The Act was introduced as a response to the Supreme Court’s Citizens United decision.  It passed the House, but failed in the Senate before the August recess.  It is headed back to the floor for a vote next month when the Senate returns.

The Act would amend the Federal Election Campaign Act as follows:

• Prohibit foreign-controlled domestic corporations from making contributions and expenditures;
• Require that prior to making any contribution or expenditure, the highest ranking official of a corporation must file a certification with the FEC that they are not prohibited from making the contribution or expenditure;
• Declare that a domestic corporation is permitted to create and solicit contributions for a separate segregated fund, as long as a foreign national does not contribute to or have any power or control over the fund;
• Require that any person or corporation that makes an independent expenditures of more than $10,000:
  • File a disclosure report within 24 hours of the expenditure; and
  • File a new report each time they make or contract to make another expenditures of $10,000 or more;
  • Require that certain radio or television ads include a statement identifying the name of the committee responsible for it; and
  • Require corporations, labor organization, non-profits, and political organizations to report additional information on their independent expenditure reports, including certain transfers of money.

  Photo by Diliff on Wikipedia.