# Plain Language Summary: Get Foreign Money Out of U.S. Elections Act

This bill closes what supporters see as a loophole in campaign finance law by preventing foreign money from flowing into U.S. elections through American companies. Currently, federal law bans direct contributions from foreign nationals to political campaigns, but it doesn't clearly address money coming from U.S. businesses that are owned or controlled by foreign interests. This bill fixes that by treating foreign-controlled or foreign-influenced companies the same way the law treats foreign nationals—they can't contribute to elections or spend money on political activities.

The bill defines "foreign-controlled" companies in several ways. The strictest rule applies to any business where a foreign national owns or controls at least 50 percent of the company. But it also catches companies with smaller foreign ownership if that foreign interest has significant influence. For example, a company where a foreign national owns just 1 percent but has the power to make key decisions about the company's political spending would be covered. The bill also targets companies where foreign nationals collectively own 5 percent or more, or where they can direct the company's election-related decisions.

To make this work, the bill requires company executives to file a certification with the Federal Election Commission within seven days of making any political contribution or spending, swearing under penalty of perjury that the company isn't foreign-controlled. Companies must share this certification with the political committees receiving their money. Recipients of money from these companies can only use it for political purposes if they have this certification in hand. The bill also adds new requirements for corporate political action committees (PACs), requiring them to certify that all decision-makers are U.S. citizens or permanent residents and that no foreign nationals participate in spending decisions.

The practical effect is that multinational corporations and companies with significant foreign ownership would face new compliance burdens and potential legal liability if they want to participate in campaign finance. The bill takes effect 180 days after it becomes law, giving companies time to figure out their foreign ownership structures and set up compliance procedures.

Get Foreign Money Out of U.S. Elections Act

Raskin, Jamie

Get Foreign Money Out of U.S. Elections Act This bill imposes prohibitions and requirements related to campaign contributions and expenditures from foreign sources. For example, the bill bans campaign contributions and expenditures by domestic business entities that are controlled, influenced, or owned by foreign nationals.