The Business Council strongly opposes provisions of this wide-ranging legislation that would require corporations formed under the laws of New York State – including the business corporation law, the limited liability corporations law, the banking law and others - to obtain approval of a majority of shareholders before making any political donations in New York.  This same proposal was previously proposed as a standalone requirement in S.7083-A. 

These restrictions are described as a response to the United State’s Supreme Court decision in Citizen’s United v. Federal Election Commission. 

Using this Supreme Court decision as a rationale for this legislation is misplaced and indicates a misunderstanding of Citizen’s United, which overturned restrictions on independent campaign expenditures by corporations, and did not create a change in New York Law that necessitates placing a new restriction on the ability of business entities to make any political expenditure. 

Corporations are affected by political regulation and should continue to have the right to participate in the political process. 

Read The Business Council memo in opposition.