Vote Smart's Synopsis:

Vote to pass a bill that establishes new disclosure requirements for political advertisements and other regulations for the financing of campaigns and political advertisements.

Highlights:

• Requires political advertisements transmitted through radio or television that are not authorized by a candidate, political committee of a candidate, or it's agents, to include the following disclosure statements (Sec. 214):
• For individuals paying for the communication: "I am [individual's name] of [local jurisdiction of residence], [state], and I approve this message";
• For organizations paying for the communication: "I am [applicable individual], the [individual's title] of [name of organization], located in [local jurisdiction in which organization's principal office is located], [state], and [name of organization] approves this message."
• For a "significant funder" of a communication paid for in whole or in part with a payment that is treated as a disbursement by a covered organization for campaign-related activity that is an individual: "I am [individual's name], of [local jurisdiction of residence], [state]. I helped to pay for this message, and I approve it."
• For a "significant funder" of a communication paid for in whole or in part with a payment that is treated as a disbursement by a covered organization for campaign-related activity that is not an individual: "I am [applicable individual], the [individual's title] of [name of organization], located in [local jurisdiction in which organization's principal office is located], [state]. [Name of organization] helped to pay for this message, and [name of organization] approves it."; or
• For an "electioneering communication" or an independent expenditure consisting of a public communication and is paid for in whole or part with a payment that is treated as a disbursement by a covered organization for campaign-related activity: a list of the 5 individuals (including organizations) who provided the largest payments in an aggregate amount equal to or exceeding $10,000, the amount of such payments, and the local jurisdiction and state in which each of the persons lives or is located.

• Defines "significant funder" as the individual or organization identified in any report filed by an organization for an independent expenditure for campaign related public communication or for electioneering communication as being the source of the largest qualifying payment in an amount equal to or greater than $10,000 (Sec. 214).

• Defines "covered organization" as any of the following (Sec. 212):
• Corporations that distribute property to its shareholders out of its earnings and profits, without regard to the amount of earnings and profits at the time the distribution was made, except for specific tax exempt corporations (26 U.S.C. 501(c)(3));
• Labor organizations;
• Specific tax exempt organizations (26 U.S.C. 501(c)(4), (5), or (6)), except for specific civic leagues and organizations (26 U.S.C. 501(c)(4)(A)) that are exempted under this Act (next highlight); or
• Tax exempt political organizations (26 U.S.C. 527), other than political committees under this Act.

• Exempts civic leagues and organizations (26 U.S.C. 501(c)(4)) from the political advertisement disclosure statement requirements if it meets all of the following criteria (Sec. 211):
• It has met tax exemption requirements (26 U.S.C. 501(c)(4)) for the previous 10 years;
• It has at least 500,000 individuals who paid membership dues during the previous calendar year;
• It has at least 1 dues-paying member from each state, including Washington D.C. and Puerto Rico;
• During the previous year, the portion of its funds provided by corporations or labor organizations did not exceed 15 percent of total funds; and
• It does not use any funds provided by corporations or labor for campaign-related activity.

• Prohibits government contractors from funding "electioneering communication," provided that the value of the contract with the government is at least $10 million (Sec. 101).

• Prohibits recipients of government assistance under the Troubled Asset Relief Program (TARP) (12 U.S.C. 5211 et seq.) from directly or indirectly contributing (or promising to contribute) to any political party, committee, or candidate for public office, to any person for any political purpose, or to fund any "electioneering communication" during the time period (Sec. 101):
• Beginning on the later of (1) the beginning of negotiations for TARP financial assistance or (2) the enactment of this Act; and
• Ending on the later of (1) the end of negotiations or (2) the repayment of financial assistance.

• Prohibits individuals holding (or seeking to hold) leases for drilling for oil or gas in the Outer Continental Shelf from directly or indirectly contributing (or promising to contribute) to any political party, committee, or candidate for public office, to any person for any political purpose, or to fund any "electioneering communication" during the time period (Sec. 101):
• Beginning on the later of (1) the beginning of negotiations for a lease for exploration for, and development and production of, oil and gas under the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.) or (2) the enactment of this Act; and
• Ending on the later of (1) the end of negotiations or (2) the end of the lease.

• Prohibits corporations from contributing (or promising to contribute) in connection with a federal, state, or local election, contributing to a committee of a political party, or funding "electioneering communication" if any of the following criteria are met (Sec. 102):
• 5 percent or more of the voting shares is controlled by a foreign country, foreign government official, or a corporation principally owned or controlled by a foreign country or official;
• 20 percent or more of the voting shares is controlled by a foreign national not described in the previous sub-highlight;
• 2 or more foreign nationals who each control at least 5 percent of the voting shares also directly or indirectly control 50 percent or more of the voting shares;
• The majority of the members of the board of directors are foreign nationals; or
• 1 or more foreign nationals has the power to direct, dictate, or control the decision-making process with respect to the corporation's interest's in the U.S. or with respect to activities in connection with a federal, state, or local election.

Full Bill Text

Full Bill Text