A Very Disturbing U.S. Court of Appeals Decision About Corporate Disclosure Rules

The DC Circuit Court of Appeals has issued a very disturbing decision, ruling that corporations do not have to meet the Dodd-Frank requirements concerning disclosure of conflict minerals because it violates their First Amendment rights. The decision calls into question the authority of the government to require ANY disclosures by corporations.

[T]his isn’t just about the conflict minerals rule: these judges are coming for the entire set of transparency laws that help make our stock markets the most trusted in the world. And perhaps they won’t stop there; according to these judges, nearly every disclosure or sunshine law in modern society is now subject to corporate First Amendment challenge. (We’ve seen this before: the D.C. Circuit has also in recent years struck down laws involving warning labels on cigarette packages and employee break-room “know your rights” posters on the basis of corporations’ First Amendment rights.)

via U.S. Court of Appeals Reaches Decision in National Association of Manufacturers v. U.S. Securities and Exchange Commission – Free Speech for People.

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