In December, Congress passed, and the president signed, an omnibus federal budget. Attached was a “rider” prohibiting the Securities and Exchange Commission from requiring disclosure of corporate political contributions.

The Supreme Court decision in Citizens United v. Federal Election Commission established the right of corporations to make political contributions. Many saw it as re-enforcement of the constitutional right of free speech, others as democracy’s death knell.

Underneath the policy issue is a complex legal matrix. This column identifies historical points in this matrix, focusing on proposed SEC action and corporate fiduciary duties.

To read the full text of this article by Duane Morris partner Stephen M. Honig, please visit the New England In-House website.