Tag Archive for ‘Sen. Charles Schumer’
Almost a year ago, President Barack Obama signed the Dodd-Frank Wall Street Reform Act into law. Now, some emerging roadblocks reinforce a fear that Dodd-Frank, which was intended to touch on almost every aspect of the American financial system, may never provide the sweeping reform it promised.
After days of intense political drama, House and Senate negotiators on the financial reform bill agreed to toss a key shareholder governance issue — proxy access — back to the Securities and Exchange Commission.
To the dismay of activist investor groups, Senate Banking Committee chairman Christopher Dodd proposed that investors seeking to nominate directors for shareholder votes be required to own at least a 5% interest in the company for two years. Few, if any, institutional investors would be able to meet such a requirement.
Democrats officially launched their long-expected legislative response to the Supreme Court’s Citizens United ruling freeing up corporations, unions and other groups to make political contributions. Five U.S. Senators released their version of the DISCLOSE Act – an acronym for the “Democracy is Strengthened by Casting Light on Spending in Elections” Act. Similar legislation was introduced in the House. (File Photo)
Even before corporations and other groups start writing checks to exercise their new-found freedom, the Citizens United case appears likely to emerge as a key litmus test in the process of selecting a successor to Justice John Paul Stevens, who has announced his plan to retire after the current Supreme Court term.