Liberal groups use new SEC rule to try and limit free speech.
Since the Supreme Court’s 2010 Citizens United decision restored the First Amendment rights of businesses and unions, “disclosure” has become the watchword for Democrats hoping to muzzle political speech by corporations. The latest gambit is to intimidate companies via the shareholder proxy process.
Under a Securities and Exchange Commission rule, any shareholder who holds more than $2,000 in stock can introduce shareholder proposals. That provision, unused by most shareholders, has become a tool for activists, who this year introduced a record number of shareholder proposals on political spending.