"Morgan Stanley to Curb Corporate Campaign Donations"

CNBC reports. 

 

The details of the Morgan Stanley pledge are spelled out in the article:

In a letter to New York Public Advocate Bill De Blasio, Morgan Stanley’s Corporate Secretary Martin Cohen wrote that the firm “does not make or engage in direct independent political expenditures or electioneering communications as defined under federal election law and will be amending our Corporate Political Contributions Policy Statement to reflect this.” The letter was obtained by CNBC.

A spokesperson for Morgan Stanley confirmed the policy and told CNBC that it will extend to a ban on participating in so-called 501c(4) nonprofit organizations that have become vehicles for corporations to funnel anonymous contributions to federal candidates.

 
Like the Goldman Sachs and similar pledges from other firms that have gone before, I am surprised that these promises are getting any attention given that all of them seem to leave open the possibility that these companies will make significant payments to 501(c)(6) trade associations, like the U.S. Chamber of Commerce.  It's perfectly legal for the companies to make such payments, of course, but people should understand that funds originating with these companies may still be used to fund election-related advertising.

I'd be interested in hearing whether any of these new policies extend as far as restricting 501(c)(6) recipients from using company-provided funds for electoral purposes.

John Pomeranz
Harmon, Curran, Spielberg & Eisenberg, LLP
1726 M Street, NW, Suite 600
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