HR 535
Inaugural Fund Integrity Act
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Bill overview
The Inaugural Fund Integrity Act aims to increase transparency and limit financial contributions to inaugural committees. It prohibits donations from corporations and foreign nationals, restricts individual donations to $50,000 (with adjustments for presidential election years), and requires detailed reporting of donations and disbursements to the Federal Election Commission. The bill also addresses issues like preventing the misuse of donations and clarifies definitions related to inaugural committees.
Key provisions
- Prohibits donations from corporations and foreign nationals to inaugural committees.
- Limits individual donations to inaugural committees to $50,000, adjusted annually.
- Requires inaugural committees to report donations of $1,000 or more within 24 hours.
- Mandates a final report 90 days after the presidential inaugural ceremony detailing all donations and disbursements.
- Prevents inaugural committees from converting donations to personal use.
- Defines ‘donation’ to include various forms of financial support and volunteer services.
- Establishes a process for determining the annual donation limit adjustment.
- Requires inaugural committees to disclose information about disbursements to organizations like 501(c)(3) nonprofits.
Who is affected
- Inaugural Committees
- Individuals making donations
- Corporations
- Foreign Nationals
- The Federal Election Commission
Notable changes
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Becca [D-VT-At Large] Balint
Donald S. Beyer
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119th CONGRESS — 1st Session
H. R. 535
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Federal Election Campaign Act of 1971 to prohibit certain donations to Inaugural Committees, to establish limitations on donations to Inaugural Committees, to require certain reporting by Inaugural Committees, and for other purposes.
This Act may be cited as the Inaugural Fund Integrity Act
.
It shall be unlawful—
for an Inaugural Committee—
to solicit, accept, or receive a donation from a person that is not an individual; or
for a person—
to make a donation to an Inaugural Committee in the name of another person, or to knowingly authorize his or her name to be used to effect such a donation;
to knowingly accept a donation to an Inaugural Committee made by a person in the name of another person; or
to convert a donation to an Inaugural Committee to personal use as described in paragraph (2); and
for a foreign national to, directly or indirectly, make a donation, or make an express or implied promise to make a donation, to an Inaugural Committee.
For purposes of paragraph (1)(B)(iii), a donation shall be considered to be converted to personal use if any part of the donated amount is used to fulfill a commitment, obligation, or expense of a person that would exist irrespective of the responsibilities of the Inaugural Committee under chapter 5 of title 36, United States Code.
Nothing in this subsection may be construed to prohibit an Inaugural Committee from disbursing unused funds to an organization which is described in section 501(c)(3) of the Internal Revenue Code of 1986 and is exempt from taxation under section 501(a) of such Code.
At the beginning of each Presidential election year (beginning with 2032), the amount described in paragraph (1) shall be increased by the cumulative percent difference determined in section 315(c)(1)(A) since the previous Presidential election year. If any amount after such increase is not a multiple of $1,000, such amount shall be rounded to the nearest multiple of $1,000.
An Inaugural Committee shall file with the Commission a report disclosing any donation by an individual to the committee in an amount of $1,000 or more not later than 24 hours after the receipt of such donation.
A report filed under subparagraph (A) shall contain—
the amount of the donation;
the date the donation is received; and
the name and address of the individual making the donation.
Not later than the date that is 90 days after the date of the Presidential inaugural ceremony, the Inaugural Committee shall file with the Commission a report containing the following information:
For each donation of money or anything of value made to the committee in an aggregate amount equal to or greater than $200—
the amount of the donation;
the date the donation is received; and
the name and address of the individual making the donation.
The total amount of all disbursements, and all disbursements in the following categories:
Disbursements made to meet committee operating expenses.
Repayment of all loans.
Donation refunds and other offsets to donations.
Any other disbursements.
The name and address of each person—
who receives a loan repayment from the committee, together with the date and amount of such loan repayment;
who receives a donation refund or other offset to donations from the committee, together with the date and amount of such disbursement; and
to whom any other disbursement in an aggregate amount or value in excess of $200 is made by the committee, together with the date and amount of such disbursement.
For purposes of this section:
The term donation includes—
any gift, subscription, loan, advance, or deposit of money or anything of value made by any person to the committee; or
the payment by any person of compensation for the personal services of another person which are rendered to the committee without charge for any purpose.
The term donation does not include the value of services provided without compensation by any individual who volunteers on behalf of the committee.
The term foreign national has the meaning given that term by section 319(b).
The term Inaugural Committee has the meaning given that term by section 501 of title 36, United States Code.
Section 304 of the Federal Election Campaign Act (52 U.S.C. 30104) is amended—
by striking subsection (h); and
by redesignating subsection (i) as subsection (h).
A committee shall not be considered to be the Inaugural Committee for purposes of this chapter unless the committee agrees to, and meets, the requirements of section 325 of the Federal Election Campaign Act of 1971.
The amendments made by this Act shall apply with respect to Inaugural Committees established under chapter 5 of title 36, United States Code, for inaugurations held in 2029 and any succeeding year.