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 by candidates for election for Federal office, to prohibit candidates from using campaign funds to make contributions to charitable organizations which are owned or controlled by the candidate or immediate family members of the candidate, 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 by candidates (a) In general 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— (A) 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; or (B) in the case of an individual who becomes a registered lobbyist under the Lobbying Disclosure Act of 1995, before the date on which such individual becomes such a registered lobbyist. (2) Means of disposal; prioritization Beginning on the date the 6-year period described in subparagraph (A) of paragraph (1) ends (or, in the case of an individual described in subparagraph (B) of such paragraph, the date on which the individual becomes a registered lobbyist under the Lobbying Disclosure Act of 1995), 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. . (b) 1-Year transition period for certain individuals (1) In general In the case of an individual described in paragraph (2), any contributions or donations under section 313(a) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30114(a) (A) not later than one year after the date of the enactment of this Act; and (B) in accordance with the prioritization specified in subparagraphs (A) through (B) of subsection (c)(2) of section 313 of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30114 (2) Individuals described An individual described in this paragraph is an individual who, as of the date of the enactment of this Act— (A) (i) 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; or (ii) is an individual who becomes a registered lobbyist under the Lobbying Disclosure Act of 1995; and (B) would be in violation of subsection (c) of section 313 of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30114 3. Prohibiting donation of campaign funds to charitable organizations owned or controlled by candidate or immediate family members (a) Prohibition Section 313(b) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30114(b) (3) Prohibiting contributions to charitable organizations owned or controlled by candidate or immediate family members A contribution or donation described in subsection (a) may not be used for a contribution to an organization described in section 170(c) . (b) Conforming amendments Section 313 of such Act ( 52 U.S.C. 30114 (1) in subsection (a)(3), by striking for contributions except as provided in subsection (b)(3), for contributions (2) in subsection (c)(2)(B)(ii), as amended by section 2, by striking Making contributions Except as provided in subsection (b)(3), making contributions (c) Effective date The amendments made by this section shall apply with respect to contributions made on or after the date of the enactment of this Act.

Summary: Let It Go Act This bill establishes a time frame for the disposal of campaign contributions or donations. The bill also prohibits the donation of campaign funds to charitable organizations that are owned or controlled by the candidate or the candidate's immediate family members. An individual must use contributions or donations before the individual becomes a registered lobbyist or within six years following the most recent federal election in which the individual was a candidate, whichever occurs first. The remaining contributions or donations must be disposed of within 30 days following either occurrence, first by paying debts or obligations owed in connection with the campaign for that office. If funds are left over, the funds may only be disbursed in one or more of the following ways: (1) returning funds to donors; (2) making contributions to charitable organizations; and (3) transferring funds to a national, state, or local committee of a political party. The bill prohibits the donation of campaign funds to a charitable organization if the candidate or the candidate's immediate family member (1) is an employee of the organization, (2) is a member of the board of directors, or (3) owns a majority of the voting shares.