Let It Go Act

To amend the Federal Election Campaign Act of 1971 to provide for a limitation on the time for the use of contributions or donations, and for other purposes. 1. Short title This Act may be cited as the Let It Go Act 2. Timeframe for and prioritization of disposal of contributions or donations Section 313 of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30114 (1) by redesignating subsection (c) as subsection (d); and (2) by inserting after subsection (b) the following new subsection: (c) Disposal (1) Timeframe Contributions or donations described in subsection (a) may only be used, in the case of an individual who is not a candidate with respect to an election for any Federal office for a 6-year period beginning on the day after the date of the most recent such election in which the individual was a candidate for any such office, during such 6-year period. (2) Means of disposal; prioritization Beginning on the date the 6-year period described in paragraph (1) ends, contributions or donations that remain available to an individual described in such paragraph shall be disposed of, not later than 30 days after such date, as follows: (A) First, to pay any debts or obligations owed in connection with the campaign for election for Federal office of the individual. (B) Second, to the extent such contribution or donations remain available after the application of subparagraph (A), through any of the following means of disposal (or a combination thereof), in any order the individual considers appropriate: (i) Returning such contributions or donations to the individuals, entities, or both, who made such contributions or donations. (ii) Making contributions to an organization described in section 170(c) (iii) Making transfers to a national, State, or local committee of a political party. . 3. One-year transition period for certain individuals (a) In general In the case of an individual described in subsection (b), any contributions or donations remaining available to the individual shall be disposed of— (1) not later than one year after the date of the enactment of this Act; and (2) in accordance with the prioritization specified in subparagraphs (A) through (D) of subsection (c)(2) of section 313 of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30114 (b) Individuals described An individual described in this subsection is an individual who, as of the date of the enactment of this Act— (1) is not a candidate with respect to an election for any Federal office for a period of not less than 6 years beginning on the day after the date of the most recent such election in which the individual was a candidate for any such office; and (2) would be in violation of subsection (c) of section 313 of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30114

Summary: Let It Go Act Amends the Federal Election Campaign Act of 1971 to allow the use of contributions or donations only for the six years following the most recent federal election for a six-year office (i.e., election to the Senate) in which an individual was a candidate for the office if that individual is not a candidate for that office during those ensuing six years. Requires contributions or donations remaining available to to such an individual after such six-year period ends to be disposed of within 30 days, as follows: (1) to pay any debts or obligations owed in connection with the campaign for that office; (2) to return those contributions or donations to the individuals, entities, or both, who made them; (3) to make contributions to a charitable organization; and (4) to make transfers to a national, state or local committee of a political party.