Shell Company Abuse 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 Shell Company Abuse Act, aims to prevent the use of shell corporations to hide election contributions or donations made by foreign nationals. It makes it illegal for individuals involved in establishing or using such entities with the intent to conceal foreign donations. Violators could face up to five years in prison, fines, or both.
Key provisions
- Prohibits the establishment of corporations with the intent to conceal foreign election contributions.
- Specifically targets owners, officers, attorneys, and incorporation agents.
- Criminal penalties include imprisonment for up to five years, fines, or both.
- Defines ‘foreign national’ as those prohibited from donating under the Federal Election Campaign Act.
Who is affected
- Foreign nationals
- Corporations and companies
- Owners, officers, attorneys, and incorporation agents of corporations
- Political donors
Notable changes
- Adds a new section (612) to Title 18 of the U.S. Code to specifically address shell companies used to conceal foreign election donations.
Bill text
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Sponsors
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6 on record
Primary sponsor
Cosponsors
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