Holding Goldman Sachs Accountable
Goldman Sachs pledged not to spend money on political ads.
Facing pressure from critics of Wall Street to limit its role in elections, Goldman Sachs has pledged not to spend any of its vast corporate reserves on political advertising.
The move was an unexpected sign of restraint after a major Supreme Court ruling this year that gave corporations the power to devote unlimited amounts to electing or defeating candidates for federal office.
The investment bank quietly revised its statement on political activities on its Web site last week, adding a sentence addressing the powers that were granted under the Supreme Court decision in January, known as Citizens United v. Federal Election Commission. “Goldman Sachs also does not spend corporate funds directly on electioneering communications,” the firm said in its statement. Those communications are generally interpreted to mean advertisements on radio and television broadcasts in the run-up to an election.
It's up to us to hold them accountable if they break their promise.