WASHINGTON, DC — Congressman Jamie Raskin (MD-08) and Senator Sheldon Whitehouse (D-RI) introduced legislation closing a major loophole in campaign finance law that allows U.S. companies appreciably owned by foreign entities to pour unlimited sums of money into American elections.
The Supreme Court’s infamous decision in Citizens United v. FEC has enabled corporations to engage in unlimited political spending. While existing law still prohibits individual foreign nationals from spending in American elections, there is no such prohibition against political spending by American-registered corporations—including major multinationals—that are foreign-owned, foreign-controlled, or foreign-influenced. The Get Foreign Money Out of U.S. Elections Act uses well-supported foreign ownership thresholds to determine when U.S. corporations should be prohibited from spending from their corporate treasuries to influence voters in our elections.
“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,” said Rep. Raskin. “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. I am grateful to Senator Whitehouse for joining me in this effort to protect our democratic institutions against foreign intervention.”
“Foreign money can flow into American elections through the same dark money channels that allow unlimited corporate spending, and those dark money openings are significant vulnerabilities for our democracy,” said Sen. Whitehouse.? “Our bill will put in place commonsense safeguards to prevent hostile foreign interests from being able to distort American elections with hidden dark money.”
According to new polling from Data for Progress, 82 percent of the people agree that foreign-owned U.S. companies should not be bankrolling American campaigns.
Joining the bill as original cosponsors are Representatives Colin Allred (TX-32), André Carson (IN-07), Jason Crow (CO-06), Mark DeSaulnier (CA-10), Marie Gluesenkamp Perez (WA-03), Jared Golden (ME-02), Dan Goldman (NY-10), Josh Gottheimer (NJ-05), Raúl M. Grijalva (AZ-07), Pramila Jayapal (WA-07), Henry C. “Hank” Johnson (GA-04), Mike Levin (CA-49), Eleanor Holmes Norton (DC), Alexandria Ocasio-Cortez (NY-14), Mark Pocan (WI-02), Mary Gay Scanlon (PA-05), Jan Schakowsky (IL-09), Adam Schiff (CA-30), Elissa Slotkin (MI-07), Rashida Tlaib (MI-12), Lori Trahan (MA-03), David Trone (MD-06), Susan Wild (PA-07) and Nikema Williams (GA-05).
The bill is endorsed by organizations including the Blue Haven Initiative, the Center for American Progress, Citizens for Responsibility and Ethics in Washington (CREW), Clean Elections Texas, Common Cause, Communications Workers of America, DAWN, End Citizens United / Let America Vote Action Fund, Fix Democracy First, Free Speech For People, Michiganders for Fair & Transparent Elections, NETWORK Lobby for Catholic Social Justice, People for the American Way, People Power United, Public Citizen, Secure Elections Network, the United Church of Christ and Voices For Progress.
Read what supporters and advocates are saying about the bill here.
The full text of the bill is available here.
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