Foreign Money in Elections: New Restrictions on Business Spending
A senate committee must act next: committee consideration.
While the bill has support from high-profile Democrats, it lacks Republican cosponsors and faces a difficult path in a divided Congress where campaign finance changes are highly partisan.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Companies with foreign investors, including many startups funded by foreign venture capital, would face new certification and compliance duties before making any political donation or spending. A business is covered if one foreign owner holds just 1% of shares, or multiple foreign owners together hold 5%, requiring the CEO to sign a sworn statement within 7 days of any political spending.
“in which a foreign national located outside of the United States and described in paragraph (1), (2), or (3) directly or indirectly owns or controls or otherwise holds direct or indirect beneficial ownership of 1 percent or more of the voting shares, total equity, membership units, or other applicable ownership units of the entity;”
Read twice and referred to the Committee on Rules and Administration.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Congressional Democrats are looking to close loopholes created by the 2010 Citizens United ruling that allow foreign entities to funnel money into U.S. elections. The bill, led by Rep. Jamie Raskin and Sen. Sheldon Whitehouse, would establish foreign ownership thresholds for U.S. corporations.
Rep. Jamie Raskin and Sen. Sheldon Whitehouse introduced the Get Foreign Money out of U.S. Elections Act. The legislation establishes foreign ownership thresholds (1% single, 5% aggregate) to determine which U.S.-registered corporations are prohibited from contributing to campaigns.
The Get Foreign Money out of U.S. Elections Act aims to ban campaign contributions from companies with at least 50% foreign ownership or 1% control by a single foreign national. The bill faces steep odds in the Republican-controlled Congress after a similar proposal did not receive a vote.
No votes or related bills recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Get Foreign Money Out of U.S. Elections Act
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