How Corporations Hijacked The First Amendment To Evade Regulation

While the Chamber of Commerce angles for the ideal opportunity to get the courts to examine (and, it hopes, erase) parts of the Securities Exchange Act of 1934, it has also brought a First Amendment challenge to a new regulation requiring that shareholders be told about board candidates nominated by other shareholders— an attempt to ease the grip of insider directors and facilitate greater accountability for CEOs. Other financial firms have followed the Chamber’s lead in crying “free speech” when it suits them.

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