Civic Groups Applaud Bipartisan Assembly Vote to Close LLC Loophole
Our groups commend the New York State Assembly for its strong two-party action with its bipartisan vote today of 120 to 8 to pass legislation that closes the limited liability company (LLC) loophole. By treating LLCs as individuals rather than corporations, the Board of Elections’ interpretation of campaign finance law has allowed millions of dollars to flood into our state elections. For too long this loophole has contributed to the pay-to-play culture in Albany. We are pleased to see the Assembly take action to end this abuse of our campaign finance laws, an important proactive legislative step towards curing corruption in New York.
This passage is an important response to the corruption charges levied this year against former Senate Majority Leader Dean Skelos and former Assembly Speaker Sheldon Silver; in both cases the charges are tied to the actions of contributors who take advantage of this very loophole. With the passage of A.6975-B, the Assembly has sent a strong bipartisan signal and is taking an important step to uphold the public interest and rebuild confidence through the passage of one of many needed ethics reforms. We encourage the Senate to follow suit and let New Yorkers know they are serious about addressing the pervasive culture of corruption plaguing Albany.
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