These groups, which fall under section 527 of the IRS tax code, are currently able to raise and spend money on political activities without reporting funding sources and how they spend the money. The House-passed bill would require these groups to disclose the source of their funding and how they spend their money to the IRS every three months during an election year. The information would then be made available on the Internet.
Disclosure is very important so voters know who s receiving money from whom.
There are strict requirements regarding disclosure of contributions to candidates, and these tax-exempt groups should be held to the same standard. I m glad we finally had a chance to vote on a clean version of a disclosure measure, rather than having to vote on it as a rider on other legislation. The bill we passed does not restrict anyone s free speech. We need more openness in our political system, and this is a step in that direction. The House bill, H.R. 4762, was passed by a vote of 385-39 and now must be reconciled with a similar provision passed in the Senate.