NEW YORK STATE DEMOCRATIC ie) COMMITTEE JUNE F ONE \ WWW.NYDEMS.ORG exeoviv COMMITEE CH ‘August 16,2010 Peter L. Scher Executive Vice President, Global Government Relations & Public Policy JPMorgan Chase 270 Patk Ave. New York, NY 10017-2070 Dear Mr. Scher: ‘We are writing t urge JPMorgan Chase to pledge not to mount an independent advertising campaign on behalf of Rick Lazio this fall FFor generations, federal and state laws have wisely restricted spending by corporations 10 support or oppose candidates for elected office. The thinking behind these restrictions \vas simple and powerful: the interests of Americans, not corporations, must take precedence in our democracy. In January, however, the Supreme Court swept away a century ofthese restrictions in Cittzens United v. Federal Election Commission, potentially opening the floodgates for corporations to spend freely to support or defeat candidates for elective office, ‘The ease has raised alarm bells for those who recognize just how important a comprehensive campaign finance system isto the integrity of our democratic system. Not only did the ruling eviscerate a federal law in effect since 1907, the ease undermines the campaign finance laws ofthe 24 states which restrictor ban eampaign spending by ‘corporations, including New York. Corporations, however, can and should exercise sel-resraint. Recently, Goldman Sachs ‘modified its campaign finance code of conduct to explicitly preclude the bunk from «engaging in the type of electioneering now legal under Citizens United, JPMorgan Chase should immediately do the same. This is especially important for JP “Morgan given that, this year, one ofits employees is seeking New York's highest offic, 41 PRK AVENUE SOUT, 1TH FLOOR NEWYORK. NY 1006, 212 se FAX NyDEMS.oRG‘As press accounts make clear, Lazio’s campaign is struggling to raise funds, forcing him to loan his campaign $200,000. Alter serving as JP Morgan’s lobbyist for years, Lazio ‘may well eck ils assistance to provide a last-minute infusion of resources, no matter how unpopular such a request may be with the electorate Ata minimum, we request that JPMorgan Chase pledge no to intervene in New York's lection ths fll by funding an advertising eampaign on Lazio's behalf, ‘Thank you for your consideration of this request. We would appreciate the favor of your reply by August 27, 2010. Respectfully submitted, ES Jay Jacobs Chairman, New York State Democratic Committee