Ban Corporate PACs Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Ban Corporate PACs Act, restricts the ability of for-profit corporations to create and use political action committees (PACs). It changes the law to limit this authority to nonprofit corporations, and existing corporate PACs must dissolve within one year of the bill’s enactment. The bill also modifies rules regarding who can contribute to these funds, focusing contributions on executive and administrative personnel instead of stockholders or their families.
Key provisions
- Corporations can no longer establish or operate political action committees (PACs).
- The authority to create PACs is limited to nonprofit corporations.
- Existing corporate PACs must terminate within one year of the bill’s enactment.
- Contributions to PACs are now limited to executive and administrative personnel.
- The definition of a ‘nonprofit corporation’ is clarified.
- Government contractors are also restricted from establishing PACs, and must operate under the rules for nonprofit corporations.
- The bill amends existing sections of the Federal Election Campaign Act to implement these changes.
Who is affected
- Corporations
- Nonprofit corporations
- Political action committees (PACs)
- Stockholders
- Executive and administrative personnel
Notable changes
Bill text
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Sponsors
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4 on record
Primary sponsor
Cosponsors
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