The DISCLOSE Act of 2026 is designed to increase transparency in campaign spending and prevent foreign money from influencing U.S. elections. Right now, corporations, labor unions, and Super PACs can spend money on elections with very little public disclosure about where that money comes from. This bill would require these organizations to reveal who is actually funding their political spending, making it easier for voters to understand who is trying to influence elections.

The bill has several main parts. First, it closes loopholes that allow foreign nationals to secretly funnel money into U.S. elections through shell corporations and middlemen. It makes it illegal to set up a company specifically to hide foreign campaign contributions, with penalties up to 5 years in prison. Second, it requires organizations spending more than $10,000 on campaign activities to file detailed reports within 24 hours, listing their major donors and where their money goes. Third, it extends these same transparency rules to spending related to federal judicial nominations. Finally, it requires political ads to include clear disclaimers about who paid for them, including on phone calls and digital platforms.

The bill also directs the Government Accountability Office to study how much foreign money is illegally flowing into U.S. elections every four years and report back to Congress. This information would help lawmakers understand the scope of the problem and whether additional protections are needed.