To amend the Federal Election Campaign Act of 1971 to apply the ban on contributions and expenditures by foreign nationals under such Act to foreign-controlled, foreign-influenced, and foreign-owned domestic business entities, and for other purposes.
About This Bill
Committee
Latest Action · July 10, 2024
Read twice and referred to the Committee on Rules and Administration.
This bill closes loopholes that currently allow foreign nationals to indirectly influence U.S. elections through American businesses they own or control. Currently, federal law bans direct contributions from foreign nationals, but foreign-controlled domestic companies can still spend money on elections. The legislation extends this ban to business entities where foreign nationals own at least 50 percent of the company, own 1 percent or more with decision-making power, or have control over the company's U.S. election activities. Companies making political contributions would need to certify within seven days that they are not foreign-controlled, and recipients of such donations could only use them for political purposes if accompanied by this certification. The bill also requires that corporate political action committees verify their decision-makers are U.S. citizens and that no foreign nationals participate in decisions about campaign spending. The restrictions take effect 180 days after the bill becomes law.
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