Bipartisan Bill Will Prevent Foreign Companies are Trying to Influence Elections.
Today, Brad Ellsworth voted to pass the DISCLOSE Act, a bill with bipartisan support to prevent foreign corporations from influencing our elections and to bring much needed transparency and accountability to campaign finance.
"The DISCLOSE Act simply restores every Hoosier's right to know who is trying to influence their elections. This bill brings much needed transparency to political campaigns by letting Hoosiers know if an ad is funded by a like-minded organization or American company, and prevents foreign corporations from influencing our elections. To be clear, this bill in no way infringes on the rights of individual Americans or groups to speak their mind and advertise for their preferred candidate."
The following are five key aspects of the DISCLOSE Act:
1) TV Ad Transparency: Requires corporate, labor, and non-profit leaders to appear at the end of any advertisement to announce they paid for the ad -- just like candidates are required to do. Groups also must list the five largest funders of the organization that paid for the advertisement.
2) Bans Foreign Corporate Influence: Prohibits corporations that are more than 20% owned by a foreign corporations from making political expenditures.
3) Disclosure Requirements: Groups seeking to influence an election must disclose all political expenditures of $600 or more from donors to the organization.
4) Government Contractors: Bans businesses that receive government contracts in the amount of $7 million or more from making political expenditures.
5) TARP Recipients: Prohibits recipients of TARP funds from making political expenditures until they have fully paid back funds to government.