address, came after Democratic politicians introduced legislation on Thursday to blunt the impact of a Supreme Court ruling to allow corporations, unions and other groups to spend unlimited funds on political campaigns.
Obama, who vehemently opposed the Supreme Court ruling and drew criticism for lambasting it in the presence of the court justices at his State of the Union address earlier this year, endorsed the new Democratic legislation and used strong language to encourage lawmakers to turn it into law.
"What we are facing is no less than a potential corporate takeover of our elections. And what is at stake is no less than the integrity of our democracy," he said.
The measures would require corporate, union and advocacy group leaders to disclose their names in TV ads. It would ban election spending by government contractors, companies with more than 20 percent foreign ownership and bank bailout recipients.
In its January decision, the court ruled 5-4 that longstanding campaign finance limits violated the free speech rights of corporations.
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