States Worry About Impacts of Congressional Push to Federalize Corporate Disclosure Laws
Secretaries of state and other officials are concerned about a push by Congress to federalize corporate disclosure laws. Those interviewed for this article say federal intervention is unwarranted, and they worry about the impacts of such a move on cash-strapped state budgets, as well as on small businesses. Meanwhile, several states that have been singled out for problems related to shell companies have amended their laws to help address real or perceived loopholes. Other states are working with national organizations to produce legislative language for states on this issue.
About the Author
Kay Stimson is director of communications and special projects for the National Association of Secretaries of State in Washington, D.C. A former television news reporter who covered the state legislatures in Maryland and South Carolina, she frequently writes about state and federal policy issues for lawmakers.