This bill amends federal election law to prohibit campaign contributions and spending by U.S. business entities that are foreign-controlled, foreign-influenced, or foreign-owned. Currently, the law bans direct contributions from foreign nationals, but this legislation closes a loophole by preventing American companies from accepting foreign money and funneling it into elections. The bill defines foreign-influenced entities as those in which a foreign entity owns 50 percent or more of voting shares, or has just 1 percent ownership with decision-making power over election activities. Business entities making campaign contributions must certify under penalty of perjury within 7 days that they are not foreign-controlled, and recipients of such funds cannot use them in elections unless they receive and verify this certification. The law takes effect 180 days after enactment and applies to federal, state, and local elections as well as ballot measures. The bill also requires corporate political action committees to certify that their decision-makers are U.S. citizens or permanent residents and that foreign nationals have no role in their election spending decisions.
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