A new bill "closes a glaring loophole opened up by the Supreme's Court disastrous Citizens United decision which allows U.S. companies primarily owned by foreign entities to funnel money into our elections," said Rep. Jamie Raskin.
Democratic lawmakers on Thursday introduced bills to the U.S. Senate and House seeking to ban corporations that are at least 5% foreign-owned from federal elections spending, drawing praise from advocacy groups.
Sen. Sheldon Whitehouse (D-R.I.) introduced the Get Foreign Money Out of U.S. Elections Act to the Senate and Rep. Jamie Raskin (D-Md.) reintroduced the same bill to the House, with each version gaining co-sponsorship by progressive lawmakers such as Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.).
The legislation would, if enacted, dramatically curtail the power of Citizens United v. Federal Election Commission, a 2010 U.S. Supreme Court ruling that legalized unlimited corporate spending on elections, as the vast majority of major corporations have at least 5% foreign ownership.
"Autocrats and oligarchs across the globe have continually tried to control the outcome of U.S. elections, diluting the voices of citizens and undermining American democracy," Raskin said in a statement. "Our legislation closes a glaring loophole opened up by the Supreme Court's disastrous Citizens United decision which allows U.S. companies primarily owned by foreign entities to funnel money into our elections."