Campaign finance and funding of lawmakers needs to change
Recent events illuminate the need for campaign finance reform. Some corporations announced that they will stop funding certain politicians, revealing that corporations don’t just fund candidates — they fund lawmakers. Corporations continue to fund candidates after campaigns, trying to ensure favorable laws and regulations.
This is consistent with a corporate board’s fiduciary duties as it enhances value for shareholders, with incidental regard for employees, community and customers, inconsistent with democracy.
Democracy requires that the government reflect the will of the people — not of its most profitable businesses. Citizens United v. Federal Election Commission and related Supreme Court rulings equate money with speech and thus allow for unlimited political spending, leading to more than $14 billion spent on 2020 federal races alone. Delaware law requires corporations to hold shareholders’ interests above all else. This works against the goals of representative democracy and racial equality.
If corporations had specific duties to its employees, community and customers, we could begin to see changes in the way corporations treat employees and neighbors, and reverse patterns that have contributed to racial inequality and environmental injustic. If corporations were not permitted unchecked political spending, we would have a more representative democracy and better corporate community partners. Pro-democracy groups are working on a constitutional amendment to reverse Citizens United. In the meantime, Delaware law can be changed immediately.
Cheryl Siskin
Wilmington
