April 24, 2013 •
The Follow the Money Act of 2013
Leaders of corporations, unions, and other organizations responsible for independent political advertisements may have to be identified if a bill introduced in the U.S. Senate yesterday passes.
Senate Bill 791 was introduced jointly by Senators Ron Wyden (D-Ore.) and Lisa Murkowski (R-Alaska). The bi-partisan bill, called The Follow the Money Act of 2013, requires entities, regardless of tax status, to identity the funders of any political activity in which the entity engages.
An organization involved in political activity not regulated under the Federal Election Campaign Act will also be subject to a separate set of Internal Revenue Service penalties, including the possible loss of its federal tax exemption.
The Federal Election Commission will be required to replace quarterly reporting with a more frequent reporting schedule and will be required to disclose the information to the general public upon receipt.
Senator Wyden’s press release can be found here.
Video courtesy of Sen. Wyden’s YouTube channel.
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