ABC News' Ariane de Vogue reports:
White House special counsel Norm Eisen posted an item on the White House Blog yesterday explaining why the “President was right” to criticize the Supreme Court’s recent campaign finance decision at the State of the Union.
Eisen writes that the White House had “noted with interest” a story in the Wall Street Journal about a lobbying group representing U.S. subsidiaries of foreign corporations launching an effort to derail congressional attempts to limit their spending in political campaigns.
The article quotes Nancy McLernon, who heads the Organization of International Investment, saying "Talking about restricting foreign influence in elections may sound like good politics, but when you peel back the layers, it could have a wide spectrum of unintended consequences."
Critics say the President was misleading when he said that the decision would “open the floodgates” for special interests “including foreign corporations” to spend without limit in U.S. elections. They point out that the Court’s majority explained that current federal law prohibits foreign nationals from spending in American elections.
But Eisen, using more specific language than his boss says, “Although the Federal Election Commission (FEC) restricts foreign nationals from spending or directing spending in American elections, it does not prohibit corporations in which foreign nationals are shareholders or hold significant sway or de facto control from making such expenditures."
- Ariane de Vogue