![\"worldfromspace.jpg\"](\"http:\/\/www.opensecrets.org\/news\/worldfromspace.jpg\")
<\/a>LET US BE HEARD:<\/strong> The Organization for International Investment<\/a>, a trade association representing U.S. subsidiaries of foreign companies, has hired a Democratic lawyer to lobby against legislation that would potentially ban its members’ money from U.S. politics. Kevin Bogardus of The Hill <\/em>reports<\/a> that the organization hired Joseph Birkenstock<\/a>, of Caplin & Drysdale, who once served as chief counsel to the Democratic National Committee. The move is in response to the legislative push<\/a>, led by Sen. Charles Schumer<\/a> (D-N.Y.) and Rep. Chris Van Hollen<\/a> (D-Md.), to counteract the Supreme Court’s decision in Citizens United vs. Federal Election Commission in part by banning political money from companies that are deemed to be \u0093foreign interests.” This includes companies that are more than 20 percent foreign-owned, seat a majority of non-U.S. citizens on the board of directors or for whom decision-making about political activity falls under the purview of a foreign entity. Nancy McLernon, the president and chief executive officer of the organization, tells The Hill<\/em> of her concern that U.S. subsidiaries are being unfairly targeted in the proposed legislation. Legislators’ broad definition of foreign business could result in thousands of companies being banned from engaging in political activity, notes Clement Tan at the Los Angeles Times<\/a><\/em>. Many members<\/a> of the organization, such as Anheuser-Busch<\/a> or T-Mobile USA<\/a>, can be found in the Center for Responsive Politics’ political action committees and lobbying databases<\/a>. In 2008, PACs<\/a> of companies more than 50 percent foreign-owned contributed about $16.8 million to federal candidates and about $6.4 million to them so far this cycle.<\/p>\nCRP IN THE NEWS:<\/strong> Wall Street likes to win and is showing its affection to Democrats and incumbents according to David Weidner<\/a> at MarketWatch<\/em>, citing CRP data \u0085The banking industry is not taking it lying down: Eliza Newlin Carney<\/a> at the National Journal<\/em> cites CRP lobbying data in a discussion of the battle being waged by financial industry lobbyist to fend off financial reform legislation … Syndicated columnist Cal Thomas mentions our research<\/a> in his latest column.<\/p>\n![\"evanbayhtalks.jpg\"](\"http:\/\/www.opensecrets.org\/news\/assets_c\/2010\/03\/evanbayhtalks-thumb-160x196-657.jpg\")
<\/a>BAYH FOR ‘FAIR ELECTIONS’:<\/strong> While the Schuman-Van Hollen legislation would only be a stop-gap in the expected flood of corporate money into the political arena, a more weighty campaign finance reform is gaining support in the wake of the Supreme Court’s decision. Sen. Evan Bayh<\/a> (D-Ind.), who recently announced that he is retiring at the completion of his term, signed on to the Fair Elections Now Act<\/a> as a co-sponsor, reports Sam Stein at the Huffington Post<\/a><\/em>. The Fair Elections Now Act would set up a voluntary public financing system for national campaigns, and would emphasize raising a large number of small contributions rather than large contributions or bundling large donations. Bayh became the ninth senator to sign on<\/a> to the bill, which was introduced<\/a> in the Senate by Sens. Dick Durbin<\/a> (D-Ill.) and Arlen Specter<\/a> (D-Pa.). The bill also has 134 co-sponsors in the House. In his New York Times<\/em> op-ed, “Why I’m Leaving the Senate<\/a>,” Bayh, no stranger to fund-raising<\/a>, stated his belief that the decision in Citizens United will worsen the “institutional inertia gripping Congress,” compounding the problem of a campaign finance system that encourages “perpetual campaigns.”<\/p>\n