No CRS summary available for this bill.
This section expands the ban on contributions, donations, expenditures, and electioneering communications by foreign nationals to cover domestic business entities that are foreign-controlled or foreign-influenced. It includes any entity in which a foreign national owns or controls 50 percent or more of voting shares or equity, or in which foreign nationals hold at least 1 percent individually or 5 percent in aggregate, or exercise power to direct decisionmaking on US interests or election activity. It requires the chief executive officer of any business entity making such a contribution or expenditure to file a certification of compliance with the Federal Election Commission within 7 days, under penalty of perjury, and to provide copies to recipients. It prohibits recipients from using funds from such entities without the certification.
This section expands the ban on foreign nationals making contributions or disbursements in connection with Federal, State, or local elections to cover State and local ballot initiatives, referendums, and recall elections, as well as any disbursements to political committees that accept unlimited donations or contributions. It also requires corporate separate segregated funds to certify annually that each fund manager is a U.S. citizen or lawful permanent resident, that no foreign national participates in fund decisionmaking, that the fund does not solicit foreign national recommendations, and that any foreign national board members abstain from voting on fund matters.