Get Foreign Money Out of United States Elections Act

Key Points

• The bill would ban U.S. companies from spending money on elections if a foreign investor abroad owns as little as 1% of the company, or if foreign investors together own 5% or more and can influence election-related decisions.
• Company CEOs would have to personally sign a sworn certification within 7 days of any political spending, confirming under penalty of perjury that the company is not foreign controlled.
• The rules would extend beyond federal races to cover state and local ballot initiatives, referendums, recall elections, and donations funneled through Super PACs.
• Corporate political action committees would have to certify that only U.S. citizens or lawful permanent residents manage the fund and make its spending decisions, with foreign board members required to abstain from related votes.
• If enacted, the new rules would take effect 180 days later regardless of whether the Federal Election Commission has finished writing implementing regulations.