119th (2025–2027)
S. 5075
This bill amends federal election law to close loopholes allowing foreign money to influence U.S. elections through domestic business entities. Currently, the ban on foreign contributions applies only to foreign individuals and governments, but this legislation extends it to U.S. companies that are significantly owned, controlled, or influenced by foreign nationals. The bill captures companies where a foreign national owns at least 50 percent of the business, as well as companies where foreign interests own as little as 1 percent but have control over U.S. election spending decisions. The legislation requires company executives to certify under penalty of perjury within seven days of making political donations or expenditures that their company is not foreign-controlled, and recipients of such funds cannot use them in elections unless they receive and maintain copies of these certifications. Corporate political action committees must also annually certify that their managers and decision-makers are U.S. citizens or permanent residents and that no foreign nationals participate in their spending decisions. The rules take effect 180 days after the law is enacted, regardless of whether federal election regulators have finished writing implementing regulations.