Assemblyman Stirpe: Closing the LLC Loophole Will Help Limit the Influence of Big Money in Politics
“Public officials are elected to serve the people – not special interests. But under existing election law, individuals and corporations can make nearly unlimited campaign donations by creating multiple limited liability corporations (LLCs). And unfortunately, this practice often gives the rich and powerful undue influence while causing the issues facing everyday citizens to be overlooked.
“That’s why I helped pass legislation that would close this loophole by restricting LLCs to the same contribution limits that currently exist for corporations. The bill would help protect against individuals contributing above the legal limits and encourage fair elections that more clearly reflect constituents’ concerns.
“Closing the LLC loophole is a common-sense measure that will help restore the public’s trust in government by increasing transparency and keeping elected officials accountable to the people. While this is a strong step toward ending corrupt campaign practices, there is more to be done. As we move forward, I’ll continue to fight for measures that ensure the voice of every New Yorker is heard.”