Ban Corporate PACs Act Introduced in U.S. Congress

On July 29, companion bills were introduced in both houses of the U.S. Congress to curtail corporate political action committee (PAC) activity in elections.

Senate Bill 2515 and House Bill 4799, entitled the Ban Corporate PACs Act, would amend the Federal Election Campaign Act of 1971 to eliminate the ability of for-profit corporations to establish and manage a PACs. The bills would also eliminate the ability of for-profit corporations or PACs to solicit contributions from corporate stockholders.

Additionally, the legislation would require existing certain corporate PACs, if no longer permitted to be established under this new law, to be terminated and its funds to be fully disbursed within one year after enactment of the Act.

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