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FBN's Charlie Gasparino argues the SEC was bombarded with close to 500K letters in favor of more disclosures by advocacy groups.
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The Securities and Exchange Commission is the latest -- ground -- whether corporations must make additional disclosures.
Of political contributions are very young Charlie Gasparino joining us now on the phone with an exclusive.
On this story when he found -- telling.
I think this -- one of the ads like it's a dozen people in at the big banks.
At the US chamber of commerce this is getting pretty scary it -- in April the SEC securities exchange commission.
Is set to decide on a new rule that forces corporation -- -- go further.
To disclose their contributions -- this is essentially gonna do any contribution that a corporation dale JPMorgan you -- Banks to 88 outside group by trade group like the US chamber will have to be disclosed -- in a really specific way.
How did this come about will be SEC has been bombarded with comment letters from advocacy groups.
Corn for these additional disclosures -- here's a little while that number that I've never heard before I think it's a record yet he is -- received.
Close to 500000.
That the letters.
In favor of this increased disclosure these letters have largely come out here is that the kicker from advocacy groups who these advocacy groups.
I would say the -- senator advocacy groups which very close ties to be about -- White House places like actually you know that you eat organizations.
I mean it'll we split with the spotlight is guys and we're going to be reporting warrant this today.
He saw yesterday that actually the American federation of state county municipal employees it's it's essentially a -- -- a big pension fund.
For public employees they want to JPMorgan to split up the chairman and CEO role they want -- data to relinquish it.
There is an effort going out right now by these advocacy groups to basically turned the process of Wall Street -- what's billed as the proxy process where you.
But supposed to write it completes its board get get companies do certain things allegedly to help shareholders but they -- can't take it that process.
And they are politicized what do they look report disclosures why do they care about the US chamber -- money.
Looks pretty simple BUS chamber of commerce opposes a lot of issues that are supported by the Obama administration they were huge.
Opponents of obamacare -- you can get Dell to tell you how much tell everybody how much money he could do get into the chamber which is opposing.
Obamacare.
You can protest bill on that one issue at least that's the chamber where -- -- about and here we are right will -- what we have right now.
These DSC.
Right in the middle that we should put -- that Mary Schapiro met with a lot to these advocacy groups over the course of the last couple years she's out.
Mary Jo White is -- or she believed to be confirmed.
What people -- -- this is couldn't get a be the big the first big major it is regulatory issue.
That the Mary Joe White takes up do they actually propose a rule that the proposal they -- capacity of the put -- -- -- do they go with that debt.
It's going to be pretty big -- say that corporate America is start to get -- this is this is this is a different game right LT go to EST yeah this stuff like that.
It's different than -- go through the proxy process which is that you -- Charlie Gasparino all over a -- Charley thank you very much very interesting indeed appreciate it thanks.
