The Center for Political Accountability, a nonprofit, nonpartisan organization that advocates for transparency and accountability in corporate political spending, has sent a letter to 19 financial companies that received more than $1 billion under the Treasury Department's Troubled Asset Relief Program urging that they adopt political disclosure measures.

The letter ( CPA.pdf), signed by 23 shareholder advocates, including unions, religiously affilicated nonprofits, asset management firms, and others, calls on the companies to disclose on their websites all political spending including soft money contributions and payments to trade associations and other tax-exempt organizations that are used for political purposes. It also calls on the companies to require board oversight of their corporate political spending, and to adopt policies and procedures for approval and review of political spending.

The 19 companies receiving the letter are Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, PNC Financial Services, Regions Financial Corp, Fifth Third Bancorp, BB&T, Bank of New York Mellon, KeyCorp, CIT Group, Comerica, State Street, Marshall & Ilsley, Northern Trust, Zions Bancorporation, Huntington Bancshares and SunTrust Banks.  Three other companies - Prudential Financial Services, American Express and Capital One -- have already agreed to full reporting and board oversight of their political spending with corporate funds, according to the CPA.

"As major political givers, banks should, as a matter of course, be open and above board in this spending," said CPA Executive Director Bruce F. Freed. "Unfortunately, many have been resistant to full disclosure. A safe and sound financial system must be based on that."

See the press release here: CPA - Press Release - TARP letter - 02-19 09.pdf                                                                                                            

                                                                                                               -- Robert Gettlin