Presidential Inaugural Committee Oversight Act

To amend title 36, United States Code, to require Presidential Inaugural Committees to file disbursement reports with the Federal Election Commission, to prohibit such Committees from disbursing funds for purposes unrelated to the inauguration of the President, to require such Committees to donate any Committee funds which remain available at the time the Committee terminates, and for other purposes. 1. Short title This Act may be cited as the Presidential Inaugural Committee Oversight Act 2. Disclosure requirements and prohibitions relating to disbursements by Presidential Inaugural Committees (a) Disclosure reports by Committees (1) Requirements Chapter 5 (A) by redesignating section 511 as section 512; and (B) by inserting after section 510 the following new section: 511. Disclosure of and prohibition against certain disbursements (a) In general 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 this section. (b) Disclosure of disbursements (1) Initial disbursement report Not later than the date that is 90 days after the date of the Presidential inaugural ceremony, the Committee shall file an initial disbursement report with the Federal Election Commission under this subsection. (2) Subsequent disbursement reports After filing the initial disbursement report described in paragraph (1), the Committee shall file subsequent disbursement reports with the Federal Election Commission under this subsection not later than 60 days after each date by which the Committee makes additional disbursements in an aggregate amount or value equal to or greater than $100,000. (3) Contents of report In each disbursement report filed under this subsection, the Committee shall disclose each disbursement of money or anything of value made by the Committee to any person in an aggregate amount or value equal to or greater than $200 since the most recent report filed by the Committee under this subsection, and shall include the following information with respect to each such disbursement: (A) The amount, purpose, and date of the disbursement. (B) The name and address of the recipient of the disbursement. (C) If the disbursement is made to repay a loan, the amount of the loan and the amount of any remaining balance on the loan. (D) If the disbursement is made to refund a donation or to offset a portion of a donation, the name of the donor and the amount of the donation. (E) Whether or not the disbursement is made with surplus funds of the committee, and if so, the amount of any remaining surplus funds of the committee. (c) Format of reports The Committee shall ensure that each report filed under this section is in a searchable and sortable format. (d) Prohibiting disbursements for purposes unrelated to inauguration The Committee may make disbursements only to cover the reasonable operating expenses of the Committee, and may not make any disbursement for any purpose which is unrelated to the Presidential inaugural ceremony and functions and activities connected with the ceremony except as provided under subsection (e). (e) Requiring donation of funds remaining upon termination If any funds of the Committee remain available at the time of the termination of the Committee, the Committee shall donate such funds to an organization described in section 501(c)(3) . (2) Clerical amendment The table of sections of chapter 5 of such title is amended— (A) by redesignating the item relating to section 511 as relating to section 512; and (B) by inserting after the item relating to section 510 the following new item: 511. Disclosure of and prohibition against certain disbursements. . (b) Conforming amendment relating to public availability of reports Section 304(h) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30104(h) section 510 section 510 or section 511 (c) Effective date The amendments made by this Act shall apply with respect to Presidential Inaugural Committees established under chapter 5

Summary: Presidential Inaugural Committee Oversight Act This bill requires disbursements by presidential inaugural committees to be reasonable, related to the inaugural ceremony, and reported to the Federal Election Commission (FEC). Currently, these committees are required to report only donations to the FEC. Upon termination, a committee's remaining funds must be donated to a tax-exempt 501(c)(3) nonprofit organization.