December 5, 1905: Roosevelt: Corporations Should Not Be Allowed to Contribute to Political Campaigns, Federal Elections Should Be Publicly Financed

President Theodore “Teddy” Roosevelt, in a speech given to the US Congress, proposes that corporations be expressly forbidden by law from contributing money “to any political committee or for any political purpose.” Neither should corporate directors be permitted to use stockholders’ money for political purposes. Roosevelt does not say that corporate owners should be so restricted. Roosevelt also says federal campaigns should be publicly financed via their political parties. Roosevelt’s proposal is made in part because he was accused of improperly accepting corporate donations for his 1904 presidential campaign. [Miller Center, 12/5/1905; Center for Responsive Politics, 2002 ; Moneyocracy, 2/2012] Roosevelt, who has made similar statements in the past (see August 23, 1902), will echo these proposals in additional speeches. [Connecticut Network, 2006 ] Two years later, Roosevelt will sign into law a bill proscribing such donations (see 1907).