[EL] Public Citizen: American Bankers Association to set up electioneering nonprofit for Senate races

[Craig Holman]

On Pretense of Social Welfare Concerns, Bankers’ Key Lobbyists To Seek Special IRS Tax Status to Finance New Political Spending
501(c)(4) Status Has Become a Popular Disguise for Corporate Electioneering
 
WASHINGTON, D.C. – In a letter today to the Internal Revenue Service (IRS), Public Citizen has asked the agency to watch out for the submission of a Form 1024 by the American Bankers Association (ABA).  The Washington-based lobbying and trade group representing about 5,000 banks nationwide is apparently poised to establish a 501(c)(4) social welfare organization largely for the purpose of raising and spending funds for campaign intervention in the 2012 federal elections. 
The ABA would raise funds from the treasuries of corporate members of the association and other sources, and either make independent expenditures for or against U.S. Senate candidates or contribute to unnamed super PACs for the purpose of influencing elections. According to the ABA itself, one of the reasons for creating a 501(c)(4) to carry out this function is to avoid public disclosure of its sources for electioneering expenditures. 

For the full release and letter to the IRS, go to:
http://www.citizen.org/pressroom/pressroomredirect.cfm?ID=3703 



Craig Holman, Ph.D.
Government Affairs Lobbyist
Public Citizen
215 Pennsylvania Avenue SE
Washington, D.C. 20003
T-(202) 454-5182
C-(202) 905-7413
F-(202) 547-7392
Holman at aol.com
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