The Seattle City Council passed a bill Monday that establishes new restrictions on corporate donations in local elections, delivering a blow to the likes of Amazon.
The bill prohibits companies from spending money on city elections if at least 5% of their stock is owned by foreign investors. Amazon, which is headquartered in Seattle, would fall under that umbrella, as foreign investors hold at least 9% of its stock, according to Reuters.
Lorena Gonzalez, City Council president and the bill’s author, said the campaign finance restrictions would result in a “big shift” in how corporations can influence local elections.
Amazon poured a record $1.5 million into Seattle’s city council races in 2019, hoping to elect a number of candidates viewed as more friendly to businesses. By comparison, Amazon donated just $130,000 to city council candidates in 2015.