354 
‘‘shell companies,’’ to hide, move, and launder the 
dirty money derived from illicit activities such as 
trafficking, bribery, exploitation, and embezzlement. 
Ownership and control of the finances that run 
through shell companies are obscured to regulators 
and law enforcement because little information is re-
quired and collected when establishing these entities. 
(2) The public release of the ‘‘Panama Papers’’ 
in 2016 and the ‘‘Paradise Papers’’ in 2017 revealed 
that these shell companies often purchase and sell 
United States real estate. United States anti-money 
laundering laws do not apply to cash transactions in-
volving real estate effectively concealing the bene-
ficiaries and transactions from regulators and law 
enforcement. 
(3) Congress should curb the use of anonymous 
shell companies for illicit purposes by requiring 
United States companies to disclose their beneficial 
owners, strengthening anti-money laundering and 
counter-terrorism finance laws. 
(4) Congress should examine the money laun-
dering and terrorist financing risks in the real estate 
market, including the role of anonymous parties, and 
review legislation to address any vulnerabilities iden-
tified in this sector.
355 
(5) Congress should examine the methods by 
which corruption flourishes and the means to detect 
and deter the financial misconduct that fuels this 
driver of global instability. Congress should monitor 
government efforts to enforce United States anti- 
corruption laws and regulations. 
Subtitle B—DISCLOSE Act 
SEC. 4100. SHORT TITLE. 
This subtitle may be cited as the ‘‘Democracy Is 
Strengthened by Casting Light On Spending in Elections 
Act of 2019’’ or the ‘‘DISCLOSE Act of 2019’’. 
PART 1—REGULATION OF CERTAIN POLITICAL 
SPENDING 
SEC. 4101. CLARIFICATION OF PROHIBITION ON PARTICI-
PATION BY FOREIGN NATIONALS IN ELEC-
TION-RELATED ACTIVITIES. 
(a) 
CLARIFICATION
OF
PROHIBITION.—Section 
319(a) of the Federal Election Campaign Act of 1971 (52 
U.S.C. 30121(a)) is amended— 
(1) by striking ‘‘or’’ at the end of paragraph 
(1); 
(2) by striking the period at the end of para-
graph (2) and inserting ‘‘; or’’; and 
(3) by adding at the end the following new 
paragraph:
356 
‘‘(3) a foreign national to direct, dictate, con-
trol, or directly or indirectly participate in the deci-
sion making process of any person (including a cor-
poration, labor organization, political committee, or 
political organization) with regard to such person’s 
Federal or non-Federal election-related activity, in-
cluding any decision concerning the making of con-
tributions, donations, expenditures, or disbursements 
in connection with an election for any Federal, 
State, or local office or any decision concerning the 
administration of a political committee.’’. 
(b) CERTIFICATION OF COMPLIANCE.—Section 319 
of such Act (52 U.S.C. 30121) is amended by adding at 
the end the following new subsection: 
‘‘(c) CERTIFICATION
OF COMPLIANCE REQUIRED 
PRIOR TO CARRYING OUT ACTIVITY.—Prior to the mak-
ing in connection with an election for Federal office of any 
contribution, donation, expenditure, independent expendi-
ture, or disbursement for an electioneering communication 
by a corporation, limited liability corporation, or partner-
ship during a year, the chief executive officer of the cor-
poration, limited liability corporation, or partnership (or, 
if the corporation, limited liability corporation, or partner-
ship does not have a chief executive officer, the highest 
ranking official of the corporation, limited liability cor-
357 
poration, or partnership), shall file a certification with the 
Commission, under penalty of perjury, that a foreign na-
tional did not direct, dictate, control, or directly or indi-
rectly participate in the decision making process relating 
to such activity in violation of subsection (a)(3), unless 
the chief executive officer has previously filed such a cer-
tification during that calendar year.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect upon the expiration of the 
180-day period which begins on the date of the enactment 
of this Act, and shall take effect without regard to whether 
or not the Federal Election Commission has promulgated 
regulations to carry out such amendments. 
SEC. 4102. CLARIFICATION OF APPLICATION OF FOREIGN 
MONEY BAN TO CERTAIN DISBURSEMENTS 
AND ACTIVITIES. 
(a) APPLICATION
TO DISBURSEMENTS
TO SUPER 
PACS.—Section 319(a)(1)(A) of the Federal Election 
Campaign Act of 1971 (52 U.S.C. 30121(a)(1)(A)) is 
amended by striking the semicolon and inserting the fol-
lowing: ‘‘, including any disbursement to a political com-
mittee which accepts donations or contributions that do 
not comply with the limitations, prohibitions, and report-
ing requirements of this Act (or any disbursement to or 
on behalf of any account of a political committee which
358 
is established for the purpose of accepting such donations 
or contributions);’’. 
(b) CONDITIONS UNDER WHICH CORPORATE PACS 
MAY MAKE CONTRIBUTIONS AND EXPENDITURES.—Sec-
tion 316(b) of such Act (52 U.S.C. 30118(b)) is amended 
by adding at the end the following new paragraph: 
‘‘(8) A separate segregated fund established by a cor-
poration may not make a contribution or expenditure dur-
ing a year unless the fund has certified to the Commission 
the following during the year: 
‘‘(A) Each individual who manages the fund, 
and who is responsible for exercising decisionmaking 
authority for the fund, is a citizen of the United 
States or is lawfully admitted for permanent resi-
dence in the United States. 
‘‘(B) No foreign national under section 319 
participates in any way in the decisionmaking proc-
esses of the fund with regard to contributions or ex-
penditures under this Act. 
‘‘(C) The fund does not solicit or accept rec-
ommendations from any foreign national under sec-
tion 319 with respect to the contributions or expend-
itures made by the fund. 
‘‘(D) Any member of the board of directors of 
the corporation who is a foreign national under sec-
359 
tion 319 abstains from voting on matters concerning 
the fund or its activities.’’. 
SEC. 4103. AUDIT AND REPORT ON ILLICIT FOREIGN 
MONEY IN FEDERAL ELECTIONS. 
(a) IN GENERAL.—Title III of the Federal Election 
Campaign Act of 1971 (52 U.S.C. 30101 et seq.), as 
amended by section 1821, is further amended by inserting 
after section 319A the following new section: 
‘‘SEC. 319B. AUDIT AND REPORT ON DISBURSEMENTS BY 
FOREIGN NATIONALS. 
‘‘(a) AUDIT.— 
‘‘(1) IN GENERAL.—The Commission shall con-
duct an audit after each Federal election cycle to de-
termine the incidence of illicit foreign money in such 
Federal election cycle. 
‘‘(2) PROCEDURES.—In carrying out paragraph 
(1), the Commission shall conduct random audits of 
any disbursements required to be reported under 
this Act, in accordance with procedures established 
by the Commission. 
‘‘(b) REPORT.—Not later than 180 days after the end 
of each Federal election cycle, the Commission shall sub-
mit to Congress a report containing— 
‘‘(1) results of the audit required by subsection 
(a)(1); and
360 
‘‘(2) recommendations to address the presence 
of illicit foreign money in elections, as appropriate. 
‘‘(c) DEFINITIONS.—As used in this section: 
‘‘(1) The term ‘Federal election cycle’ means 
the period which begins on the day after the date of 
a regularly scheduled general election for Federal of-
fice and which ends on the date of the first regularly 
scheduled general election for Federal office held 
after such date. 
‘‘(2) The term ‘illicit foreign money’ means any 
disbursement by a foreign national (as defined in 
section 319(b)) prohibited under such section.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply with respect to the Federal elec-
tion cycle that began during November 2018, and each 
succeeding Federal election cycle. 
SEC. 4104. PROHIBITION ON CONTRIBUTIONS AND DONA-
TIONS BY FOREIGN NATIONALS IN CONNEC-
TIONS 
WITH 
BALLOT 
INITIATIVES 
AND 
REFERENDA. 
(a) IN GENERAL.—Section 319(a)(1)(A) of the Fed-
eral Election Campaign Act of 1971 (52 U.S.C. 
30121(a)(1)(A)) is amended by striking ‘‘election;’’ and 
inserting the following: ‘‘election, including a State or local 
ballot initiative or referendum;’’.
361 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply with respect to elections held in 
2020 or any succeeding year. 
SEC. 4105. DISBURSEMENTS AND ACTIVITIES SUBJECT TO 
FOREIGN MONEY BAN. 
(a) 
DISBURSEMENTS
DESCRIBED.—Section 
319(a)(1) of the Federal Election Campaign Act of 1971 
(52 U.S.C. 30121(a)(1)) is amended— 
(1) by striking ‘‘or’’ at the end of subparagraph 
(B); and 
(2) by striking subparagraph (C) and inserting 
the following: 
‘‘(C) an expenditure; 
‘‘(D) an independent expenditure; 
‘‘(E) a disbursement for an electioneering 
communication (within the meaning of section 
304(f)(3)); 
‘‘(F) a disbursement for a paid internet or 
paid digital communication that refers to a 
clearly identified candidate for election for Fed-
eral office and is disseminated within 60 days 
before a general, special or runoff election for 
the office sought by the candidate or 30 days 
before a primary or preference election, or a 
convention or caucus of a political party that
362 
has authority to nominate a candidate for the 
office sought by the candidate; 
‘‘(G) a disbursement for a broadcast, cable 
or satellite communication, or for a paid inter-
net or paid digital communication, that pro-
motes, supports, attacks or opposes the election 
of a clearly identified candidate for Federal, 
State, or local office (regardless of whether the 
communication contains express advocacy or the 
functional equivalent of express advocacy); or 
‘‘(H) a disbursement for a broadcast, 
cable, or satellite communication, or for a paid 
internet or paid digital communication, that 
discusses a national legislative issue of public 
importance in year in which a regularly sched-
uled general election for Federal office is held 
and is made for the purpose of influencing an 
election held during that year, but only if the 
disbursement is made by a foreign principal 
who is a government of a foreign country or a 
foreign political party or an agent of such a for-
eign principal under the Foreign Agents Reg-
istration Act of 1938, as amended.’’.
363 
(b) EFFECTIVE DATE.—The amendments made by 
subsection (a) shall apply with respect to disbursements 
made on or after the date of the enactment of this Act. 
PART 2—REPORTING OF CAMPAIGN-RELATED 
DISBURSEMENTS 
SEC. 4111. REPORTING OF CAMPAIGN-RELATED DISBURSE-
MENTS. 
(a) DISCLOSURE REQUIREMENTS
FOR CORPORA-
TIONS, LABOR ORGANIZATIONS, AND CERTAIN OTHER 
ENTITIES.— 
(1) IN GENERAL.—Section 324 of the Federal 
Election Campaign Act of 1971 (52 U.S.C. 30126) 
is amended to read as follows: 
‘‘SEC. 324. DISCLOSURE OF CAMPAIGN-RELATED DISBURSE-
MENTS BY COVERED ORGANIZATIONS. 
‘‘(a) DISCLOSURE STATEMENT.— 
‘‘(1) IN GENERAL.—Any covered organization 
that makes campaign-related disbursements aggre-
gating more than $10,000 in an election reporting 
cycle shall, not later than 24 hours after each disclo-
sure date, file a statement with the Commission 
made under penalty of perjury that contains the in-
formation described in paragraph (2)— 
‘‘(A) in the case of the first statement filed 
under this subsection, for the period beginning
364 
on the first day of the election reporting cycle 
(or, if earlier, the period beginning one year be-
fore the first such disclosure date) and ending 
on the first such disclosure date; and 
‘‘(B) in the case of any subsequent state-
ment filed under this subsection, for the period 
beginning on the previous disclosure date and 
ending on such disclosure date. 
‘‘(2) INFORMATION DESCRIBED.—The informa-
tion described in this paragraph is as follows: 
‘‘(A) The name of the covered organization 
and the principal place of business of such or-
ganization and, in the case of a covered organi-
zation that is a corporation (other than a busi-
ness concern that is an issuer of a class of secu-
rities registered under section 12 of the Securi-
ties Exchange Act of 1934 (15 U.S.C. 78l) or 
that is required to file reports under section 
15(d) of that Act (15 U.S.C. 78o(d))) or an en-
tity described in subsection (e)(2), a list of the 
beneficial owners (as defined in paragraph 
(4)(A)) of the entity that— 
‘‘(i) identifies each beneficial owner by 
name and current residential or business 
street address; and
365 
‘‘(ii) if any beneficial owner exercises 
control over the entity through another 
legal entity, such as a corporation, partner-
ship, limited liability company, or trust, 
identifies each such other legal entity and 
each such beneficial owner who will use 
that other entity to exercise control over 
the entity. 
‘‘(B) The amount of each campaign-related 
disbursement made by such organization during 
the period covered by the statement of more 
than $1,000, and the name and address of the 
person to whom the disbursement was made. 
‘‘(C) In the case of a campaign-related dis-
bursement that is not a covered transfer, the 
election to which the campaign-related disburse-
ment pertains and if the disbursement is made 
for a public communication, the name of any 
candidate identified in such communication and 
whether such communication is in support of or 
in opposition to a candidate. 
‘‘(D) A certification by the chief executive 
officer or person who is the head of the covered 
organization that the campaign-related dis-
bursement is not made in cooperation, consulta-
366 
tion, or concert with or at the request or sug-
gestion of a candidate, authorized committee, or 
agent of a candidate, political party, or agent of 
a political party. 
‘‘(E)(i) If the covered organization makes 
campaign-related disbursements using exclu-
sively funds in a segregated bank account con-
sisting of funds that were paid directly to such 
account by persons other than the covered orga-
nization that controls the account, for each 
such payment to the account— 
‘‘(I) the name and address of each 
person who made such payment during the 
period covered by the statement; 
‘‘(II) the date and amount of such 
payment; and 
‘‘(III) the aggregate amount of all 
such payments made by the person during 
the period beginning on the first day of the 
election reporting cycle (or, if earlier, the 
period beginning one year before the dis-
closure date) and ending on the disclosure 
date, 
but only if such payment was made by a person 
who made payments to the account in an aggre-
367 
gate amount of $10,000 or more during the pe-
riod beginning on the first day of the election 
reporting cycle (or, if earlier, the period begin-
ning one year before the disclosure date) and 
ending on the disclosure date. 
‘‘(ii) In any calendar year after 2020, sec-
tion 315(c)(1)(B) shall apply to the amount de-
scribed in clause (i) in the same manner as 
such section applies to the limitations estab-
lished under subsections (a)(1)(A), (a)(1)(B), 
(a)(3), and (h) of such section, except that for 
purposes of applying such section to the 
amounts described in subsection (b), the ‘base 
period’ shall be 2020. 
‘‘(F)(i) If the covered organization makes 
campaign-related disbursements using funds 
other than funds in a segregated bank account 
described in subparagraph (E), for each pay-
ment to the covered organization— 
‘‘(I) the name and address of each 
person who made such payment during the 
period covered by the statement; 
‘‘(II) the date and amount of such 
payment; and
368 
‘‘(III) the aggregate amount of all 
such payments made by the person during 
the period beginning on the first day of the 
election reporting cycle (or, if earlier, the 
period beginning one year before the dis-
closure date) and ending on the disclosure 
date, 
but only if such payment was made by a person 
who made payments to the covered organization 
in an aggregate amount of $10,000 or more 
during the period beginning on the first day of 
the election reporting cycle (or, if earlier, the 
period beginning one year before the disclosure 
date) and ending on the disclosure date. 
‘‘(ii) In any calendar year after 2020, sec-
tion 315(c)(1)(B) shall apply to the amount de-
scribed in clause (i) in the same manner as 
such section applies to the limitations estab-
lished under subsections (a)(1)(A), (a)(1)(B), 
(a)(3), and (h) of such section, except that for 
purposes of applying such section to the 
amounts described in subsection (b), the ‘base 
period’ shall be 2020.
369 
‘‘(G) Such other information as required in 
rules established by the Commission to promote 
the purposes of this section. 
‘‘(3) EXCEPTIONS.— 
‘‘(A) AMOUNTS
RECEIVED
IN
ORDINARY 
COURSE OF BUSINESS.—The requirement to in-
clude in a statement filed under paragraph (1) 
the information described in paragraph (2) 
shall not apply to amounts received by the cov-
ered organization in commercial transactions in 
the ordinary course of any trade or business 
conducted by the covered organization or in the 
form of investments (other than investments by 
the principal shareholder in a limited liability 
corporation) in the covered organization. For 
purposes of this subparagraph, amounts re-
ceived by a covered organization as remittances 
from an employee to the employee’s collective 
bargaining representative shall be treated as 
amounts received in commercial transactions in 
the ordinary course of the business conducted 
by the covered organization. 
‘‘(B) DONOR
RESTRICTION
ON
USE
OF 
FUNDS.—The requirement to include in a state-
ment submitted under paragraph (1) the infor-
370 
mation described in subparagraph (F) of para-
graph (2) shall not apply if— 
‘‘(i) the person described in such sub-
paragraph prohibited, in writing, the use of 
the payment made by such person for cam-
paign-related disbursements; and 
‘‘(ii) the covered organization agreed 
to follow the prohibition and deposited the 
payment in an account which is segregated 
from any account used to make campaign- 
related disbursements. 
‘‘(C) THREAT
OF
HARASSMENT
OR
RE-
PRISAL.—The requirement to include any infor-
mation relating to the name or address of any 
person (other than a candidate) in a statement 
submitted under paragraph (1) shall not apply 
if the inclusion of the information would subject 
the person to serious threats, harassment, or 
reprisals. 
‘‘(4) OTHER
DEFINITIONS.—For purposes of 
this section: 
‘‘(A) BENEFICIAL OWNER DEFINED.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), the term ‘beneficial 
owner’ means, with respect to any entity,
371 
a natural person who, directly or indi-
rectly— 
‘‘(I) exercises substantial control 
over an entity through ownership, vot-
ing rights, agreement, or otherwise; or 
‘‘(II) has a substantial interest in 
or receives substantial economic bene-
fits from the assets of an entity. 
‘‘(ii) EXCEPTIONS.—The term ‘bene-
ficial owner’ shall not include— 
‘‘(I) a minor child; 
‘‘(II) a person acting as a nomi-
nee, intermediary, custodian, or agent 
on behalf of another person; 
‘‘(III) a person acting solely as 
an employee of an entity and whose 
control over or economic benefits from 
the entity derives solely from the em-
ployment status of the person; 
‘‘(IV) a person whose only inter-
est in an entity is through a right of 
inheritance, unless the person also 
meets the requirements of clause (i); 
or
372 
‘‘(V) a creditor of an entity, un-
less the creditor also meets the re-
quirements of clause (i). 
‘‘(iii) ANTI-ABUSE RULE.—The excep-
tions under clause (ii) shall not apply if 
used for the purpose of evading, circum-
venting, or abusing the provisions of clause 
(i) or paragraph (2)(A). 
‘‘(B) DISCLOSURE DATE.—The term ‘dis-
closure date’ means— 
‘‘(i) the first date during any election 
reporting cycle by which a person has 
made campaign-related disbursements ag-
gregating more than $10,000; and 
‘‘(ii) any other date during such elec-
tion reporting cycle by which a person has 
made campaign-related disbursements ag-
gregating more than $10,000 since the 
most recent disclosure date for such elec-
tion reporting cycle. 
‘‘(C) ELECTION REPORTING CYCLE.—The 
term ‘election reporting cycle’ means the 2-year 
period beginning on the date of the most recent 
general election for Federal office.
373 
‘‘(D) PAYMENT.—The term ‘payment’ in-
cludes any contribution, donation, transfer, pay-
ment of dues, or other payment. 
‘‘(b) COORDINATION WITH OTHER PROVISIONS.— 
‘‘(1) OTHER REPORTS FILED WITH THE COM-
MISSION.—Information included in a statement filed 
under this section may be excluded from statements 
and reports filed under section 304. 
‘‘(2) TREATMENT AS SEPARATE SEGREGATED 
FUND.—A segregated bank account referred to in 
subsection (a)(2)(E) may be treated as a separate 
segregated fund for purposes of section 527(f)(3) of 
the Internal Revenue Code of 1986. 
‘‘(c) FILING.—Statements required to be filed under 
subsection (a) shall be subject to the requirements of sec-
tion 304(d) to the same extent and in the same manner 
as if such reports had been required under subsection (c) 
or (g) of section 304. 
‘‘(d) 
CAMPAIGN-RELATED
DISBURSEMENT
DE-
FINED.— 
‘‘(1) IN GENERAL.—In this section, the term 
‘campaign-related disbursement’ means a disburse-
ment by a covered organization for any of the fol-
lowing:
374 
‘‘(A) An independent expenditure which ex-
pressly advocates the election or defeat of a 
clearly identified candidate for election for Fed-
eral office, or is the functional equivalent of ex-
press advocacy because, when taken as a whole, 
it can be interpreted by a reasonable person 
only as advocating the election or defeat of a 
candidate for election for Federal office. 
‘‘(B) Any public communication which re-
fers to a clearly identified candidate for election 
for Federal office and which promotes or sup-
ports the election of a candidate for that office, 
or attacks or opposes the election of a candidate 
for that office, without regard to whether the 
communication expressly advocates a vote for or 
against a candidate for that office. 
‘‘(C) An electioneering communication, as 
defined in section 304(f)(3). 
‘‘(D) A covered transfer. 
‘‘(2) INTENT NOT REQUIRED.—A disbursement 
for an item described in subparagraph (A), (B), (C), 
or (D) of paragraph (1) shall be treated as a cam-
paign-related disbursement regardless of the intent 
of the person making the disbursement.
375 
‘‘(e) COVERED ORGANIZATION DEFINED.—In this 
section, the term ‘covered organization’ means any of the 
following: 
‘‘(1) A corporation (other than an organization 
described in section 501(c)(3) of the Internal Rev-
enue Code of 1986). 
‘‘(2) A limited liability corporation that is not 
otherwise treated as a corporation for purposes of 
this Act (other than an organization described in 
section 501(c)(3) of the Internal Revenue Code of 
1986). 
‘‘(3) An organization described in section 
501(c) of such Code and exempt from taxation 
under section 501(a) of such Code (other than an 
organization described in section 501(c)(3) of such 
Code). 
‘‘(4) A labor organization (as defined in section 
316(b)). 
‘‘(5) Any political organization under section 
527 of the Internal Revenue Code of 1986, other 
than a political committee under this Act (except as 
provided in paragraph (6)). 
‘‘(6) A political committee with an account that 
accepts donations or contributions that do not com-
ply with the contribution limits or source prohibi-
376 
tions under this Act, but only with respect to such 
accounts. 
‘‘(f) COVERED TRANSFER DEFINED.— 
‘‘(1) IN GENERAL.—In this section, the term 
‘covered transfer’ means any transfer or payment of 
funds by a covered organization to another person if 
the covered organization— 
‘‘(A) designates, requests, or suggests that 
the amounts be used for— 
‘‘(i) campaign-related disbursements 
(other than covered transfers); or 
‘‘(ii) making a transfer to another 
person for the purpose of making or pay-
ing for such campaign-related disburse-
ments; 
‘‘(B) made such transfer or payment in re-
sponse to a solicitation or other request for a 
donation or payment for— 
‘‘(i) the making of or paying for cam-
paign-related disbursements (other than 
covered transfers); or 
‘‘(ii) making a transfer to another 
person for the purpose of making or pay-
ing for such campaign-related disburse-
ments;
377 
‘‘(C) engaged in discussions with the re-
cipient of the transfer or payment regarding— 
‘‘(i) the making of or paying for cam-
paign-related disbursements (other than 
covered transfers); or 
‘‘(ii) donating or transferring any 
amount of such transfer or payment to an-
other person for the purpose of making or 
paying for such campaign-related disburse-
ments; 
‘‘(D) made campaign-related disburse-
ments (other than a covered transfer) in an ag-
gregate amount of $50,000 or more during the 
2-year period ending on the date of the transfer 
or payment, or knew or had reason to know 
that the person receiving the transfer or pay-
ment made such disbursements in such an ag-
gregate amount during that 2-year period; or 
‘‘(E) knew or had reason to know that the 
person receiving the transfer or payment would 
make campaign-related disbursements in an ag-
gregate amount of $50,000 or more during the 
2-year period beginning on the date of the 
transfer or payment.
378 
‘‘(2) EXCLUSIONS.—The term ‘covered transfer’ 
does not include any of the following: 
‘‘(A) A disbursement made by a covered 
organization in a commercial transaction in the 
ordinary course of any trade or business con-
ducted by the covered organization or in the 
form of investments made by the covered orga-
nization. 
‘‘(B) A disbursement made by a covered 
organization if— 
‘‘(i) the covered organization prohib-
ited, in writing, the use of such disburse-
ment for campaign-related disbursements; 
and 
‘‘(ii) the recipient of the disbursement 
agreed to follow the prohibition and depos-
ited the disbursement in an account which 
is segregated from any account used to 
make campaign-related disbursements. 
‘‘(3) SPECIAL
RULE
REGARDING
TRANSFERS 
AMONG AFFILIATES.— 
‘‘(A) SPECIAL
RULE.—A transfer of an 
amount by one covered organization to another 
covered organization which is treated as a 
transfer between affiliates under subparagraph
379 
(C) shall be considered a covered transfer by 
the covered organization which transfers the 
amount only if the aggregate amount trans-
ferred during the year by such covered organi-
zation to that same covered organization is 
equal to or greater than $50,000. 
‘‘(B) DETERMINATION
OF
AMOUNT
OF 
CERTAIN
PAYMENTS
AMONG
AFFILIATES.—In 
determining the amount of a transfer between 
affiliates for purposes of subparagraph (A), to 
the extent that the transfer consists of funds 
attributable to dues, fees, or assessments which 
are paid by individuals on a regular, periodic 
basis in accordance with a per-individual cal-
culation which is made on a regular basis, the 
transfer shall be attributed to the individuals 
paying the dues, fees, or assessments and shall 
not be attributed to the covered organization. 
‘‘(C) DESCRIPTION
OF
TRANSFERS
BE-
TWEEN
AFFILIATES.—A transfer of amounts 
from one covered organization to another cov-
ered organization shall be treated as a transfer 
between affiliates if— 
‘‘(i) one of the organizations is an af-
filiate of the other organization; or
380 
‘‘(ii) each of the organizations is an 
affiliate of the same organization, 
except that the transfer shall not be treated as 
a transfer between affiliates if one of the orga-
nizations is established for the purpose of mak-
ing campaign-related disbursements. 
‘‘(D) DETERMINATION OF AFFILIATE STA-
TUS.—For purposes of subparagraph (C), a 
covered organization is an affiliate of another 
covered organization if— 
‘‘(i) the governing instrument of the 
organization requires it to be bound by de-
cisions of the other organization; 
‘‘(ii) the governing board of the orga-
nization includes persons who are specifi-
cally designated representatives of the 
other organization or are members of the 
governing board, officers, or paid executive 
staff members of the other organization, or 
whose service on the governing board is 
contingent upon the approval of the other 
organization; or 
‘‘(iii) the organization is chartered by 
the other organization.
381 
‘‘(E) COVERAGE
OF
TRANSFERS
TO
AF-
FILIATED
SECTION
501(c)(3) 
ORGANIZA-
TIONS.—This paragraph shall apply with re-
spect to an amount transferred by a covered or-
ganization to an organization described in para-
graph (3) of section 501(c) of the Internal Rev-
enue Code of 1986 and exempt from tax under 
section 501(a) of such Code in the same man-
ner as this paragraph applies to an amount 
transferred by a covered organization to an-
other covered organization. 
‘‘(g) NO EFFECT ON OTHER REPORTING REQUIRE-
MENTS.—Nothing in this section shall be construed to 
waive or otherwise affect any other requirement of this 
Act which relates to the reporting of campaign-related dis-
bursements.’’. 
(2) 
CONFORMING
AMENDMENT.—Section 
304(f)(6) of such Act (52 U.S.C. 30104) is amended 
by striking ‘‘Any requirement’’ and inserting ‘‘Ex-
cept as provided in section 324(b), any require-
ment’’. 
(b) COORDINATION WITH FINCEN.— 
(1) IN GENERAL.—The Director of the Finan-
cial Crimes Enforcement Network of the Depart-
ment of the Treasury shall provide the Federal Elec-
382 
tion Commission with such information as necessary 
to assist in administering and enforcing section 324 
of the Federal Election Campaign Act of 1971, as 
added by this section. 
(2) REPORT.—Not later than 6 months after 
the date of the enactment of this Act, the Chairman 
of the Federal Election Commission, in consultation 
with the Director of the Financial Crimes Enforce-
ment Network of the Department of the Treasury, 
shall submit to Congress a report with recommenda-
tions for providing further legislative authority to as-
sist in the administration and enforcement of such 
section 324. 
SEC. 4112. APPLICATION OF FOREIGN MONEY BAN TO DIS-
BURSEMENTS FOR CAMPAIGN-RELATED DIS-
BURSEMENTS 
CONSISTING 
OF 
COVERED 
TRANSFERS. 
Section 319(a)(1)(A) of the Federal Election Cam-
paign Act of 1971 (52 U.S.C. 30121(a)(1)(A)), as amend-
ed by section 4102, is amended by striking the semicolon 
and inserting the following: ‘‘, and any disbursement, 
other than an disbursement described in section 
324(a)(3)(A), to another person who made a campaign- 
related disbursement consisting of a covered transfer (as
383 
described in section 324) during the 2-year period ending 
on the date of the disbursement;’’. 
SEC. 4113. EFFECTIVE DATE. 
The amendments made by this part shall apply with 
respect to disbursements made on or after January 1, 
2020, and shall take effect without regard to whether or 
not the Federal Election Commission has promulgated 
regulations to carry out such amendments. 
PART 3—OTHER ADMINISTRATIVE REFORMS 
SEC. 4121. PETITION FOR CERTIORARI. 
Section 307(a)(6) of the Federal Election Campaign 
Act of 1971 (52 U.S.C. 30107(a)(6)) is amended by in-
serting ‘‘(including a proceeding before the Supreme 
Court on certiorari)’’ after ‘‘appeal’’. 
SEC. 4122. JUDICIAL REVIEW OF ACTIONS RELATED TO 
CAMPAIGN FINANCE LAWS. 
(a) IN GENERAL.—Title IV of the Federal Election 
Campaign Act of 1971 (52 U.S.C. 30141 et seq.) is 
amended by inserting after section 406 the following new 
section: 
‘‘SEC. 407. JUDICIAL REVIEW. 
‘‘(a) IN GENERAL.—Notwithstanding section 373(f), 
if any action is brought for declaratory or injunctive relief 
to challenge the constitutionality of any provision of this 
Act or of chapter 95 or 96 of the Internal Revenue Code
384 
of 1986, or is brought to with respect to any action of 
the Commission under chapter 95 or 96 of the Internal 
Revenue Code of 1986, the following rules shall apply: 
‘‘(1) The action shall be filed in the United 
States District Court for the District of Columbia 
and an appeal from the decision of the district court 
may be taken to the Court of Appeals for the Dis-
trict of Columbia Circuit. 
‘‘(2) In the case of an action relating to declar-
atory or injunctive relief to challenge the constitu-
tionality of a provision— 
‘‘(A) a copy of the complaint shall be deliv-
ered promptly to the Clerk of the House of 
Representatives and the Secretary of the Sen-
ate; and 
‘‘(B) it shall be the duty of the United 
States District Court for the District of Colum-
bia, the Court of Appeals for the District of Co-
lumbia, and the Supreme Court of the United 
States to advance on the docket and to expedite 
to the greatest possible extent the disposition of 
the action and appeal. 
‘‘(b) INTERVENTION BY MEMBERS OF CONGRESS.— 
In any action in which the constitutionality of any provi-
sion of this Act or chapter 95 or 96 of the Internal Rev-
385 
enue Code of 1986 is raised, any Member of the House 
of Representatives (including a Delegate or Resident Com-
missioner to the Congress) or Senate shall have the right 
to intervene either in support of or opposition to the posi-
tion of a party to the case regarding the constitutionality 
of the provision. To avoid duplication of efforts and reduce 
the burdens placed on the parties to the action, the court 
in any such action may make such orders as it considers 
necessary, including orders to require interveners taking 
similar positions to file joint papers or to be represented 
by a single attorney at oral argument. 
‘‘(c) CHALLENGE BY MEMBERS OF CONGRESS.—Any 
Member of Congress may bring an action, subject to the 
special rules described in subsection (a), for declaratory 
or injunctive relief to challenge the constitutionality of any 
provision of this Act or chapter 95 or 96 of the Internal 
Revenue Code of 1986.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) IN GENERAL.— 
(A) Section 9011 of the Internal Revenue 
Code of 1986 is amended to read as follows: 
‘‘SEC. 9011. JUDICIAL REVIEW. 
‘‘For provisions relating to judicial review of certifi-
cations, determinations, and actions by the Commission
386 
under this chapter, see section 407 of the Federal Election 
Campaign Act of 1971.’’. 
(B) Section 9041 of the Internal Revenue 
Code of 1986 is amended to read as follows: 
‘‘SEC. 9041. JUDICIAL REVIEW. 
‘‘For provisions relating to judicial review of actions 
by the Commission under this chapter, see section 407 of 
the Federal Election Campaign Act of 1971.’’. 
(C) Section 403 of the Bipartisan Cam-
paign Reform Act of 2002 (52 U.S.C. 30110 
note) is repealed. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to actions brought on or after Jan-
uary 1, 2019. 
Subtitle C—Honest Ads 
SEC. 4201. SHORT TITLE. 
This subtitle may be cited as the ‘‘Honest Ads Act’’. 
SEC. 4202. PURPOSE. 
The purpose of this subtitle is to enhance the integ-
rity of American democracy and national security by im-
proving disclosure requirements for online political adver-
tisements in order to uphold the Supreme Court’s well- 
established standard that the electorate bears the right to 
be fully informed.
387 
SEC. 4203. FINDINGS. 
Congress makes the following findings: 
(1) On January 6, 2017, the Office of the Di-
rector of National Intelligence published a report ti-
tled ‘‘Assessing Russian Activities and Intentions in 
Recent U.S. Elections’’, noting that ‘‘Russian Presi-
dent Vladimir Putin ordered an influence campaign 
in 2016 aimed at the US presidential election * * 
*’’. Moscow’s influence campaign followed a Russian 
messaging strategy that blends covert intelligence 
operation—such as cyber activity—with overt efforts 
by Russian Government agencies, state-funded 
media, third-party intermediaries, and paid social 
media users or ‘‘trolls’’. 
(2) On November 24, 2016, The Washington 
Post reported findings from 2 teams of independent 
researchers that concluded Russians ‘‘exploited 
American-made technology platforms to attack U.S. 
democracy at a particularly vulnerable moment * * 
* as part of a broadly effective strategy of sowing 
distrust in U.S. democracy and its leaders.’’. 
(3) Findings from a 2017 study on the manipu-
lation of public opinion through social media con-
ducted by the Computational Propaganda Research 
Project at the Oxford Internet Institute found that 
the Kremlin is using pro-Russian bots to manipulate
388 
public discourse to a highly targeted audience. With 
a sample of nearly 1,300,000 tweets, researchers 
found that in the 2016 election’s 3 decisive States, 
propaganda constituted 40 percent of the sampled 
election-related tweets that went to Pennsylvanians, 
34 percent to Michigan voters, and 30 percent to 
those in Wisconsin. In other swing States, the figure 
reached 42 percent in Missouri, 41 percent in Flor-
ida, 40 percent in North Carolina, 38 percent in 
Colorado, and 35 percent in Ohio. 
(4) On September 6, 2017, the nation’s largest 
social media platform disclosed that between June 
2015 and May 2017, Russian entities purchased 
$100,000 in political advertisements, publishing 
roughly 3,000 ads linked to fake accounts associated 
with the Internet Research Agency, a pro-Kremlin 
organization. According to the company, the ads 
purchased focused ‘‘on amplifying divisive social and 
political messages * * *’’. 
(5) In 2002, the Bipartisan Campaign Reform 
Act became law, establishing disclosure requirements 
for political advertisements distributed from a tele-
vision or radio broadcast station or provider of cable 
or satellite television. In 2003, the Supreme Court 
upheld regulations on electioneering communications
389 
established under the Act, noting that such require-
ments ‘‘provide the electorate with information and 
insure that the voters are fully informed about the 
person or group who is speaking.’’. 
(6) According to a study from Borrell Associ-
ates, in 2016, $1,415,000,000 was spent on online 
advertising, more than quadruple the amount in 
2012. 
(7) The reach of a few large internet plat-
forms—larger than any broadcast, satellite, or cable 
provider—has greatly facilitated the scope and effec-
tiveness of disinformation campaigns. For instance, 
the largest platform has over 210,000,000 Ameri-
cans users—over 160,000,000 of them on a daily 
basis. By contrast, the largest cable television pro-
vider has 22,430,000 subscribers, while the largest 
satellite television provider has 21,000,000 sub-
scribers. And the most-watched television broadcast 
in United States history had 118,000,000 viewers. 
(8) The public nature of broadcast television, 
radio, and satellite ensures a level of publicity for 
any political advertisement. These communications 
are accessible to the press, fact-checkers, and polit-
ical opponents; this creates strong disincentives for 
a candidate to disseminate materially false, inflam-
390 
matory, or contradictory messages to the public. So-
cial media platforms, in contrast, can target portions 
of the electorate with direct, ephemeral advertise-
ments often on the basis of private information the 
platform has on individuals, enabling political adver-
tisements that are contradictory, racially or socially 
inflammatory, or materially false. 
(9) According to comScore, 2 companies own 8 
of the 10 most popular smartphone applications as 
of June 2017, including the most popular social 
media and email services—which deliver information 
and news to users without requiring proactivity by 
the user. Those same 2 companies accounted for 99 
percent of revenue growth from digital advertising in 
2016, including 77 percent of gross spending. 79 
percent of online Americans—representing 68 per-
cent of all Americans—use the single largest social 
network, while 66 percent of these users are most 
likely to get their news from that site. 
(10) In its 2006 rulemaking, the Federal Elec-
tion Commission noted that only 18 percent of all 
Americans cited the internet as their leading source 
of news about the 2004 Presidential election; by con-
trast, the Pew Research Center found that 65 per-
cent of Americans identified an internet-based
391 
source as their leading source of information for the 
2016 election. 
(11) The Federal Election Commission, the 
independent Federal agency charged with protecting 
the integrity of the Federal campaign finance proc-
ess by providing transparency and administering 
campaign finance laws, has failed to take action to 
address online political advertisements. 
(12) In testimony before the Senate Select 
Committee on Intelligence titled, ‘‘Disinformation: A 
Primer in Russian Active Measures and Influence 
Campaigns’’, multiple expert witnesses testified that 
while the disinformation tactics of foreign adver-
saries have not necessarily changed, social media 
services now provide ‘‘platform[s] practically pur-
pose-built for active measures[.]’’ Similarly, as Gen. 
Keith B. Alexander (RET.), the former Director of 
the National Security Agency, testified, during the 
Cold War ‘‘if the Soviet Union sought to manipulate 
information flow, it would have to do so principally 
through its own propaganda outlets or through ac-
tive measures that would generate specific news: 
planting of leaflets, inciting of violence, creation of 
other false materials and narratives. But the news 
itself was hard to manipulate because it would have
392 
required actual control of the organs of media, which 
took long-term efforts to penetrate. Today, however, 
because the clear majority of the information on so-
cial media sites is uncurated and there is a rapid 
proliferation of information sources and other sites 
that can reinforce information, there is an increasing 
likelihood that the information available to average 
consumers may be inaccurate (whether intentionally 
or otherwise) and may be more easily manipulable 
than in prior eras.’’. 
(13) Current regulations on political advertise-
ments do not provide sufficient transparency to up-
hold the public’s right to be fully informed about po-
litical advertisements made online. 
SEC. 4204. SENSE OF CONGRESS. 
It is the sense of Congress that— 
(1) the dramatic increase in digital political ad-
vertisements, and the growing centrality of online 
platforms in the lives of Americans, requires the 
Congress and the Federal Election Commission to 
take meaningful action to ensure that laws and reg-
ulations provide the accountability and transparency 
that is fundamental to our democracy; 
(2) free and fair elections require both trans-
parency and accountability which give the public a
393 
right to know the true sources of funding for polit-
ical advertisements in order to make informed polit-
ical choices and hold elected officials accountable; 
and 
(3) transparency of funding for political adver-
tisements is essential to enforce other campaign fi-
nance laws, including the prohibition on campaign 
spending by foreign nationals. 
SEC. 4205. EXPANSION OF DEFINITION OF PUBLIC COMMU-
NICATION. 
(a) IN GENERAL.—Paragraph (22) of section 301 of 
the Federal Election Campaign Act of 1971 (52 U.S.C. 
30101(22)) is amended by striking ‘‘or satellite commu-
nication’’ and inserting ‘‘satellite, paid internet, or paid 
digital communication’’. 
(b) TREATMENT OF CONTRIBUTIONS AND EXPENDI-
TURES.—Section 301 of such Act (52 U.S.C. 30101) is 
amended— 
(1) in paragraph (8)(B)(v), by striking ‘‘on 
broadcasting stations, or in newspapers, magazines, 
or similar types of general public political adver-
tising’’ and inserting ‘‘in any public communica-
tion’’; and 
(2) in paragraph (9)(B)—
394 
(A) by amending clause (i) to read as fol-
lows: 
‘‘(i) any news story, commentary, or 
editorial distributed through the facilities 
of any broadcasting station or any print, 
online, or digital newspaper, magazine, 
blog, publication, or periodical, unless such 
broadcasting, print, online, or digital facili-
ties are owned or controlled by any polit-
ical party, political committee, or can-
didate;’’; and 
(B) in clause (iv), by striking ‘‘on broad-
casting stations, or in newspapers, magazines, 
or similar types of general public political ad-
vertising’’ and inserting ‘‘in any public commu-
nication’’. 
(c) DISCLOSURE AND DISCLAIMER STATEMENTS.— 
Subsection (a) of section 318 of such Act (52 U.S.C. 
30120) is amended— 
(1) by striking ‘‘financing any communication 
through any broadcasting station, newspaper, maga-
zine, outdoor advertising facility, mailing, or any 
other type of general public political advertising’’ 
and inserting ‘‘financing any public communication’’; 
and
395 
(2) by striking ‘‘solicits any contribution 
through any broadcasting station, newspaper, maga-
zine, outdoor advertising facility, mailing, or any 
other type of general public political advertising’’ 
and inserting ‘‘solicits any contribution through any 
public communication’’. 
SEC. 4206. EXPANSION OF DEFINITION OF ELECTION-
EERING COMMUNICATION. 
(a) EXPANSION TO ONLINE COMMUNICATIONS.— 
(1) APPLICATION TO QUALIFIED INTERNET AND 
DIGITAL COMMUNICATIONS.— 
(A) IN
GENERAL.—Subparagraph (A) of 
section 304(f)(3) of the Federal Election Cam-
paign Act of 1971 (52 U.S.C. 30104(f)(3)(A)) 
is amended by striking ‘‘or satellite communica-
tion’’ each place it appears in clauses (i) and 
(ii) and inserting ‘‘satellite, or qualified internet 
or digital communication’’. 
(B) QUALIFIED
INTERNET
OR
DIGITAL 
COMMUNICATION.—Paragraph (3) of section 
304(f) of such Act (52 U.S.C. 30104(f)) is 
amended by adding at the end the following 
new subparagraph: 
‘‘(D) QUALIFIED
INTERNET
OR
DIGITAL 
COMMUNICATION.—The term ‘qualified internet
396 
or digital communication’ means any commu-
nication which is placed or promoted for a fee 
on an online platform (as defined in subsection 
(j)(3)).’’. 
(2) NONAPPLICATION
OF
RELEVANT
ELEC-
TORATE
TO
ONLINE
COMMUNICATIONS.—Section 
304(f)(3)(A)(i)(III) 
of 
such 
Act 
(52 
U.S.C. 
30104(f)(3)(A)(i)(III)) is amended by inserting ‘‘any 
broadcast, cable, or satellite’’ before ‘‘communica-
tion’’. 
(3) 
NEWS
EXEMPTION.—Section 
304(f)(3)(B)(i) 
of 
such 
Act 
(52 
U.S.C. 
30104(f)(3)(B)(i)) is amended to read as follows: 
‘‘(i) a communication appearing in a 
news story, commentary, or editorial dis-
tributed through the facilities of any 
broadcasting station or any online or dig-
ital newspaper, magazine, blog, publica-
tion, or periodical, unless such broad-
casting, online, or digital facilities are 
owned or controlled by any political party, 
political committee, or candidate;’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to communications 
made on or after January 1, 2020.
397 
SEC. 4207. APPLICATION OF DISCLAIMER STATEMENTS TO 
ONLINE COMMUNICATIONS. 
(a) CLEAR AND CONSPICUOUS MANNER REQUIRE-
MENT.—Subsection (a) of section 318 of the Federal Elec-
tion Campaign Act of 1971 (52 U.S.C. 30120(a)) is 
amended— 
(1) by striking ‘‘shall clearly state’’ each place 
it appears in paragraphs (1), (2), and (3) and in-
serting ‘‘shall state in a clear and conspicuous man-
ner’’; and 
(2) by adding at the end the following flush 
sentence: ‘‘For purposes of this section, a commu-
nication does not make a statement in a clear and 
conspicuous manner if it is difficult to read or hear 
or if the placement is easily overlooked.’’. 
(b) SPECIAL RULES FOR QUALIFIED INTERNET OR 
DIGITAL COMMUNICATIONS.— 
(1) IN GENERAL.—Section 318 of such Act (52 
U.S.C. 30120) is amended by adding at the end the 
following new subsection: 
‘‘(e) SPECIAL RULES FOR QUALIFIED INTERNET OR 
DIGITAL COMMUNICATIONS.— 
‘‘(1) SPECIAL RULES WITH RESPECT TO STATE-
MENTS.—In the case of any qualified internet or 
digital 
communication 
(as 
defined 
in 
section 
304(f)(3)(D)) which is disseminated through a me-
398 
dium in which the provision of all of the information 
specified in this section is not possible, the commu-
nication shall, in a clear and conspicuous manner— 
‘‘(A) state the name of the person who 
paid for the communication; and 
‘‘(B) provide a means for the recipient of 
the communication to obtain the remainder of 
the information required under this section with 
minimal effort and without receiving or viewing 
any additional material other than such re-
quired information. 
‘‘(2) SAFE HARBOR FOR DETERMINING CLEAR 
AND CONSPICUOUS MANNER.—A statement in quali-
fied internet or digital communication (as defined in 
section 304(f)(3)(D)) shall be considered to be made 
in a clear and conspicuous manner as provided in 
subsection (a) if the communication meets the fol-
lowing requirements: 
‘‘(A) TEXT
OR
GRAPHIC
COMMUNICA-
TIONS.—In the case of a text or graphic com-
munication, the statement— 
‘‘(i) appears in letters at least as large 
as the majority of the text in the commu-
nication; and
399 
‘‘(ii) meets the requirements of para-
graphs (2) and (3) of subsection (c). 
‘‘(B) AUDIO
COMMUNICATIONS.—In the 
case of an audio communication, the statement 
is spoken in a clearly audible and intelligible 
manner at the beginning or end of the commu-
nication and lasts at least 3 seconds. 
‘‘(C) VIDEO
COMMUNICATIONS.—In the 
case of a video communication which also in-
cludes audio, the statement— 
‘‘(i) is included at either the beginning 
or the end of the communication; and 
‘‘(ii) is made both in— 
‘‘(I) a written format that meets 
the requirements of subparagraph (A) 
and appears for at least 4 seconds; 
and 
‘‘(II) an audible format that 
meets the requirements of subpara-
graph (B). 
‘‘(D) OTHER
COMMUNICATIONS.—In the 
case of any other type of communication, the 
statement is at least as clear and conspicuous 
as the statement specified in subparagraph (A), 
(B), or (C).’’.
400 
(2) NONAPPLICATION
OF
CERTAIN
EXCEP-
TIONS.—The 
exceptions 
provided 
in 
section 
110.11(f)(1)(i) and (ii) of title 11, Code of Federal 
Regulations, or any successor to such rules, shall 
have no application to qualified internet or digital 
communications (as defined in section 304(f)(3)(D) 
of the Federal Election Campaign Act of 1971). 
(c) MODIFICATION OF ADDITIONAL REQUIREMENTS 
FOR CERTAIN COMMUNICATIONS.—Section 318(d) of such 
Act (52 U.S.C. 30120(d)) is amended— 
(1) in paragraph (1)(A)— 
(A) by striking ‘‘which is transmitted 
through radio’’ and inserting ‘‘which is in an 
audio format’’; and 
(B) by striking ‘‘BY RADIO’’ in the heading 
and inserting ‘‘AUDIO FORMAT’’; 
(2) in paragraph (1)(B)— 
(A) by striking ‘‘which is transmitted 
through television’’ and inserting ‘‘which is in 
video format’’; and 
(B) by striking ‘‘BY TELEVISION’’ in the 
heading and inserting ‘‘VIDEO FORMAT’’; and 
(3) in paragraph (2)—
401 
(A) by striking ‘‘transmitted through radio 
or television’’ and inserting ‘‘made in audio or 
video format’’; and 
(B) by striking ‘‘through television’’ in the 
second sentence and inserting ‘‘in video for-
mat’’. 
SEC. 4208. POLITICAL RECORD REQUIREMENTS FOR ON-
LINE PLATFORMS. 
(a) IN GENERAL.—Section 304 of the Federal Elec-
tion Campaign Act of 1971 (52 U.S.C. 30104) is amended 
by adding at the end the following new subsection: 
‘‘(j) DISCLOSURE OF CERTAIN ONLINE ADVERTISE-
MENTS.— 
‘‘(1) IN GENERAL.— 
‘‘(A) REQUIREMENTS FOR ONLINE PLAT-
FORMS.—An online platform shall maintain, 
and make available for online public inspection 
in machine readable format, a complete record 
of any request to purchase on such online plat-
form a qualified political advertisement which is 
made by a person whose aggregate requests to 
purchase qualified political advertisements on 
such online platform during the calendar year 
exceeds $500.
402 
‘‘(B) 
REQUIREMENTS
FOR
ADVER-
TISERS.—Any person who requests to purchase 
a qualified political advertisement on an online 
platform shall provide the online platform with 
such information as is necessary for the online 
platform to comply with the requirements of 
subparagraph (A). 
‘‘(2) CONTENTS OF RECORD.—A record main-
tained under paragraph (1)(A) shall contain— 
‘‘(A) a digital copy of the qualified political 
advertisement; 
‘‘(B) a description of the audience targeted 
by the advertisement, the number of views gen-
erated from the advertisement, and the date 
and time that the advertisement is first dis-
played and last displayed; and 
‘‘(C) information regarding— 
‘‘(i) the average rate charged for the 
advertisement; 
‘‘(ii) the name of the candidate to 
which the advertisement refers and the of-
fice to which the candidate is seeking elec-
tion, the election to which the advertise-
ment refers, or the national legislative
403 
issue to which the advertisement refers (as 
applicable); 
‘‘(iii) in the case of a request made 
by, or on behalf of, a candidate, the name 
of the candidate, the authorized committee 
of the candidate, and the treasurer of such 
committee; and 
‘‘(iv) in the case of any request not 
described in clause (iii), the name of the 
person purchasing the advertisement, the 
name and address of a contact person for 
such person, and a list of the chief execu-
tive officers or members of the executive 
committee or of the board of directors of 
such person. 
‘‘(3) ONLINE PLATFORM.—For purposes of this 
subsection, the term ‘online platform’ means any 
public-facing website, web application, or digital ap-
plication (including a social network, ad network, or 
search engine) which— 
‘‘(A) sells qualified political advertise-
ments; and 
‘‘(B) has 50,000,000 or more unique 
monthly United States visitors or users for a
404 
majority of months during the preceding 12 
months. 
‘‘(4) QUALIFIED POLITICAL ADVERTISEMENT.— 
For purposes of this subsection, the term ‘qualified 
political advertisement’ means any advertisement 
(including search engine marketing, display adver-
tisements, video advertisements, native advertise-
ments, and sponsorships) that— 
‘‘(A) is made by or on behalf of a can-
didate; or 
‘‘(B) communicates a message relating to 
any political matter of national importance, in-
cluding— 
‘‘(i) a candidate; 
‘‘(ii) any election to Federal office; or 
‘‘(iii) a national legislative issue of 
public importance. 
‘‘(5) TIME TO MAINTAIN FILE.—The informa-
tion required under this subsection shall be made 
available as soon as possible and shall be retained by 
the online platform for a period of not less than 4 
years. 
‘‘(6) SAFE HARBOR FOR PLATFORMS MAKING 
BEST EFFORTS TO IDENTIFY REQUESTS WHICH ARE
405 
SUBJECT
TO
RECORD
MAINTENANCE
REQUIRE-
MENTS.— 
‘‘(A) AVAILABILITY OF SAFE HARBOR.—In 
accordance with rules established by the Com-
mission, if an online platform shows that the 
platform used best efforts to determine whether 
or not a request to purchase a qualified political 
advertisement was subject to the requirements 
of this subsection, the online platform shall not 
be considered to be in violation of such require-
ments. 
‘‘(B) SPECIAL RULES FOR DISBURSEMENT 
PAID
WITH
CREDIT
CARD.—For purposes of 
subparagraph (A), an online platform shall be 
considered to have used best efforts in the case 
of a purchase of a qualified political advertise-
ment which is made with a credit card if— 
‘‘(i) the individual or entity making 
such purchase is required, at the time of 
making such purchase, to disclose the cred-
it verification value of such credit card; 
and 
‘‘(ii) the billing address associated 
with such credit card is located in the 
United States or, in the case of a purchase
406 
made by an individual who is a United 
States citizen living outside of the United 
States, the individual provides the online 
platform with the United States mailing 
address the individual uses for voter reg-
istration purposes. 
‘‘(7) PENALTIES.—For penalties for failure by 
online platforms, and persons requesting to purchase 
a qualified political advertisement on online plat-
forms, to comply with the requirements of this sub-
section, see section 309.’’. 
(b) RULEMAKING.—Not later than 120 days after the 
date of the enactment of this Act, the Federal Election 
Commission shall establish rules— 
(1) requiring common data formats for the 
record required to be maintained under section 
304(j) of the Federal Election Campaign Act of 
1971 (as added by subsection (a)) so that all online 
platforms submit and maintain data online in a com-
mon, machine-readable and publicly accessible for-
mat; 
(2) establishing search interface requirements 
relating to such record, including searches by can-
didate name, issue, purchaser, and date; and
407 
(3) establishing the criteria for the safe harbor 
exception provided under paragraph (6) of section 
304(j) of such Act (as added by subsection (a)). 
(c) REPORTING.—Not later than 2 years after the 
date of the enactment of this Act, and biannually there-
after, the Chairman of the Federal Election Commission 
shall submit a report to Congress on— 
(1) matters relating to compliance with and the 
enforcement of the requirements of section 304(j) of 
the Federal Election Campaign Act of 1971, as 
added by subsection (a); 
(2) recommendations for any modifications to 
such section to assist in carrying out its purposes; 
and 
(3) identifying ways to bring transparency and 
accountability to political advertisements distributed 
online for free. 
SEC. 4209. PREVENTING CONTRIBUTIONS, EXPENDITURES, 
INDEPENDENT 
EXPENDITURES, 
AND 
DIS-
BURSEMENTS FOR ELECTIONEERING COM-
MUNICATIONS BY FOREIGN NATIONALS IN 
THE FORM OF ONLINE ADVERTISING. 
Section 319 of the Federal Election Campaign Act 
of 1971 (52 U.S.C. 30121), as amended by section
408 
4101(a)(2) and section 4101(b), is further amended by 
adding at the end the following new subsection: 
‘‘(e) RESPONSIBILITIES OF BROADCAST STATIONS, 
PROVIDERS OF CABLE AND SATELLITE TELEVISION, AND 
ONLINE PLATFORMS.—Each television or radio broadcast 
station, provider of cable or satellite television, or online 
platform (as defined in section 304(j)(3)) shall make rea-
sonable efforts to ensure that communications described 
in section 318(a) and made available by such station, pro-
vider, or platform are not purchased by a foreign national, 
directly or indirectly.’’. 
Subtitle D—Stand By Every Ad 
SEC. 4301. SHORT TITLE. 
This subtitle may be cited as the ‘‘Stand By Every 
Ad Act’’. 
SEC. 4302. STAND BY EVERY AD. 
(a) EXPANDED DISCLAIMER REQUIREMENTS
FOR 
CERTAIN COMMUNICATIONS.—Section 318 of the Federal 
Election Campaign Act of 1971 (52 U.S.C. 30120), as 
amended by section 4207(b)(1), is further amended— 
(1) by redesignating subsection (e) as sub-
section (f); and 
(2) by inserting after subsection (d) the fol-
lowing new subsection:
409 
‘‘(e) EXPANDED DISCLAIMER REQUIREMENTS FOR 
COMMUNICATIONS NOT AUTHORIZED BY CANDIDATES OR 
COMMITTEES.— 
‘‘(1) IN GENERAL.—Except as provided in para-
graph (6), any communication described in para-
graph (3) of subsection (a) which is transmitted in 
an audio or video format (including an Internet or 
digital communication), or which is an Internet or 
digital communication transmitted in a text or 
graphic format, shall include, in addition to the re-
quirements of paragraph (3) of subsection (a), the 
following: 
‘‘(A) The individual disclosure statement 
described in paragraph (2)(A) (if the person 
paying for the communication is an individual) 
or the organizational disclosure statement de-
scribed in paragraph (2)(B) (if the person pay-
ing for the communication is not an individual). 
‘‘(B) If the communication is transmitted 
in a video format, or is an Internet or digital 
communication which is transmitted in a text or 
graphic format, and is paid for in whole or in 
part with a payment which is treated as a cam-
paign-related disbursement under section 324—
410 
‘‘(i) the Top Five Funders list (if ap-
plicable); or 
‘‘(ii) in the case of a communication 
which, as determined on the basis of cri-
teria established in regulations issued by 
the Commission, is of such short duration 
that including the Top Five Funders list in 
the communication would constitute a 
hardship to the person paying for the com-
munication by requiring a disproportionate 
amount of the content of the communica-
tion to consist of the Top Five Funders 
list, the name of a website which contains 
the Top Five Funders list (if applicable) 
or, in the case of an Internet or digital 
communication, 
a 
hyperlink 
to 
such 
website. 
‘‘(C) If the communication is transmitted 
in an audio format and is paid for in whole or 
in part with a payment which is treated as a 
campaign-related disbursement under section 
324— 
‘‘(i) the Top Two Funders list (if ap-
plicable); or
411 
‘‘(ii) in the case of a communication 
which, as determined on the basis of cri-
teria established in regulations issued by 
the Commission, is of such short duration 
that including the Top Two Funders list in 
the communication would constitute a 
hardship to the person paying for the com-
munication by requiring a disproportionate 
amount of the content of the communica-
tion to consist of the Top Two Funders 
list, the name of a website which contains 
the Top Two Funders list (if applicable). 
‘‘(2) DISCLOSURE STATEMENTS DESCRIBED.— 
‘‘(A) INDIVIDUAL
DISCLOSURE
STATE-
MENTS.—The individual disclosure statement 
described in this subparagraph is the following: 
‘I am llllllll, and I approve this 
message.’, with the blank filled in with the 
name of the applicable individual. 
‘‘(B) 
ORGANIZATIONAL
DISCLOSURE 
STATEMENTS.—The organizational disclosure 
statement described in this subparagraph is the 
following: 
‘I 
am 
llllllll, 
the 
llllllll of llllllll, and
412 
llllllll approves this message.’, 
with— 
‘‘(i) the first blank to be filled in with 
the name of the applicable individual; 
‘‘(ii) the second blank to be filled in 
with the title of the applicable individual; 
and 
‘‘(iii) the third and fourth blank each 
to be filled in with the name of the organi-
zation or other person paying for the com-
munication. 
‘‘(3) METHOD
OF
CONVEYANCE
OF
STATE-
MENT.— 
‘‘(A) 
COMMUNICATIONS
IN
TEXT
OR 
GRAPHIC FORMAT.—In the case of a commu-
nication to which this subsection applies which 
is transmitted in a text or graphic format, the 
disclosure statements required under paragraph 
(1) shall appear in letters at least as large as 
the majority of the text in the communication. 
‘‘(B) COMMUNICATIONS TRANSMITTED IN 
AUDIO FORMAT.—In the case of a communica-
tion to which this subsection applies which is 
transmitted in an audio format, the disclosure 
statements required under paragraph (1) shall
413 
be made by audio by the applicable individual 
in a clear and conspicuous manner. 
‘‘(C) COMMUNICATIONS TRANSMITTED IN 
VIDEO FORMAT.—In the case of a communica-
tion to which this subsection applies which is 
transmitted in a video format, the information 
required under paragraph (1)— 
‘‘(i) shall appear in writing at the end 
of the communication or in a crawl along 
the bottom of the communication in a clear 
and conspicuous manner, with a reasonable 
degree of color contrast between the back-
ground and the printed statement, for a 
period of at least 6 seconds; and 
‘‘(ii) shall also be conveyed by an 
unobscured, full-screen view of the applica-
ble individual or by the applicable indi-
vidual making the statement in voice-over 
accompanied by a clearly identifiable pho-
tograph or similar image of the individual, 
except in the case of a Top Five Funders 
list. 
‘‘(4) APPLICABLE INDIVIDUAL DEFINED.—The 
term ‘applicable individual’ means, with respect to a 
communication to which this subsection applies—
414 
‘‘(A) if the communication is paid for by 
an individual, the individual involved; 
‘‘(B) if the communication is paid for by a 
corporation, the chief executive officer of the 
corporation (or, if the corporation does not have 
a chief executive officer, the highest ranking of-
ficial of the corporation); 
‘‘(C) if the communication is paid for by a 
labor organization, the highest ranking officer 
of the labor organization; and 
‘‘(D) if the communication is paid for by 
any other person, the highest ranking official of 
such person. 
‘‘(5) TOP FIVE FUNDERS LIST AND TOP TWO 
FUNDERS LIST DEFINED.— 
‘‘(A) TOP FIVE FUNDERS LIST.—The term 
‘Top Five Funders list’ means, with respect to 
a communication which is paid for in whole or 
in part with a campaign-related disbursement 
(as defined in section 324), a list of the five 
persons who, during the 12-month period end-
ing on the date of the disbursement, provided 
the largest payments of any type in an aggre-
gate amount equal to or exceeding $10,000 to 
the person who is paying for the communication
415 
and the amount of the payments each such per-
son provided. If two or more people provided 
the fifth largest of such payments, the person 
paying for the communication shall select one of 
those persons to be included on the Top Five 
Funders list. 
‘‘(B) TOP TWO FUNDERS LIST.—The term 
‘Top Two Funders list’ means, with respect to 
a communication which is paid for in whole or 
in part with a campaign-related disbursement 
(as defined in section 324), a list of the persons 
who, during the 12-month period ending on the 
date of the disbursement, provided the largest 
and the second largest payments of any type in 
an aggregate amount equal to or exceeding 
$10,000 to the person who is paying for the 
communication and the amount of the pay-
ments each such person provided. If two or 
more persons provided the second largest of 
such payments, the person paying for the com-
munication shall select one of those persons to 
be included on the Top Two Funders list. 
‘‘(C) 
EXCLUSION
OF
CERTAIN
PAY-
MENTS.—For purposes of subparagraphs (A) 
and (B), in determining the amount of pay-
416 
ments made by a person to a person paying for 
a communication, there shall be excluded the 
following: 
‘‘(i) Any amounts provided in the or-
dinary course of any trade or business con-
ducted by the person paying for the com-
munication or in the form of investments 
in the person paying for the communica-
tion. 
‘‘(ii) Any payment which the person 
prohibited, in writing, from being used for 
campaign-related disbursements, but only 
if the person paying for the communication 
agreed to follow the prohibition and depos-
ited the payment in an account which is 
segregated from any account used to make 
campaign-related disbursements. 
‘‘(6) SPECIAL
RULES
FOR
CERTAIN
COMMU-
NICATIONS.— 
‘‘(A) EXCEPTION
FOR
COMMUNICATIONS 
PAID FOR BY POLITICAL PARTIES AND CERTAIN 
POLITICAL COMMITTEES.—This subsection does 
not apply to any communication to which sub-
section (d)(2) applies.
417 
‘‘(B) TREATMENT OF VIDEO COMMUNICA-
TIONS LASTING 10 SECONDS OR LESS.—In the 
case of a communication to which this sub-
section applies which is transmitted in a video 
format, or is an Internet or digital communica-
tion which is transmitted in a text or graphic 
format, the communication shall meet the fol-
lowing requirements: 
‘‘(i) The communication shall include 
the individual disclosure statement de-
scribed in paragraph (2)(A) (if the person 
paying for the communication is an indi-
vidual) or the organizational disclosure 
statement described in paragraph (2)(B) 
(if the person paying for the communica-
tion is not an individual). 
‘‘(ii) The statement described in 
clause (i) shall appear in writing at the 
end of the communication, or in a crawl 
along the bottom of the communication, in 
a clear and conspicuous manner, with a 
reasonable degree of color contrast between 
the background and the printed statement, 
for a period of at least 4 seconds.
418 
‘‘(iii) The communication shall in-
clude, in a clear and conspicuous manner, 
a website address with a landing page 
which will provide all of the information 
described in paragraph (1) with respect to 
the communication. Such address shall ap-
pear for the full duration of the commu-
nication. 
‘‘(iv) To the extent that the format in 
which the communication is made permits 
the use of a hyperlink, the communication 
shall include a hyperlink to the website ad-
dress described in clause (iii).’’. 
(b) APPLICATION OF EXPANDED REQUIREMENTS TO 
PUBLIC COMMUNICATIONS CONSISTING
OF CAMPAIGN- 
RELATED DISBURSEMENTS.—Section 318(a) of such Act 
(52 U.S.C. 30120(a)) is amended by striking ‘‘for the pur-
pose of financing communications expressly advocating the 
election or defeat of a clearly identified candidate’’ and 
inserting ‘‘for a campaign-related disbursement, as de-
fined in section 324, consisting of a public communica-
tion’’. 
(c) EXCEPTION FOR COMMUNICATIONS PAID FOR BY 
POLITICAL PARTIES AND CERTAIN POLITICAL COMMIT-
419 
TEES.—Section 318(d)(2) of such Act (52 U.S.C. 
30120(d)(2)) is amended— 
(1) in the heading, by striking ‘‘OTHERS’’ and 
inserting ‘‘CERTAIN POLITICAL COMMITTEES’’; 
(2) by striking ‘‘Any communication’’ and in-
serting ‘‘(A) Any communication’’; 
(3) by inserting ‘‘which (except to the extent 
provided in subparagraph (B)) is paid for by a polit-
ical committee (including a political committee of a 
political party) and’’ after ‘‘subsection (a)’’; 
(4) by striking ‘‘or other person’’ each place it 
appears; and 
(5) by adding at the end the following new sub-
paragraph: 
‘‘(B)(i) This paragraph does not apply to a 
communication paid for in whole or in part during 
a calendar year with a campaign-related disburse-
ment, but only if the covered organization making 
the campaign-related disbursement made campaign- 
related disbursements (as defined in section 324) ag-
gregating more than $10,000 during such calendar 
year. 
‘‘(ii) For purposes of clause (i), in determining 
the amount of campaign-related disbursements made
420 
by a covered organization during a year, there shall 
be excluded the following: 
‘‘(I) Any amounts received by the covered 
organization in the ordinary course of any trade 
or business conducted by the covered organiza-
tion or in the form of investments in the cov-
ered organization. 
‘‘(II) Any amounts received by the covered 
organization from a person who prohibited, in 
writing, the organization from using such 
amounts for campaign-related disbursements, 
but only if the covered organization agreed to 
follow the prohibition and deposited the 
amounts in an account which is segregated 
from any account used to make campaign-re-
lated disbursements.’’. 
SEC. 4303. DISCLAIMER REQUIREMENTS FOR COMMUNICA-
TIONS MADE THROUGH PRERECORDED TELE-
PHONE CALLS. 
(a) APPLICATION OF REQUIREMENTS.— 
(1) IN GENERAL.—Section 318(a) of the Fed-
eral Election Campaign Act of 1971 (52 U.S.C. 
30120(a)), as amended by section 4205(c), is 
amended by inserting after ‘‘public communication’’ 
each place it appears the following: ‘‘(including a
421 
telephone call consisting in substantial part of a 
prerecorded audio message)’’. 
(2) APPLICATION
TO
COMMUNICATIONS
SUB-
JECT TO EXPANDED DISCLAIMER REQUIREMENTS.— 
Section 
318(e)(1) 
of 
such 
Act 
(52 
U.S.C. 
30120(e)(1)), as added by section 4302(a), is 
amended in the matter preceding subparagraph (A) 
by striking ‘‘which is transmitted in an audio or 
video format’’ and inserting ‘‘which is transmitted in 
an audio or video format or which consists of a tele-
phone call consisting in substantial part of a 
prerecorded audio message’’. 
(b) TREATMENT AS COMMUNICATION TRANSMITTED 
IN AUDIO FORMAT.— 
(1) COMMUNICATIONS BY CANDIDATES OR AU-
THORIZED PERSONS.—Section 318(d) of such Act 
(52 U.S.C. 30120(d)) is amended by adding at the 
end the following new paragraph: 
‘‘(3) PRERECORDED TELEPHONE CALLS.—Any 
communication described in paragraph (1), (2), or 
(3) of subsection (a) (other than a communication 
which is subject to subsection (e)) which is a tele-
phone call consisting in substantial part of a 
prerecorded audio message shall include, in addition 
to the requirements of such paragraph, the audio
422 
statement required under subparagraph (A) of para-
graph (1) or the audio statement required under 
paragraph (2) (whichever is applicable), except that 
the statement shall be made at the beginning of the 
telephone call.’’. 
(2) COMMUNICATIONS SUBJECT TO EXPANDED 
DISCLAIMER REQUIREMENTS.—Section 318(e)(3) of 
such Act (52 U.S.C. 30120(e)(3)), as added by sec-
tion 4302(a), is amended by adding at the end the 
following new subparagraph: 
‘‘(D) 
PRERECORDED
TELEPHONE 
CALLS.—In the case of a communication to 
which this subsection applies which is a tele-
phone call consisting in substantial part of a 
prerecorded audio message, the communication 
shall be considered to be transmitted in an 
audio format.’’. 
SEC. 4304. NO EXPANSION OF PERSONS SUBJECT TO DIS-
CLAIMER 
REQUIREMENTS 
ON 
INTERNET 
COMMUNICATIONS. 
Nothing in this subtitle or the amendments made by 
this subtitle may be construed to require any person who 
is not required under section 318 of the Federal Election 
Campaign Act of 1971 (as provided under section 110.11 
of title 11 of the Code of Federal Regulations) to include
423 
a disclaimer on communications made by the person 
through the internet to include any disclaimer on any such 
communications. 
SEC. 4305. EFFECTIVE DATE. 
The amendments made by this subtitle shall apply 
with respect to communications made on or after January 
1, 2020, and shall take effect without regard to whether 
or not the Federal Election Commission has promulgated 
regulations to carry out such amendments. 
Subtitle E—Secret Money 
Transparency 
SEC. 4401. REPEAL OF RESTRICTION OF USE OF FUNDS BY 
INTERNAL 
REVENUE 
SERVICE 
TO 
BRING 
TRANSPARENCY TO POLITICAL ACTIVITY OF 
CERTAIN NONPROFIT ORGANIZATIONS. 
Section 124 of the Financial Services and General 
Government Appropriations Act, 2019 (division D of Pub-
lic Law 116–6) is hereby repealed. 
SEC. 4402. REPEAL OF REVENUE PROCEDURE THAT ELIMI-
NATED REQUIREMENT TO REPORT INFORMA-
TION REGARDING CONTRIBUTORS TO CER-
TAIN TAX-EXEMPT ORGANIZATIONS. 
Revenue Procedure 2018–38 shall have no force and 
effect.
424 
Subtitle F—Shareholder Right-to- 
Know 
SEC. 4501. REPEAL OF RESTRICTION ON USE OF FUNDS BY 
SECURITIES AND EXCHANGE COMMISSION TO 
ENSURE SHAREHOLDERS OF CORPORATIONS 
HAVE KNOWLEDGE OF CORPORATION POLIT-
ICAL ACTIVITY. 
Section 629 of the Financial Services and General 
Government Appropriations Act, 2019 (division D of Pub-
lic Law 116–6) is hereby repealed. 
SEC. 4502. ASSESSMENT OF SHAREHOLDER PREFERENCES 
FOR DISBURSEMENTS FOR POLITICAL PUR-
POSES. 
(a) ASSESSMENT REQUIRED.—The Securities Ex-
change Act of 1934 (15 U.S.C. 78a et seq.) is amended 
by inserting after section 10D the following: 
‘‘SEC. 10E. ASSESSMENT OF SHAREHOLDER PREFERENCES 
FOR DISBURSEMENTS FOR POLITICAL PUR-
POSES. 
‘‘(a) ASSESSMENT REQUIRED BEFORE MAKING A 
DISBURSEMENT FOR A POLITICAL PURPOSE.— 
‘‘(1) REQUIREMENT.—An issuer with an equity 
security listed on a national securities exchange may 
not make a disbursement for a political purpose un-
less—
425 
‘‘(A) the issuer has in place procedures to 
assess the preferences of the shareholders of the 
issuer with respect to making such disburse-
ments; and 
‘‘(B) such an assessment has been made 
within the 1-year period ending on the date of 
such disbursement. 
‘‘(2) TREATMENT OF ISSUERS WHOSE SHARE-
HOLDERS
ARE
PROHIBITED
FROM
EXPRESSING 
PREFERENCES.—Notwithstanding paragraph (1), an 
issuer described under such paragraph with proce-
dures in place to assess the preferences of its share-
holders with respect to making disbursements for 
political purposes shall not be considered to meet the 
requirements of such paragraph if a majority of the 
number of the outstanding equity securities of the 
issuer are held by persons who are prohibited from 
expressing partisan or political preferences by law, 
contract, or the requirement to meet a fiduciary 
duty. 
‘‘(b) ASSESSMENT
REQUIREMENTS.—The assess-
ment described under subsection (a) shall assess— 
‘‘(1) which types of disbursements for a polit-
ical purpose the shareholder believes the issuer 
should make;
426 
‘‘(2) whether the shareholder believes that such 
disbursements should be made in support of, or in 
opposition to, Republican, Democratic, Independent, 
or other political party candidates and political com-
mittees; 
‘‘(3) whether the shareholder believes that such 
disbursements should be made with respect to elec-
tions for Federal, State, or local office; and 
‘‘(4) such other information as the Commission 
may specify, by rule. 
‘‘(c) DISBURSEMENT FOR A POLITICAL PURPOSE DE-
FINED.— 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion, the term ‘disbursement for a political purpose’ 
means any of the following: 
‘‘(A) A disbursement for an independent 
expenditure, as defined in section 301(17) of 
the Federal Election Campaign Act of 1971 (52 
U.S.C. 30101(17)). 
‘‘(B) A disbursement for an electioneering 
communication, as defined in section 304(f) of 
the Federal Election Campaign Act of 1971 (52 
U.S.C. 30104(f)). 
‘‘(C) A disbursement for any public com-
munication, as defined in section 301(22) of the
427 
Federal Election Campaign Act of 1971 (52 
U.S.C. 30101(22)— 
‘‘(i) which expressly advocates the 
election or defeat of a clearly identified 
candidate for election for Federal office, or 
is the functional equivalent of express ad-
vocacy because, when taken as a whole, it 
can be interpreted by a reasonable person 
only as advocating the election or defeat of 
a candidate for election for Federal office; 
or 
‘‘(ii) which refers to a clearly identi-
fied candidate for election for Federal of-
fice and which promotes or support a can-
didate for that office, or attacks or opposes 
a candidate for that office, without regard 
to whether the communication expressly 
advocates a vote for or against a candidate 
for that office. 
‘‘(D) Any other disbursement which is 
made for the purpose of influencing the out-
come of an election for a public office. 
‘‘(E) Any transfer of funds to another per-
son which is made with the intent that such 
person will use the funds to make a disburse-
428 
ment described in subparagraphs (A) through 
(D), or with the knowledge that the person will 
use the funds to make such a disbursement. 
‘‘(2) EXCEPTIONS.—The term ‘disbursement 
for a political purpose’ does not include any of the 
following: 
‘‘(A) Any disbursement made from a sepa-
rate segregated fund of the corporation under 
section 316 of the Federal Election Campaign 
Act of 1971 (52 U.S.C. 30118). 
‘‘(B) Any transfer of funds to another per-
son which is made in a commercial transaction 
in the ordinary course of any trade or business 
conducted by the corporation or in the form of 
investments made by the corporation. 
‘‘(C) Any transfer of funds to another per-
son which is subject to a written prohibition 
against the use of the funds for a disbursement 
for a political purpose. 
‘‘(d) OTHER DEFINITIONS.—In this section, each of 
the terms ‘candidate’, ‘election’, ‘political committee’, and 
‘political party’ has the meaning given such term under 
section 301 of the Federal Election Campaign Act of 1971 
(52 U.S.C. 30101).’’.
429 
(b) CONFORMING AMENDMENT TO FEDERAL ELEC-
TION CAMPAIGN ACT OF 1971 TO PROHIBIT DISBURSE-
MENTS BY CORPORATIONS FAILING TO ASSESS PREF-
ERENCES.—Section 316 of the Federal Election Campaign 
Act of 1971 (52 U.S.C. 30118) is amended by adding at 
the end the following new subsection: 
‘‘(d) PROHIBITING DISBURSEMENTS BY CORPORA-
TIONS
FAILING
TO
ASSESS
SHAREHOLDER
PREF-
ERENCES.— 
‘‘(1) PROHIBITION.—It shall be unlawful for a 
corporation to make a disbursement for a political 
purpose unless the corporation has in place proce-
dures to assess the preferences of its shareholders 
with respect to making such disbursements, as pro-
vided in section 10E of the Securities Exchange Act 
of 1934. 
‘‘(2) DEFINITION.—In this section, the term 
‘disbursement for a political purpose’ has the mean-
ing given such term in section 10E(c) of the Securi-
ties Exchange Act of 1934.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to disbursements 
made on or after December 31, 2019.
430 
Subtitle G—Disclosure of Political 
Spending by Government Con-
tractors 
SEC. 4601. REPEAL OF RESTRICTION ON USE OF FUNDS TO 
REQUIRE DISCLOSURE OF POLITICAL SPEND-
ING BY GOVERNMENT CONTRACTORS. 
Section 735 of the Financial Services and General 
Government Appropriations Act, 2019 (division D of Pub-
lic Law 116–6) is hereby repealed. 
Subtitle H—Limitation and Disclo-
sure Requirements for Presi-
dential Inaugural Committees 
SEC. 4701. SHORT TITLE. 
This subtitle may be cited as the ‘‘Presidential Inau-
gural Committee Oversight Act’’. 
SEC. 4702. LIMITATIONS AND DISCLOSURE OF CERTAIN DO-
NATIONS TO, AND DISBURSEMENTS BY, INAU-
GURAL COMMITTEES. 
(a) REQUIREMENTS
FOR
INAUGURAL
COMMIT-
TEES.—Title III of the Federal Election Campaign Act 
of 1971 (52 U.S.C. 30101 et seq.) is amended by adding 
at the end the following new section: 
‘‘SEC. 325. INAUGURAL COMMITTEES. 
‘‘(a) PROHIBITED DONATIONS.— 
‘‘(1) IN GENERAL.—It shall be unlawful—
431 
‘‘(A) for an Inaugural Committee— 
‘‘(i) to solicit, accept, or receive a do-
nation from a person that is not an indi-
vidual; or 
‘‘(ii) to solicit, accept, or receive a do-
nation from a foreign national; 
‘‘(B) for a person— 
‘‘(i) to make a donation to an Inau-
gural Committee in the name of another 
person, or to knowingly authorize his or 
her name to be used to effect such a dona-
tion; 
‘‘(ii) to knowingly accept a donation 
to an Inaugural Committee made by a per-
son in the name of another person; or 
‘‘(iii) to convert a donation to an In-
augural Committee to personal use as de-
scribed in paragraph (2); and 
‘‘(C) for a foreign national to, directly or 
indirectly, make a donation, or make an express 
or implied promise to make a donation, to an 
Inaugural Committee. 
‘‘(2) CONVERSION OF DONATION TO PERSONAL 
USE.—For purposes of paragraph (1)(B)(iii), a do-
nation shall be considered to be converted to per-
432 
sonal use if any part of the donated amount is used 
to fulfill a commitment, obligation, or expense of a 
person that would exist irrespective of the respon-
sibilities of the Inaugural Committee under chapter 
5 of title 36, United States Code. 
‘‘(3) NO EFFECT ON DISBURSEMENT OF UN-
USED
FUNDS
TO
NONPROFIT
ORGANIZATIONS.— 
Nothing in this subsection may be construed to pro-
hibit an Inaugural Committee from disbursing un-
used funds to an organization which is described in 
section 501(c)(3) of the Internal Revenue Code of 
1986 and is exempt from taxation under section 
501(a) of such Code. 
‘‘(b) LIMITATION ON DONATIONS.— 
‘‘(1) IN GENERAL.—It shall be unlawful for an 
individual to make donations to an Inaugural Com-
mittee which, in the aggregate, exceed $50,000. 
‘‘(2) INDEXING.—At the beginning of each 
Presidential election year (beginning with 2024), the 
amount described in paragraph (1) shall be in-
creased by the cumulative percent difference deter-
mined in section 315(c)(1)(A) since the previous 
Presidential election year. If any amount after such 
increase is not a multiple of $1,000, such amount 
shall be rounded to the nearest multiple of $1,000.
433 
‘‘(c) DISCLOSURE OF CERTAIN DONATIONS AND DIS-
BURSEMENTS.— 
‘‘(1) DONATIONS OVER $1,000.— 
‘‘(A) IN
GENERAL.—An Inaugural Com-
mittee shall file with the Commission a report 
disclosing any donation by an individual to the 
committee in an amount of $1,000 or more not 
later than 24 hours after the receipt of such do-
nation. 
‘‘(B) CONTENTS
OF
REPORT.—A report 
filed under subparagraph (A) shall contain— 
‘‘(i) the amount of the donation; 
‘‘(ii) the date the donation is received; 
and 
‘‘(iii) the name and address of the in-
dividual making the donation. 
‘‘(2) FINAL REPORT.—Not later than the date 
that is 90 days after the date of the Presidential in-
augural ceremony, the Inaugural Committee shall 
file with the Commission a report containing the fol-
lowing information: 
‘‘(A) For each donation of money or any-
thing of value made to the committee in an ag-
gregate amount equal to or greater than 
$200—
434 
‘‘(i) the amount of the donation; 
‘‘(ii) the date the donation is received; 
and 
‘‘(iii) the name and address of the in-
dividual making the donation. 
‘‘(B) The total amount of all disburse-
ments, and all disbursements in the following 
categories: 
‘‘(i) Disbursements made to meet 
committee operating expenses. 
‘‘(ii) Repayment of all loans. 
‘‘(iii) Donation refunds and other off-
sets to donations. 
‘‘(iv) Any other disbursements. 
‘‘(C) The name and address of each per-
son— 
‘‘(i) to whom a disbursement in an ag-
gregate amount or value in excess of $200 
is made by the committee to meet a com-
mittee operating expense, together with 
date, amount, and purpose of such oper-
ating expense; 
‘‘(ii) who receives a loan repayment 
from the committee, together with the date 
and amount of such loan repayment;
435 
‘‘(iii) who receives a donation refund 
or other offset to donations from the com-
mittee, together with the date and amount 
of such disbursement; and 
‘‘(iv) to whom any other disbursement 
in an aggregate amount or value in excess 
of $200 is made by the committee, to-
gether with the date and amount of such 
disbursement. 
‘‘(d) DEFINITIONS.—For purposes of this section: 
‘‘(1)(A) The term ‘donation’ includes— 
‘‘(i) any gift, subscription, loan, ad-
vance, or deposit of money or anything of 
value made by any person to the com-
mittee; or 
‘‘(ii) the payment by any person of 
compensation for the personal services of 
another person which are rendered to the 
committee without charge for any purpose. 
‘‘(B) The term ‘donation’ does not include 
the value of services provided without com-
pensation by any individual who volunteers on 
behalf of the committee. 
‘‘(2) The term ‘foreign national’ has the mean-
ing given that term by section 319(b).
436 
‘‘(3) The term ‘Inaugural Committee’ has the 
meaning given that term by section 501 of title 36, 
United States Code.’’. 
(b) CONFIRMING AMENDMENT RELATED
TO RE-
PORTING REQUIREMENTS.—Section 304 of the Federal 
Election Campaign Act of 1971 (52 U.S.C. 30104) is 
amended— 
(1) by striking subsection (h); and 
(2) by redesignating subsection (i) as subsection 
(h). 
(c) CONFORMING AMENDMENT RELATED TO STATUS 
OF COMMITTEE.—Section 510 of title 36, United States 
Code, is amended to read as follows: 
‘‘§ 510. Disclosure of and prohibition on certain dona-
tions 
‘‘A committee shall not be considered to be the Inau-
gural Committee for purposes of this chapter unless the 
committee agrees to, and meets, the requirements of sec-
tion 325 of the Federal Election Campaign Act of 1971.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this Act shall apply with respect to Inaugural Committees 
established under chapter 5 of title 36, United States 
Code, for inaugurations held in 2021 and any succeeding 
year.
437 
Subtitle I—Severability 
SEC. 4801. SEVERABILITY. 
If any provision of this title or amendment made by 
this title, or the application of a provision or amendment 
to any person or circumstance, is held to be unconstitu-
tional, the remainder of this title and amendments made 
by this title, and the application of the provisions and 
amendment to any person or circumstance, shall not be 
affected by the holding. 
TITLE V—CAMPAIGN FINANCE 
EMPOWERMENT 
Subtitle A—Findings Relating to Citizens United Decision 
Sec. 5001. Findings relating to Citizens United decision. 
Subtitle B—Congressional Elections 
Sec. 5100. Short title. 
PART 1—MY VOICE VOUCHER PILOT PROGRAM 
Sec. 5101. Establishment of pilot program. 
Sec. 5102. Voucher program described. 
Sec. 5103. Reports. 
Sec. 5104. Definitions. 
PART 2—SMALL DOLLAR FINANCING OF CONGRESSIONAL ELECTION 
CAMPAIGNS 
Sec. 5111. Benefits and eligibility requirements for candidates. 
‘‘TITLE V—SMALL DOLLAR FINANCING OF CONGRESSIONAL 
ELECTION CAMPAIGNS 
‘‘Subtitle A—Benefits 
‘‘Sec. 501. Benefits for participating candidates. 
‘‘Sec. 502. Procedures for making payments. 
‘‘Sec. 503. Use of funds. 
‘‘Sec. 504. Qualified small dollar contributions described. 
‘‘Subtitle B—Eligibility and Certification 
‘‘Sec. 511. Eligibility.
438 
‘‘Sec. 512. Qualifying requirements. 
‘‘Sec. 513. Certification. 
‘‘Subtitle C—Requirements for Candidates Certified as Participating 
Candidates 
‘‘Sec. 521. Contribution and expenditure requirements. 
‘‘Sec. 522. Administration of campaign. 
‘‘Sec. 523. Preventing unnecessary spending of public funds. 
‘‘Sec. 524. Remitting unspent funds after election. 
‘‘Subtitle D—Enhanced Match Support 
‘‘Sec. 531. Enhanced support for general election. 
‘‘Sec. 532. Eligibility. 
‘‘Sec. 533. Amount. 
‘‘Sec. 534. Waiver of authority to retain portion of unspent funds after 
election. 
‘‘Subtitle E—Administrative Provisions 
‘‘Sec. 541. Freedom From Influence Fund. 
‘‘Sec. 542. Reviews and reports by Government Accountability Office. 
‘‘Sec. 543. Administration by Commission. 
‘‘Sec. 544. Violations and penalties. 
‘‘Sec. 545. Appeals process. 
‘‘Sec. 546. Indexing of amounts. 
‘‘Sec. 547. Election cycle defined. 
Sec. 5112. Contributions and expenditures by multicandidate and political 
party committees on behalf of participating candidates. 
Sec. 5113. Prohibiting use of contributions by participating candidates for pur-
poses other than campaign for election. 
Sec. 5114. Assessments against fines and penalties. 
Sec. 5115. Study and report on small dollar financing program. 
Sec. 5116. Effective date. 
Subtitle C—Presidential Elections 
Sec. 5200. Short title. 
PART 1—PRIMARY ELECTIONS 
Sec. 5201. Increase in and modifications to matching payments. 
Sec. 5202. Eligibility requirements for matching payments. 
Sec. 5203. Repeal of expenditure limitations. 
Sec. 5204. Period of availability of matching payments. 
Sec. 5205. Examination and audits of matchable contributions. 
Sec. 5206. Modification to limitation on contributions for Presidential primary 
candidates. 
Sec. 5207. Use of Freedom From Influence Fund as source of payments. 
PART 2—GENERAL ELECTIONS 
Sec. 5211. Modification of eligibility requirements for public financing. 
Sec. 5212. Repeal of expenditure limitations and use of qualified campaign con-
tributions. 
Sec. 5213. Matching payments and other modifications to payment amounts. 
Sec. 5214. Increase in limit on coordinated party expenditures.
439 
Sec. 5215. Establishment of uniform date for release of payments. 
Sec. 5216. Amounts in Presidential Election Campaign Fund. 
Sec. 5217. Use of general election payments for general election legal and ac-
counting compliance. 
Sec. 5218. Use of Freedom From Influence Fund as source of payments. 
PART 3—EFFECTIVE DATE 
Sec. 5221. Effective date. 
Subtitle D—Personal Use Services as Authorized Campaign Expenditures 
Sec. 5301. Short title; findings; purpose. 
Sec. 5302. Treatment of payments for child care and other personal use serv-
ices as authorized campaign expenditure. 
Subtitle E—Empowering Small Dollar Donations 
Sec. 5401. Permitting political party committees to provide enhanced support 
for candidates through use of separate small dollar accounts. 
Subtitle F—Severability 
Sec. 5501. Severability. 
Subtitle A—Findings Relating to 
Citizens United Decision 
SEC. 5001. FINDINGS RELATING TO CITIZENS UNITED DECI-
SION. 
Congress finds the following: 
(1) The American Republic was founded on the 
principle that all people are created equal, with 
rights and responsibilities as citizens to vote, be rep-
resented, speak, debate, and participate in self-gov-
ernment on equal terms regardless of wealth. To se-
cure these rights and responsibilities, our Constitu-
tion not only protects the equal rights of all Ameri-
cans but also provides checks and balances to pre-
vent corruption and prevent concentrated power and 
wealth from undermining effective self-government.
440 
(2) The Supreme Court’s decisions in Citizens 
United v. Federal Election Commission, 558 U.S. 
310 (2010) and McCutcheon v. FEC, 572 U.S. 185 
(2014), as well as other court decisions, erroneously 
invalidated even-handed rules about the spending of 
money in local, State, and Federal elections. These 
flawed decisions have empowered large corporations, 
extremely wealthy individuals, and special interests 
to dominate election spending, corrupt our politics, 
and degrade our democracy through tidal waves of 
unlimited and anonymous spending. These decisions 
also stand in contrast to a long history of efforts by 
Congress and the States to regulate money in poli-
tics to protect democracy, and they illustrate a trou-
bling deregulatory trend in campaign finance-related 
court decisions. Additionally, an unknown amount of 
foreign money continues to be spent in our political 
system as subsidiaries of foreign-based corporations 
and hostile foreign actors sometimes connected to 
nation-States work to influence our elections. 
(3) The Supreme Court’s misinterpretation of 
the Constitution to empower monied interests at the 
expense of the American people in elections has seri-
ously eroded over 100 years of congressional action
441 
to promote fairness and protect elections from the 
toxic influence of money. 
(4) In 1907, Congress passed the Tillman Act 
in response to the concentration of corporate power 
in the post-Civil War Gilded Age. The Act prohibited 
corporations from making contributions in connec-
tion with Federal elections, aiming ‘‘not merely to 
prevent the subversion of the integrity of the elec-
toral process [but] * * * to sustain the active, alert 
responsibility of the individual citizen in a democ-
racy for the wise conduct of government’’. 
(5) By 1910, Congress began passing disclosure 
requirements and campaign expenditure limits, and 
dozens of States passed corrupt practices Acts to 
prohibit corporate spending in elections. States also 
enacted campaign spending limits, and some States 
limited the amount that people could contribute to 
campaigns. 
(6) In 1947, the Taft-Hartley Act prohibited 
corporations and unions from making campaign con-
tributions or other expenditures to influence elec-
tions. In 1962, a Presidential commission on election 
spending recommended spending limits and incen-
tives to increase small contributions from more peo-
ple.
442 
(7) The Federal Election Campaign Act of 
1971 (FECA), as amended in 1974, required disclo-
sure of contributions and expenditures, imposed con-
tribution and expenditure limits for individuals and 
groups, set spending limits for campaigns, can-
didates, and groups, implemented a public funding 
system for Presidential campaigns, and created the 
Federal Election Commission to oversee and enforce 
the new rules. 
(8) In the wake of Citizens United and other 
damaging Federal court decisions, Americans have 
witnessed an explosion of outside spending in elec-
tions. Outside spending increased nearly 900 percent 
between the 2008 and 2016 Presidential election 
years. Indeed, the 2018 elections once again made 
clear the overwhelming political power of wealthy 
special interests, to the tune of over $5,000,000,000. 
And as political entities adapt to a post- Citizens 
United, post-McCutcheon landscape, these trends are 
getting worse, as evidenced by the experience in the 
2018 midterm congressional elections, where outside 
spending more than doubled from the previous mid-
term cycle. 
(9) The torrent of money flowing into our polit-
ical system has a profound effect on the democratic
443 
process for everyday Americans, whose voices and 
policy preferences are increasingly being drowned 
out by those of wealthy special interests. The more 
campaign cash from wealthy special interests can 
flood our elections, the more policies that favor those 
interests are reflected in the national political agen-
da. When it comes to policy preferences, our Na-
tion’s wealthiest tend to have fundamentally dif-
ferent views than do average Americans when it 
comes to issues ranging from unemployment benefits 
to the minimum wage to health care coverage. 
(10) The Court has tied the hands of Congress 
and the States, severely restricting them from set-
ting reasonable limits on campaign spending. For 
example, the Court has held that only the Govern-
ment’s interest in preventing quid pro quo corrup-
tion, like bribery, or the appearance of such corrup-
tion, can justify limits on campaign contributions. 
More broadly, the Court has severely curtailed at-
tempts to reduce the ability of the Nation’s wealthi-
est and most powerful to skew our democracy in 
their favor by buying outsized influence in our elec-
tions. Because this distortion of the Constitution has 
prevented truly meaningful regulation or reform of 
the way we finance elections in America, a constitu-
444 
tional amendment is needed to achieve a democracy 
for all the people. 
(11) Since the landmark Citizens United deci-
sion, 19 States and nearly 800 municipalities, in-
cluding large cities like New York, Los Angeles, Chi-
cago, and Philadelphia, have gone on record sup-
porting a constitutional amendment. Transcending 
political leanings and geographic location, voters in 
States and municipalities across the country that 
have placed amendment questions on the ballot have 
routinely supported these initiatives by considerably 
large margins. 
(12) At the same time millions of Americans 
have signed petitions, marched, called their Members 
of Congress, written letters to the editor, and other-
wise demonstrated their public support for a con-
stitutional amendment to overturn Citizens United 
that will allow Congress to reign in the outsized in-
fluence of unchecked money in politics. Dozens of 
organizations, representing tens of millions of indi-
viduals, have come together in a shared strategy of 
supporting such an amendment. 
(13) In order to protect the integrity of democ-
racy and the electoral process and to ensure political 
equality for all, the Constitution should be amended
445 
so that Congress and the States may regulate and 
set limits on the raising and spending of money to 
influence elections and may distinguish between nat-
ural persons and artificial entities, like corporations, 
that are created by law, including by prohibiting 
such artificial entities from spending money to influ-
ence elections. 
Subtitle B—Congressional 
Elections 
SEC. 5100. SHORT TITLE. 
This subtitle may be cited as the ‘‘Government By 
the People Act of 2019’’. 
PART 1—MY VOICE VOUCHER PILOT PROGRAM 
SEC. 5101. ESTABLISHMENT OF PILOT PROGRAM. 
(a) ESTABLISHMENT.—The Federal Election Com-
mission (hereafter in this part referred to as the ‘‘Commis-
sion’’) shall establish a pilot program under which the 
Commission shall select 3 eligible States to operate a 
voucher pilot program which is described in section 5102 
during the program operation period. 
(b) ELIGIBILITY OF STATES.—A State is eligible to 
be selected to operate a voucher pilot program under this 
part if, not later than 180 days after the beginning of the 
program application period, the State submits to the Com-
mission an application containing—
446 
(1) information and assurances that the State 
will operate a voucher program which contains the 
elements described in section 5102(a); 
(2) information and assurances that the State 
will establish fraud prevention mechanisms described 
in section 5102(b); 
(3) information and assurances that the State 
will establish a commission to oversee and implement 
the program as described in section 5102(c); 
(4) information and assurances that the State 
will carry out a public information campaign as de-
scribed in section 5102(d); 
(5) information and assurances that the State 
will submit reports as required under section 5103; 
and 
(6) such other information and assurances as 
the Commission may require. 
(c) SELECTION OF PARTICIPATING STATES.— 
(1) IN GENERAL.—Not later than 1 year after 
the beginning of the program application period, the 
Commission shall select the 3 States which will oper-
ate voucher pilot programs under this part. 
(2) CRITERIA.—In selecting States for the oper-
ation of the voucher pilot programs under this part, 
the Commission shall apply such criteria and metrics
447 
as the Commission considers appropriate to deter-
mine the ability of a State to operate the program 
successfully, and shall attempt to select States in a 
variety of geographic regions and with a variety of 
political party preferences. 
(3) NO SUPERMAJORITY REQUIRED FOR SELEC-
TION.—The selection of States by the Commission 
under this subsection shall require the approval of 
only half of the Members of the Commission. 
(d) DUTIES OF STATES DURING PROGRAM PREPARA-
TION PERIOD.—During the program preparation period, 
each State selected to operate a voucher pilot program 
under this part shall take such actions as may be nec-
essary to ensure that the State will be ready to operate 
the program during the program operation period, and 
shall complete such actions not later than 90 days before 
the beginning of the program operation period. 
(e) TERMINATION.—Each voucher pilot program 
under this part shall terminate as of the first day after 
the program operation period. 
(f) REIMBURSEMENT OF COSTS.— 
(1) REIMBURSEMENT.—Upon receiving the re-
port submitted by a State under section 5103(a) 
with respect to an election cycle, the Commission 
shall transmit a payment to the State in an amount
448 
equal to the reasonable costs incurred by the State 
in operating the voucher pilot program under this 
part during the cycle. 
(2) SOURCE OF FUNDS.—Payments to States 
under the program shall be made using amounts in 
the Freedom From Influence Fund under section 
541 of the Federal Election Campaign Act of 1971 
(as added by section 5111), hereafter referred to as 
the ‘‘Fund’’. 
(3) MANDATORY REDUCTION OF PAYMENTS IN 
CASE
OF
INSUFFICIENT
AMOUNTS
IN
FREEDOM 
FROM INFLUENCE FUND.— 
(A) ADVANCE AUDITS BY COMMISSION.— 
Not later than 90 days before the first day of 
each program operation period, the Commission 
shall— 
(i) audit the Fund to determine 
whether, after first making payments to 
participating candidates under title V of 
the Federal Election Campaign Act of 
1971 (as added by section 5111), the 
amounts remaining in the Fund will be 
sufficient to make payments to States 
under this part in the amounts provided 
under this subsection; and
449 
(ii) submit a report to Congress de-
scribing the results of the audit. 
(B) REDUCTIONS
IN
AMOUNT
OF
PAY-
MENTS.— 
(i) AUTOMATIC
REDUCTION
ON
PRO 
RATA BASIS.—If, on the basis of the audit 
described in subparagraph (A), the Com-
mission determines that the amount antici-
pated to be available in the Fund with re-
spect to an election cycle involved is not, or 
may not be, sufficient to make payments to 
States under this part in the full amount 
provided under this subsection, the Com-
mission shall reduce each amount which 
would otherwise be paid to a State under 
this subsection by such pro rata amount as 
may be necessary to ensure that the aggre-
gate amount of payments anticipated to be 
made with respect to the cycle will not ex-
ceed the amount anticipated to be available 
for such payments in the Fund with re-
spect to such cycle. 
(ii) RESTORATION OF REDUCTIONS IN 
CASE
OF
AVAILABILITY
OF
SUFFICIENT 
FUNDS
DURING
ELECTION
CYCLE.—If,
450 
after reducing the amounts paid to States 
with respect to an election cycle under 
clause (i), the Commission determines that 
there are sufficient amounts in the Fund 
to restore the amount by which such pay-
ments were reduced (or any portion there-
of), to the extent that such amounts are 
available, the Commission may make a 
payment on a pro rata basis to each such 
State with respect to the cycle in the 
amount by which such State’s payments 
were reduced under clause (i) (or any por-
tion thereof, as the case may be). 
(iii) NO
USE
OF
AMOUNTS
FROM 
OTHER SOURCES.—In any case in which 
the Commission determines that there are 
insufficient moneys in the Fund to make 
payments to States under this part, mon-
eys shall not be made available from any 
other source for the purpose of making 
such payments. 
(4) CAP ON AMOUNT OF PAYMENT.—The aggre-
gate amount of payments made to any State with re-
spect to any program operation period may not ex-
ceed $10,000,000. If the State determines that the
451 
maximum payment amount under this paragraph 
with respect to the program operation period in-
volved is not, or may not be, sufficient to cover the 
reasonable costs incurred by the State in operating 
the program under this part for such period, the 
State shall reduce the amount of the voucher pro-
vided to each qualified individual by such pro rata 
amount as may be necessary to ensure that the rea-
sonable costs incurred by the State in operating the 
program will not exceed the amount paid to the 
State with respect to such period. 
SEC. 5102. VOUCHER PROGRAM DESCRIBED. 
(a) GENERAL ELEMENTS OF PROGRAM.— 
(1) ELEMENTS DESCRIBED.—The elements of a 
voucher pilot program operated by a State under 
this part are as follows: 
(A) The State shall provide each qualified 
individual upon the individual’s request with a 
voucher worth $25 to be known as a ‘‘My Voice 
Voucher’’ during the election cycle which will be 
assigned a routing number and which at the op-
tion of the individual will be provided in either 
paper or electronic form. 
(B) Using the routing number assigned to 
the My Voice Voucher, the individual may sub-
452 
mit the My Voice Voucher in either electronic 
or paper form to qualified candidates for elec-
tion for the office of Representative in, or Dele-
gate or Resident Commissioner to, the Congress 
and allocate such portion of the value of the My 
Voice Voucher in increments of $5 as the indi-
vidual may select to any such candidate. 
(C) If the candidate transmits the My 
Voice Voucher to the Commission, the Commis-
sion shall pay the candidate the portion of the 
value of the My Voice Voucher that the indi-
vidual allocated to the candidate, which shall be 
considered a contribution by the individual to 
the candidate for purposes of the Federal Elec-
tion Campaign Act of 1971. 
(2) DESIGNATION
OF
QUALIFIED
INDIVID-
UALS.—For purposes of paragraph (1)(A), a ‘‘quali-
fied individual’’ with respect to a State means an in-
dividual— 
(A) who is a resident of the State; 
(B) who will be of voting age as of the 
date of the election for the candidate to whom 
the individual submits a My Voice Voucher; and
453 
(C) who is not prohibited under Federal 
law from making contributions to candidates 
for election for Federal office. 
(3) TREATMENT
AS
CONTRIBUTION
TO
CAN-
DIDATE.—For purposes of the Federal Election 
Campaign Act of 1971, the submission of a My 
Voice Voucher to a candidate by an individual shall 
be treated as a contribution to the candidate by the 
individual in the amount of the portion of the value 
of the Voucher that the individual allocated to the 
candidate. 
(b) FRAUD PREVENTION MECHANISM.—In addition 
to the elements described in subsection (a), a State oper-
ating a voucher pilot program under this part shall permit 
an individual to revoke a My Voice Voucher not later than 
2 days after submitting the My Voice Voucher to a can-
didate. 
(c) OVERSIGHT COMMISSION.—In addition to the ele-
ments described in subsection (a), a State operating a 
voucher pilot program under this part shall establish a 
commission or designate an existing entity to oversee and 
implement the program in the State, except that no such 
commission or entity may be comprised of elected officials. 
(d) PUBLIC INFORMATION CAMPAIGN.—In addition 
to the elements described in subsection (a), a State oper-
454 
ating a voucher pilot program under this part shall carry 
out a public information campaign to disseminate aware-
ness of the program among qualified individuals. 
SEC. 5103. REPORTS. 
(a) PRELIMINARY
REPORT.—Not later than 6 
months after the first election cycle of the program oper-
ation period, a State which operates a voucher pilot pro-
gram under this part shall submit a report to the Commis-
sion analyzing the operation and effectiveness of the pro-
gram during the cycle and including such other informa-
tion as the Commission may require. 
(b) FINAL REPORT.—Not later than 6 months after 
the end of the program operation period, the State shall 
submit a final report to the Commission analyzing the op-
eration and effectiveness of the program and including 
such other information as the Commission may require. 
(c) REPORT BY COMMISSION.—Not later than the 
end of the first election cycle which begins after the pro-
gram operation period, the Commission shall submit a re-
port to Congress which summarizes and analyzes the re-
sults of the voucher pilot program, and shall include in 
the report such recommendations as the Commission con-
siders appropriate regarding the expansion of the pilot 
program to all States and territories, along with such
455 
other recommendations and other information as the Com-
mission considers appropriate. 
SEC. 5104. DEFINITIONS. 
(a) ELECTION CYCLE.—In this part, the term ‘‘elec-
tion cycle’’ means the period beginning on the day after 
the date of the most recent regularly scheduled general 
election for Federal office and ending on the date of the 
next regularly scheduled general election for Federal of-
fice. 
(b) DEFINITIONS RELATING TO PERIODS.—In this 
part, the following definitions apply: 
(1) PROGRAM APPLICATION PERIOD.—The term 
‘‘program application period’’ means the first elec-
tion cycle which begins after the date of the enact-
ment of this Act. 
(2) PROGRAM
PREPARATION
PERIOD.—The 
term ‘‘program preparation period’’ means the first 
election cycle which begins after the program appli-
cation period. 
(3) PROGRAM OPERATION PERIOD.—The term 
‘‘program operation period’’ means the first 2 elec-
tion cycles which begin after the program prepara-
tion period.
456 
PART 2—SMALL DOLLAR FINANCING OF 
CONGRESSIONAL ELECTION CAMPAIGNS 
SEC. 5111. BENEFITS AND ELIGIBILITY REQUIREMENTS 
FOR CANDIDATES. 
The Federal Election Campaign Act of 1971 (52 
U.S.C. 30101 et seq.) is amended by adding at the end 
the following: 
‘‘TITLE V—SMALL DOLLAR FI-
NANCING 
OF 
CONGRES-
SIONAL 
ELECTION 
CAM-
PAIGNS 
‘‘Subtitle A—Benefits 
‘‘SEC. 501. BENEFITS FOR PARTICIPATING CANDIDATES. 
‘‘(a) IN GENERAL.—If a candidate for election to the 
office of Representative in, or Delegate or Resident Com-
missioner to, the Congress is certified as a participating 
candidate under this title with respect to an election for 
such office, the candidate shall be entitled to payments 
as provided under this title. 
‘‘(b) AMOUNT OF PAYMENT.—The amount of a pay-
ment made under this title shall be equal to 600 percent 
of the amount of qualified small dollar contributions re-
ceived by the candidate since the most recent payment 
made to the candidate under this title during the election 
cycle, without regard to whether or not the candidate re-
ceived any of the contributions before, during, or after the
457 
Small Dollar Democracy qualifying period applicable to 
the candidate under section 511(c). 
‘‘(c) LIMIT
ON
AGGREGATE
AMOUNT
OF
PAY-
MENTS.—The aggregate amount of payments made to a 
participating candidate with respect to an election cycle 
under this title may not exceed 50 percent of the average 
of the 20 greatest amounts of disbursements made by the 
authorized committees of any winning candidate for the 
office of Representative in, or Delegate or Resident Com-
missioner to, the Congress during the most recent election 
cycle, rounded to the nearest $100,000. 
‘‘SEC. 502. PROCEDURES FOR MAKING PAYMENTS. 
‘‘(a) IN GENERAL.—The Commission shall make a 
payment under section 501 to a candidate who is certified 
as a participating candidate upon receipt from the can-
didate of a request for a payment which includes— 
‘‘(1) a statement of the number and amount of 
qualified small dollar contributions received by the 
candidate since the most recent payment made to 
the candidate under this title during the election 
cycle; 
‘‘(2) a statement of the amount of the payment 
the candidate anticipates receiving with respect to 
the request;
458 
‘‘(3) a statement of the total amount of pay-
ments the candidate has received under this title as 
of the date of the statement; and 
‘‘(4) such other information and assurances as 
the Commission may require. 
‘‘(b) RESTRICTIONS
ON
SUBMISSION
OF
RE-
QUESTS.—A candidate may not submit a request under 
subsection (a) unless each of the following applies: 
‘‘(1) The amount of the qualified small dollar 
contributions in the statement referred to in sub-
section (a)(1) is equal to or greater than $5,000, un-
less the request is submitted during the 30-day pe-
riod which ends on the date of a general election. 
‘‘(2) The candidate did not receive a payment 
under this title during the 7-day period which ends 
on the date the candidate submits the request. 
‘‘(c) TIME OF PAYMENT.—The Commission shall, in 
coordination with the Secretary of the Treasury, take such 
steps as may be necessary to ensure that the Secretary 
is able to make payments under this section from the 
Treasury not later than 2 business days after the receipt 
of a request submitted under subsection (a). 
‘‘SEC. 503. USE OF FUNDS. 
‘‘(a) USE OF FUNDS FOR AUTHORIZED CAMPAIGN 
EXPENDITURES.—A candidate shall use payments made
459 
under this title, including payments provided with respect 
to a previous election cycle which are withheld from remit-
tance to the Commission in accordance with section 
524(a)(2), only for making direct payments for the receipt 
of goods and services which constitute authorized expendi-
tures (as determined in accordance with title III) in con-
nection with the election cycle involved. 
‘‘(b) PROHIBITING USE OF FUNDS FOR LEGAL EX-
PENSES, FINES, OR PENALTIES.—Notwithstanding title 
III, a candidate may not use payments made under this 
title for the payment of expenses incurred in connection 
with any action, claim, or other matter before the Commis-
sion or before any court, hearing officer, arbitrator, or 
other dispute resolution entity, or for the payment of any 
fine or civil monetary penalty. 
‘‘SEC. 504. QUALIFIED SMALL DOLLAR CONTRIBUTIONS DE-
SCRIBED. 
‘‘(a) IN GENERAL.—In this title, the term ‘qualified 
small dollar contribution’ means, with respect to a can-
didate and the authorized committees of a candidate, a 
contribution that meets the following requirements: 
‘‘(1) The contribution is in an amount that is— 
‘‘(A) not less than $1; and 
‘‘(B) not more than $200.
460 
‘‘(2)(A) The contribution is made directly by an 
individual to the candidate or an authorized com-
mittee of the candidate and is not— 
‘‘(i) forwarded from the individual making 
the contribution to the candidate or committee 
by another person; or 
‘‘(ii) received by the candidate or com-
mittee with the knowledge that the contribution 
was made at the request, suggestion, or rec-
ommendation of another person. 
‘‘(B) In this paragraph— 
‘‘(i) the term ‘person’ does not include an 
individual (other than an individual described in 
section 304(i)(7) of the Federal Election Cam-
paign Act of 1971), a political committee of a 
political party, or any political committee which 
is not a separate segregated fund described in 
section 316(b) of the Federal Election Cam-
paign Act of 1971 and which does not make 
contributions or independent expenditures, does 
not engage in lobbying activity under the Lob-
bying Disclosure Act of 1995 (2 U.S.C. 1601 et 
seq.), and is not established by, controlled by, 
or affiliated with a registered lobbyist under 
such Act, an agent of a registered lobbyist
461 
under such Act, or an organization which re-
tains or employs a registered lobbyist under 
such Act; and 
‘‘(ii) a contribution is not ‘made at the re-
quest, suggestion, or recommendation of an-
other person’ solely on the grounds that the 
contribution is made in response to information 
provided to the individual making the contribu-
tion by any person, so long as the candidate or 
authorized committee does not know the iden-
tity of the person who provided the information 
to such individual. 
‘‘(3) The individual who makes the contribution 
does not make contributions to the candidate or the 
authorized committees of the candidate with respect 
to the election involved in an aggregate amount that 
exceeds the amount described in paragraph (1)(B), 
or any contribution to the candidate or the author-
ized committees of the candidate with respect to the 
election involved that otherwise is not a qualified 
small dollar contribution. 
‘‘(b) TREATMENT OF MY VOICE VOUCHERS.—Any 
payment received by a candidate and the authorized com-
mittees of a candidate which consists of a My Voice 
Voucher under the Government By the People Act of 2019
462 
shall be considered a qualified small dollar contribution 
for purposes of this title, so long as the individual making 
the payment meets the requirements of paragraphs (2) 
and (3) of subsection (a). 
‘‘(c) RESTRICTION
ON
SUBSEQUENT
CONTRIBU-
TIONS.— 
‘‘(1) PROHIBITING DONOR FROM MAKING SUB-
SEQUENT
NONQUALIFIED
CONTRIBUTIONS
DURING 
ELECTION CYCLE.— 
‘‘(A) IN
GENERAL.—An individual who 
makes a qualified small dollar contribution to a 
candidate or the authorized committees of a 
candidate with respect to an election may not 
make any subsequent contribution to such can-
didate or the authorized committees of such 
candidate with respect to the election cycle 
which is not a qualified small dollar contribu-
tion. 
‘‘(B) EXCEPTION FOR CONTRIBUTIONS TO 
CANDIDATES
WHO
VOLUNTARILY
WITHDRAW 
FROM PARTICIPATION DURING QUALIFYING PE-
RIOD.—Subparagraph (A) does not apply with 
respect to a contribution made to a candidate 
who, during the Small Dollar Democracy quali-
fying period described in section 511(c), sub-
463 
mits a statement to the Commission under sec-
tion 513(c) to voluntarily withdraw from par-
ticipating in the program under this title. 
‘‘(2) 
TREATMENT
OF
SUBSEQUENT
NON-
QUALIFIED
CONTRIBUTIONS.—If, notwithstanding 
the prohibition described in paragraph (1), an indi-
vidual who makes a qualified small dollar contribu-
tion to a candidate or the authorized committees of 
a candidate with respect to an election makes a sub-
sequent contribution to such candidate or the au-
thorized committees of such candidate with respect 
to the election which is prohibited under paragraph 
(1) because it is not a qualified small dollar con-
tribution, the candidate may take one of the fol-
lowing actions: 
‘‘(A) Not later than 2 weeks after receiving 
the contribution, the candidate may return the 
subsequent contribution to the individual. In 
the case of a subsequent contribution which is 
not a qualified small dollar contribution because 
the contribution fails to meet the requirements 
of paragraph (3) of subsection (a) (relating to 
the aggregate amount of contributions made to 
the candidate or the authorized committees of 
the candidate by the individual making the con-
464 
tribution), the candidate may return an amount 
equal to the difference between the amount of 
the subsequent contribution and the amount de-
scribed in paragraph (1)(B) of subsection (a). 
‘‘(B) The candidate may retain the subse-
quent contribution, so long as not later than 2 
weeks after receiving the subsequent contribu-
tion, the candidate remits to the Commission 
for deposit in the Freedom From Influence 
Fund under section 541 an amount equal to 
any payments received by the candidate under 
this title which are attributable to the qualified 
small dollar contribution made by the individual 
involved. 
‘‘(3) NO EFFECT ON ABILITY TO MAKE MUL-
TIPLE
CONTRIBUTIONS.—Nothing in this section 
may be construed to prohibit an individual from 
making multiple qualified small dollar contributions 
to any candidate or any number of candidates, so 
long as each contribution meets each of the require-
ments of paragraphs (1), (2), and (3) of subsection 
(a). 
‘‘(d) NOTIFICATION
REQUIREMENTS
FOR
CAN-
DIDATES.—
465 
‘‘(1) NOTIFICATION.—Each authorized com-
mittee of a candidate who seeks to be a participating 
candidate under this title shall provide the following 
information in any materials for the solicitation of 
contributions, including any internet site through 
which individuals may make contributions to the 
committee: 
‘‘(A) A statement that if the candidate is 
certified as a participating candidate under this 
title, the candidate will receive matching pay-
ments in an amount which is based on the total 
amount of qualified small dollar contributions 
received. 
‘‘(B) A statement that a contribution 
which meets the requirements set forth in sub-
section (a) shall be treated as a qualified small 
dollar contribution under this title. 
‘‘(C) A statement that if a contribution is 
treated as qualified small dollar contribution 
under this title, the individual who makes the 
contribution may not make any contribution to 
the candidate or the authorized committees of 
the candidate during the election cycle which is 
not a qualified small dollar contribution.
466 
‘‘(2) ALTERNATIVE METHODS OF MEETING RE-
QUIREMENTS.—An authorized committee may meet 
the requirements of paragraph (1)— 
‘‘(A) by including the information de-
scribed in paragraph (1) in the receipt provided 
under section 512(b)(3) to a person making a 
qualified small dollar contribution; or 
‘‘(B) by modifying the information it pro-
vides to persons making contributions which is 
otherwise required under title III (including in-
formation it provides through the internet). 
‘‘Subtitle B—Eligibility and 
Certification 
‘‘SEC. 511. ELIGIBILITY. 
‘‘(a) IN GENERAL.—A candidate for the office of 
Representative in, or Delegate or Resident Commissioner 
to, the Congress is eligible to be certified as a participating 
candidate under this title with respect to an election if 
the candidate meets the following requirements: 
‘‘(1) The candidate files with the Commission a 
statement of intent to seek certification as a partici-
pating candidate. 
‘‘(2) The candidate meets the qualifying re-
quirements of section 512.
467 
‘‘(3) The candidate files with the Commission a 
statement certifying that the authorized committees 
of the candidate meet the requirements of section 
504(d). 
‘‘(4) Not later than the last day of the Small 
Dollar Democracy qualifying period, the candidate 
files with the Commission an affidavit signed by the 
candidate and the treasurer of the candidate’s prin-
cipal campaign committee declaring that the can-
didate— 
‘‘(A) has complied and, if certified, will 
comply with the contribution and expenditure 
requirements of section 521; 
‘‘(B) if certified, will run only as a partici-
pating candidate for all elections for the office 
that such candidate is seeking during that elec-
tion cycle; and 
‘‘(C) has either qualified or will take steps 
to qualify under State law to be on the ballot. 
‘‘(b) GENERAL ELECTION.—Notwithstanding sub-
section (a), a candidate shall not be eligible to be certified 
as a participating candidate under this title for a general 
election or a general runoff election unless the candidate’s 
party nominated the candidate to be placed on the ballot
468 
for the general election or the candidate is otherwise quali-
fied to be on the ballot under State law. 
‘‘(c) SMALL DOLLAR DEMOCRACY QUALIFYING PE-
RIOD DEFINED.—The term ‘Small Dollar Democracy 
qualifying period’ means, with respect to any candidate 
for an office, the 180-day period (during the election cycle 
for such office) which begins on the date on which the 
candidate files a statement of intent under section 
511(a)(1), except that such period may not continue after 
the date that is 30 days before the date of the general 
election for the office. 
‘‘SEC. 512. QUALIFYING REQUIREMENTS. 
‘‘(a) RECEIPT OF QUALIFIED SMALL DOLLAR CON-
TRIBUTIONS.—A candidate for the office of Representative 
in, or Delegate or Resident Commissioner to, the Congress 
meets the requirement of this section if, during the Small 
Dollar Democracy qualifying period described in section 
511(c), each of the following occurs: 
‘‘(1) Not fewer than 1,000 individuals make a 
qualified small dollar contribution to the candidate. 
‘‘(2) The candidate obtains a total dollar 
amount of qualified small dollar contributions which 
is equal to or greater than $50,000.
469 
‘‘(b) REQUIREMENTS RELATING
TO RECEIPT
OF 
QUALIFIED
SMALL
DOLLAR
CONTRIBUTION.—Each 
qualified small dollar contribution— 
‘‘(1) may be made by means of a personal 
check, money order, debit card, credit card, elec-
tronic payment account, or any other method 
deemed appropriate by the Commission; 
‘‘(2) shall be accompanied by a signed state-
ment (or, in the case of a contribution made online 
or through other electronic means, an electronic 
equivalent) containing the contributor’s name and 
address; and 
‘‘(3) shall be acknowledged by a receipt that is 
sent to the contributor with a copy (in paper or elec-
tronic form) kept by the candidate for the Commis-
sion. 
‘‘(c) VERIFICATION OF CONTRIBUTIONS.—The Com-
mission shall establish procedures for the auditing and 
verification of the contributions received and expenditures 
made by participating candidates under this title, includ-
ing procedures for random audits, to ensure that such con-
tributions and expenditures meet the requirements of this 
title. 
‘‘SEC. 513. CERTIFICATION. 
‘‘(a) DEADLINE AND NOTIFICATION.—
470 
‘‘(1) IN GENERAL.—Not later than 5 business 
days after a candidate files an affidavit under sec-
tion 511(a)(4), the Commission shall— 
‘‘(A) determine whether or not the can-
didate meets the requirements for certification 
as a participating candidate; 
‘‘(B) if the Commission determines that 
the candidate meets such requirements, certify 
the candidate as a participating candidate; and 
‘‘(C) notify the candidate of the Commis-
sion’s determination. 
‘‘(2) DEEMED CERTIFICATION FOR ALL ELEC-
TIONS IN ELECTION CYCLE.—If the Commission cer-
tifies a candidate as a participating candidate with 
respect to the first election of the election cycle in-
volved, the Commission shall be deemed to have cer-
tified the candidate as a participating candidate with 
respect to all subsequent elections of the election 
cycle. 
‘‘(b) REVOCATION OF CERTIFICATION.— 
‘‘(1) IN GENERAL.—The Commission shall re-
voke a certification under subsection (a) if— 
‘‘(A) a candidate fails to qualify to appear 
on the ballot at any time after the date of cer-
tification (other than a candidate certified as a
471 
participating candidate with respect to a pri-
mary election who fails to qualify to appear on 
the ballot for a subsequent election in that elec-
tion cycle); 
‘‘(B) a candidate ceases to be a candidate 
for the office involved, as determined on the 
basis of an official announcement by an author-
ized committee of the candidate or on the basis 
of a reasonable determination by the Commis-
sion; or 
‘‘(C) a candidate otherwise fails to comply 
with the requirements of this title, including 
any regulatory requirements prescribed by the 
Commission. 
‘‘(2) EXISTENCE OF CRIMINAL SANCTION.—The 
Commission shall revoke a certification under sub-
section (a) if a penalty is assessed against the can-
didate under section 309(d) with respect to the elec-
tion. 
‘‘(3) EFFECT
OF
REVOCATION.—If a can-
didate’s certification is revoked under this sub-
section— 
‘‘(A) the candidate may not receive pay-
ments under this title during the remainder of 
the election cycle involved; and
472 
‘‘(B) in the case of a candidate whose cer-
tification is revoked pursuant to subparagraph 
(A) or subparagraph (C) of paragraph (1)— 
‘‘(i) the candidate shall repay to the 
Freedom From Influence Fund established 
under section 541 an amount equal to the 
payments received under this title with re-
spect to the election cycle involved plus in-
terest (at a rate determined by the Com-
mission on the basis of an appropriate an-
nual percentage rate for the month in-
volved) on any such amount received; and 
‘‘(ii) the candidate may not be cer-
tified as a participating candidate under 
this title with respect to the next election 
cycle. 
‘‘(4) PROHIBITING PARTICIPATION IN FUTURE 
ELECTIONS FOR CANDIDATES WITH MULTIPLE REV-
OCATIONS.—If the Commission revokes the certifi-
cation of an individual as a participating candidate 
under this title pursuant to subparagraph (A) or 
subparagraph (C) of paragraph (1) a total of 3 
times, the individual may not be certified as a par-
ticipating candidate under this title with respect to 
any subsequent election.
473 
‘‘(c) VOLUNTARY
WITHDRAWAL
FROM
PARTICI-
PATING DURING QUALIFYING PERIOD.—At any time dur-
ing the Small Dollar Democracy qualifying period de-
scribed in section 511(c), a candidate may withdraw from 
participation in the program under this title by submitting 
to the Commission a statement of withdrawal (without re-
gard to whether or not the Commission has certified the 
candidate as a participating candidate under this title as 
of the time the candidate submits such statement), so long 
as the candidate has not submitted a request for payment 
under section 502. 
‘‘(d) PARTICIPATING CANDIDATE DEFINED.—In this 
title, a ‘participating candidate’ means a candidate for the 
office of Representative in, or Delegate or Resident Com-
missioner to, the Congress who is certified under this sec-
tion as eligible to receive benefits under this title. 
‘‘Subtitle C—Requirements for Can-
didates 
Certified 
as 
Partici-
pating Candidates 
‘‘SEC. 521. CONTRIBUTION AND EXPENDITURE REQUIRE-
MENTS. 
‘‘(a) PERMITTED SOURCES OF CONTRIBUTIONS AND 
EXPENDITURES.—Except as provided in subsection (c), a 
participating candidate with respect to an election shall, 
with respect to all elections occurring during the election
474 
cycle for the office involved, accept no contributions from 
any source and make no expenditures from any amounts, 
other than the following: 
‘‘(1) Qualified small dollar contributions. 
‘‘(2) Payments under this title. 
‘‘(3) Contributions from political committees es-
tablished and maintained by a national or State po-
litical party, subject to the applicable limitations of 
section 315. 
‘‘(4) Subject to subsection (b), personal funds 
of the candidate or of any immediate family member 
of the candidate (other than funds received through 
qualified small dollar contributions). 
‘‘(5) Contributions from individuals who are 
otherwise permitted to make contributions under 
this Act, subject to the applicable limitations of sec-
tion 315, except that the aggregate amount of con-
tributions a participating candidate may accept from 
any individual with respect to any election during 
the election cycle may not exceed $1,000. 
‘‘(6) Contributions from multicandidate political 
committees, subject to the applicable limitations of 
section 315. 
‘‘(b) SPECIAL RULES FOR PERSONAL FUNDS.—
475 
‘‘(1) LIMIT ON AMOUNT.—A candidate who is 
certified as a participating candidate may use per-
sonal funds (including personal funds of any imme-
diate family member of the candidate) so long as— 
‘‘(A) the aggregate amount used with re-
spect to the election cycle (including any period 
of the cycle occurring prior to the candidate’s 
certification as a participating candidate) does 
not exceed $50,000; and 
‘‘(B) the funds are used only for making 
direct payments for the receipt of goods and 
services which constitute authorized expendi-
tures in connection with the election cycle in-
volved. 
‘‘(2) IMMEDIATE FAMILY MEMBER DEFINED.— 
In this subsection, the term ‘immediate family mem-
ber’ means, with respect to a candidate— 
‘‘(A) the candidate’s spouse; 
‘‘(B) a child, stepchild, parent, grand-
parent, brother, half-brother, sister, or half-sis-
ter of the candidate or the candidate’s spouse; 
and 
‘‘(C) the spouse of any person described in 
subparagraph (B). 
‘‘(c) EXCEPTIONS.—
476 
‘‘(1) EXCEPTION
FOR
CONTRIBUTIONS
RE-
CEIVED PRIOR TO FILING OF STATEMENT OF IN-
TENT.—A candidate who has accepted contributions 
that are not described in subsection (a) is not in vio-
lation of subsection (a), but only if all such contribu-
tions are— 
‘‘(A) returned to the contributor; 
‘‘(B) submitted to the Commission for de-
posit in the Freedom From Influence Fund es-
tablished under section 541; or 
‘‘(C) spent in accordance with paragraph 
(2). 
‘‘(2) EXCEPTION
FOR
EXPENDITURES
MADE 
PRIOR TO FILING OF STATEMENT OF INTENT.—If a 
candidate has made expenditures prior to the date 
the candidate files a statement of intent under sec-
tion 511(a)(1) that the candidate is prohibited from 
making under subsection (a) or subsection (b), the 
candidate is not in violation of such subsection if the 
aggregate amount of the prohibited expenditures is 
less than the amount referred to in section 
512(a)(2) (relating to the total dollar amount of 
qualified small dollar contributions which the can-
didate is required to obtain) which is applicable to 
the candidate.
477 
‘‘(3) EXCEPTION
FOR
CAMPAIGN
SURPLUSES 
FROM
A
PREVIOUS
ELECTION.—Notwithstanding 
paragraph (1), unexpended contributions received by 
the candidate or an authorized committee of the 
candidate with respect to a previous election may be 
retained, but only if the candidate places the funds 
in escrow and refrains from raising additional funds 
for or spending funds from that account during the 
election cycle in which a candidate is a participating 
candidate. 
‘‘(4) EXCEPTION
FOR
CONTRIBUTIONS
RE-
CEIVED
BEFORE
THE
EFFECTIVE
DATE
OF
THIS 
TITLE.—Contributions received and expenditures 
made by the candidate or an authorized committee 
of the candidate prior to the effective date of this 
title shall not constitute a violation of subsection (a) 
or (b). Unexpended contributions shall be treated 
the same as campaign surpluses under paragraph 
(3), and expenditures made shall count against the 
limit in paragraph (2). 
‘‘(d) SPECIAL RULE FOR COORDINATED PARTY EX-
PENDITURES.—For purposes of this section, a payment 
made by a political party in coordination with a partici-
pating candidate shall not be treated as a contribution to 
or as an expenditure made by the participating candidate.
478 
‘‘(e) PROHIBITION ON JOINT FUNDRAISING COMMIT-
TEES.— 
‘‘(1) PROHIBITION.—An authorized committee 
of a candidate who is certified as a participating 
candidate under this title with respect to an election 
may not establish a joint fundraising committee with 
a political committee other than another authorized 
committee of the candidate. 
‘‘(2) STATUS OF EXISTING COMMITTEES FOR 
PRIOR
ELECTIONS.—If a candidate established a 
joint fundraising committee described in paragraph 
(1) with respect to a prior election for which the 
candidate was not certified as a participating can-
didate under this title and the candidate does not 
terminate the committee, the candidate shall not be 
considered to be in violation of paragraph (1) so 
long as that joint fundraising committee does not re-
ceive any contributions or make any disbursements 
during the election cycle for which the candidate is 
certified as a participating candidate under this title. 
‘‘(f) PROHIBITION ON LEADERSHIP PACS.— 
‘‘(1) PROHIBITION.—A candidate who is cer-
tified as a participating candidate under this title 
with respect to an election may not associate with,
479 
establish, finance, maintain, or control a leadership 
PAC. 
‘‘(2) 
STATUS
OF
EXISTING
LEADERSHIP 
PACS.—If a candidate established, financed, main-
tained, or controlled a leadership PAC prior to being 
certified as a participating candidate under this title 
and the candidate does not terminate the leadership 
PAC, the candidate shall not be considered to be in 
violation of paragraph (1) so long as the leadership 
PAC does not receive any contributions or make any 
disbursements during the election cycle for which the 
candidate is certified as a participating candidate 
under this title. 
‘‘(3) LEADERSHIP PAC DEFINED.—In this sub-
section, the term ‘leadership PAC’ has the meaning 
given such term in section 304(i)(8)(B). 
‘‘SEC. 522. ADMINISTRATION OF CAMPAIGN. 
‘‘(a) SEPARATE ACCOUNTING
FOR VARIOUS PER-
MITTED CONTRIBUTIONS.—Each authorized committee of 
a candidate certified as a participating candidate under 
this title— 
‘‘(1) shall provide for separate accounting of 
each type of contribution described in section 521(a) 
which is received by the committee; and
480 
‘‘(2) shall provide for separate accounting for 
the payments received under this title. 
‘‘(b) ENHANCED DISCLOSURE OF INFORMATION ON 
DONORS.— 
‘‘(1) MANDATORY IDENTIFICATION OF INDIVID-
UALS
MAKING
QUALIFIED
SMALL
DOLLAR
CON-
TRIBUTIONS.—Each authorized committee of a par-
ticipating candidate under this title shall elect, in ac-
cordance with section 304(b)(3)(A), to include in the 
reports the committee submits under section 304 the 
identification of each person who makes a qualified 
small dollar contribution to the committee. 
‘‘(2) 
MANDATORY
DISCLOSURE
THROUGH 
INTERNET.—Each authorized committee of a partici-
pating candidate under this title shall ensure that all 
information reported to the Commission under this 
Act with respect to contributions and expenditures 
of the committee is available to the public on the 
internet (whether through a site established for pur-
poses of this subsection, a hyperlink on another pub-
lic site of the committee, or a hyperlink on a report 
filed electronically with the Commission) in a search-
able, sortable, and downloadable manner.
481 
‘‘SEC. 523. PREVENTING UNNECESSARY SPENDING OF PUB-
LIC FUNDS. 
‘‘(a) MANDATORY SPENDING
OF AVAILABLE PRI-
VATE FUNDS.—An authorized committee of a candidate 
certified as a participating candidate under this title may 
not make any expenditure of any payments received under 
this title in any amount unless the committee has made 
an expenditure in an equivalent amount of funds received 
by the committee which are described in paragraphs (1), 
(3), (4), (5), and (6) of section 521(a). 
‘‘(b) LIMITATION.—Subsection (a) applies to an au-
thorized committee only to the extent that the funds re-
ferred to in such subsection are available to the committee 
at the time the committee makes an expenditure of a pay-
ment received under this title. 
‘‘SEC. 524. REMITTING UNSPENT FUNDS AFTER ELECTION. 
‘‘(a) REMITTANCE REQUIRED.—Not later than the 
date that is 180 days after the last election for which a 
candidate certified as a participating candidate qualifies 
to be on the ballot during the election cycle involved, such 
participating candidate shall remit to the Commission for 
deposit in the Freedom From Influence Fund established 
under section 541 an amount equal to the balance of the 
payments received under this title by the authorized com-
mittees of the candidate which remain unexpended as of 
such date.
482 
‘‘(b) PERMITTING CANDIDATES PARTICIPATING IN 
NEXT
ELECTION
CYCLE
TO
RETAIN
PORTION
OF 
UNSPENT FUNDS.—Notwithstanding subsection (a), a 
participating candidate may withhold not more than 
$100,000 from the amount required to be remitted under 
subsection (a) if the candidate files a signed affidavit with 
the Commission that the candidate will seek certification 
as a participating candidate with respect to the next elec-
tion cycle, except that the candidate may not use any por-
tion of the amount withheld until the candidate is certified 
as a participating candidate with respect to that next elec-
tion cycle. If the candidate fails to seek certification as 
a participating candidate prior to the last day of the Small 
Dollar Democracy qualifying period for the next election 
cycle (as described in section 511), or if the Commission 
notifies the candidate of the Commission’s determination 
does not meet the requirements for certification as a par-
ticipating candidate with respect to such cycle, the can-
didate shall immediately remit to the Commission the 
amount withheld. 
‘‘Subtitle D—Enhanced Match 
Support 
‘‘SEC. 531. ENHANCED SUPPORT FOR GENERAL ELECTION. 
‘‘(a) AVAILABILITY
OF ENHANCED SUPPORT.—In 
addition to the payments made under subtitle A, the Com-
483 
mission shall make an additional payment to an eligible 
candidate under this subtitle. 
‘‘(b) USE OF FUNDS.—A candidate shall use the ad-
ditional payment under this subtitle only for authorized 
expenditures in connection with the election involved. 
‘‘SEC. 532. ELIGIBILITY. 
‘‘(a) IN GENERAL.—A candidate is eligible to receive 
an additional payment under this subtitle if the candidate 
meets each of the following requirements: 
‘‘(1) The candidate is on the ballot for the gen-
eral election for the office the candidate seeks. 
‘‘(2) The candidate is certified as a partici-
pating candidate under this title with respect to the 
election. 
‘‘(3) During the enhanced support qualifying 
period, the candidate receives qualified small dollar 
contributions in a total amount of not less than 
$50,000. 
‘‘(4) During the enhanced support qualifying 
period, the candidate submits to the Commission a 
request for the payment which includes— 
‘‘(A) a statement of the number and 
amount of qualified small dollar contributions 
received by the candidate during the enhanced 
support qualifying period;
484 
‘‘(B) a statement of the amount of the 
payment the candidate anticipates receiving 
with respect to the request; and 
‘‘(C) such other information and assur-
ances as the Commission may require. 
‘‘(5) After submitting a request for the addi-
tional payment under paragraph (4), the candidate 
does not submit any other application for an addi-
tional payment under this subtitle. 
‘‘(b) ENHANCED SUPPORT QUALIFYING PERIOD DE-
SCRIBED.—In this subtitle, the term ‘enhanced support 
qualifying period’ means, with respect to a general elec-
tion, the period which begins 60 days before the date of 
the election and ends 14 days before the date of the elec-
tion. 
‘‘SEC. 533. AMOUNT. 
‘‘(a) IN GENERAL.—Subject to subsection (b), the 
amount of the additional payment made to an eligible can-
didate under this subtitle shall be an amount equal to 50 
percent of— 
‘‘(1) the amount of the payment made to the 
candidate under section 501(b) with respect to the 
qualified small dollar contributions which are re-
ceived by the candidate during the enhanced support
485 
qualifying period (as included in the request sub-
mitted by the candidate under section 532(a)(4)); or 
‘‘(2) in the case of a candidate who is not eligi-
ble to receive a payment under section 501(b) with 
respect to such qualified small dollar contributions 
because the candidate has reached the limit on the 
aggregate amount of payments under subtitle A for 
the election cycle under section 501(c), the amount 
of the payment which would have been made to the 
candidate under section 501(b) with respect to such 
qualified small dollar contributions if the candidate 
had not reached such limit. 
‘‘(b) LIMIT.—The amount of the additional payment 
determined under subsection (a) with respect to a can-
didate may not exceed $500,000. 
‘‘(c) NO
EFFECT
ON
AGGREGATE
LIMIT.—The 
amount of the additional payment made to a candidate 
under this subtitle shall not be included in determining 
the aggregate amount of payments made to a participating 
candidate with respect to an election cycle under section 
501(c). 
‘‘SEC. 534. WAIVER OF AUTHORITY TO RETAIN PORTION OF 
UNSPENT FUNDS AFTER ELECTION. 
‘‘Notwithstanding section 524(a)(2), a candidate who 
receives an additional payment under this subtitle with re-
486 
spect to an election is not permitted to withhold any por-
tion from the amount of unspent funds the candidate is 
required to remit to the Commission under section 
524(a)(1). 
‘‘Subtitle E—Administrative 
Provisions 
‘‘SEC. 541. FREEDOM FROM INFLUENCE FUND. 
‘‘(a) ESTABLISHMENT.—There is established in the 
Treasury a fund to be known as the ‘Freedom From Influ-
ence Fund’. 
‘‘(b) AMOUNTS HELD BY FUND.—The Fund shall 
consist of the following amounts: 
‘‘(1) ASSESSMENTS
AGAINST
FINES, SETTLE-
MENTS, 
AND
PENALTIES.—Amounts transferred 
under section 3015 of title 18, United States Code, 
section 9707 of title 31, United States Code, and 
section 6761 of the Internal Revenue Code of 1986. 
‘‘(2) DEPOSITS.—Amounts deposited into the 
Fund under— 
‘‘(A) section 521(c)(1)(B) (relating to ex-
ceptions to contribution requirements); 
‘‘(B) section 523 (relating to remittance of 
unused payments from the Fund); and 
‘‘(C) section 544 (relating to violations).
487 
‘‘(3) INVESTMENT RETURNS.—Interest on, and 
the proceeds from, the sale or redemption of any ob-
ligations held by the Fund under subsection (c). 
‘‘(c) INVESTMENT.—The Commission shall invest 
portions of the Fund in obligations of the United States 
in the same manner as provided under section 9602(b) 
of the Internal Revenue Code of 1986. 
‘‘(d) USE OF FUND TO MAKE PAYMENTS TO PAR-
TICIPATING CANDIDATES.— 
‘‘(1) 
PAYMENTS
TO
PARTICIPATING
CAN-
DIDATES.—Amounts in the Fund shall be available 
without further appropriation or fiscal year limita-
tion to make payments to participating candidates 
as provided in this title. 
‘‘(2) MANDATORY REDUCTION OF PAYMENTS IN 
CASE OF INSUFFICIENT AMOUNTS IN FUND.— 
‘‘(A) ADVANCE AUDITS BY COMMISSION.— 
Not later than 90 days before the first day of 
each election cycle (beginning with the first 
election cycle that begins after the date of the 
enactment of this title), the Commission shall— 
‘‘(i) audit the Fund to determine 
whether the amounts in the Fund will be 
sufficient to make payments to partici-
488 
pating candidates in the amounts provided 
in this title during such election cycle; and 
‘‘(ii) submit a report to Congress de-
scribing the results of the audit. 
‘‘(B) REDUCTIONS
IN
AMOUNT
OF
PAY-
MENTS.— 
‘‘(i) AUTOMATIC REDUCTION ON PRO 
RATA BASIS.—If, on the basis of the audit 
described in subparagraph (A), the Com-
mission determines that the amount antici-
pated to be available in the Fund with re-
spect to the election cycle involved is not, 
or may not be, sufficient to satisfy the full 
entitlements of participating candidates to 
payments under this title for such election 
cycle, the Commission shall reduce each 
amount which would otherwise be paid to 
a participating candidate under this title 
by such pro rata amount as may be nec-
essary to ensure that the aggregate 
amount of payments anticipated to be 
made with respect to the election cycle will 
not exceed the amount anticipated to be 
available for such payments in the Fund 
with respect to such election cycle.
489 
‘‘(ii) RESTORATION
OF
REDUCTIONS 
IN CASE OF AVAILABILITY OF SUFFICIENT 
FUNDS
DURING
ELECTION
CYCLE.—If, 
after reducing the amounts paid to partici-
pating candidates with respect to an elec-
tion cycle under clause (i), the Commission 
determines 
that 
there 
are 
sufficient 
amounts in the Fund to restore the 
amount by which such payments were re-
duced (or any portion thereof), to the ex-
tent that such amounts are available, the 
Commission may make a payment on a pro 
rata basis to each such participating can-
didate with respect to the election cycle in 
the amount by which such candidate’s pay-
ments were reduced under clause (i) (or 
any portion thereof, as the case may be). 
‘‘(iii) NO
USE
OF
AMOUNTS
FROM 
OTHER SOURCES.—In any case in which 
the Commission determines that there are 
insufficient moneys in the Fund to make 
payments to participating candidates under 
this title, moneys shall not be made avail-
able from any other source for the purpose 
of making such payments.
490 
‘‘(e) USE OF FUND TO MAKE OTHER PAYMENTS.— 
In addition to the use described in subsection (d), amounts 
in the Fund shall be available without further appropria-
tion or fiscal year limitation— 
‘‘(1) to make payments to States under the My 
Voice Voucher Program under the Government By 
the People Act of 2019, subject to reductions under 
section 5101(f)(3) of such Act; 
‘‘(2) to make payments to candidates under 
chapter 95 of subtitle H of the Internal Revenue 
Code of 1986, subject to reductions under section 
9013(b) of such Code; and 
‘‘(3) to make payments to candidates under 
chapter 96 of subtitle H of the Internal Revenue 
Code of 1986, subject to reductions under section 
9043(b) of such Code. 
‘‘(f) EFFECTIVE DATE.—This section shall take ef-
fect on the date of the enactment of this title. 
‘‘SEC. 542. REVIEWS AND REPORTS BY GOVERNMENT AC-
COUNTABILITY OFFICE. 
‘‘(a) REVIEW OF SMALL DOLLAR FINANCING.— 
‘‘(1) IN GENERAL.—After each regularly sched-
uled general election for Federal office, the Comp-
troller General of the United States shall conduct a
491 
comprehensive review of the Small Dollar financing 
program under this title, including— 
‘‘(A) the maximum and minimum dollar 
amounts of qualified small dollar contributions 
under section 504; 
‘‘(B) the number and value of qualified 
small dollar contributions a candidate is re-
quired to obtain under section 512(a) to be eli-
gible for certification as a participating can-
didate; 
‘‘(C) the maximum amount of payments a 
candidate may receive under this title; 
‘‘(D) the overall satisfaction of partici-
pating candidates and the American public with 
the program; and 
‘‘(E) such other matters relating to financ-
ing of campaigns as the Comptroller General 
determines are appropriate. 
‘‘(2) CRITERIA
FOR
REVIEW.—In conducting 
the review under subparagraph (A), the Comptroller 
General shall consider the following: 
‘‘(A) QUALIFIED
SMALL
DOLLAR
CON-
TRIBUTIONS.—Whether the number and dollar 
amounts of qualified small dollar contributions 
required strikes an appropriate balance regard-
492 
ing the importance of voter involvement, the 
need to assure adequate incentives for partici-
pating, and fiscal responsibility, taking into 
consideration the number of primary and gen-
eral election participating candidates, the elec-
toral performance of those candidates, program 
cost, and any other information the Comptroller 
General determines is appropriate. 
‘‘(B) REVIEW
OF
PAYMENT
LEVELS.— 
Whether the totality of the amount of funds al-
lowed to be raised by participating candidates 
(including through qualified small dollar con-
tributions) and payments under this title are 
sufficient for voters in each State to learn about 
the candidates to cast an informed vote, taking 
into account the historic amount of spending by 
winning candidates, media costs, primary elec-
tion dates, and any other information the 
Comptroller General determines is appropriate. 
‘‘(3) RECOMMENDATIONS FOR ADJUSTMENT OF 
AMOUNTS.—Based on the review conducted under 
subparagraph (A), the Comptroller General may rec-
ommend to Congress adjustments of the following 
amounts:
493 
‘‘(A) The number and value of qualified 
small dollar contributions a candidate is re-
quired to obtain under section 512(a) to be eli-
gible for certification as a participating can-
didate. 
‘‘(B) The maximum amount of payments a 
candidate may receive under this title. 
‘‘(b) REPORTS.—Not later than each June 1 which 
follows a regularly scheduled general election for Federal 
office for which payments were made under this title, the 
Comptroller General shall submit to the Committee on 
House Administration of the House of Representatives a 
report— 
‘‘(1) containing an analysis of the review con-
ducted under subsection (a), including a detailed 
statement of Comptroller General’s findings, conclu-
sions, and recommendations based on such review, 
including any recommendations for adjustments of 
amounts described in subsection (a)(3); and 
‘‘(2) documenting, evaluating, and making rec-
ommendations relating to the administrative imple-
mentation and enforcement of the provisions of this 
title.
494 
‘‘(c) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated such sums as are nec-
essary to carry out the purposes of this section. 
‘‘SEC. 543. ADMINISTRATION BY COMMISSION. 
‘‘The Commission shall prescribe regulations to carry 
out the purposes of this title, including regulations to es-
tablish procedures for— 
‘‘(1) verifying the amount of qualified small dol-
lar contributions with respect to a candidate; 
‘‘(2) effectively and efficiently monitoring and 
enforcing the limits on the raising of qualified small 
dollar contributions; 
‘‘(3) effectively and efficiently monitoring and 
enforcing the limits on the use of personal funds by 
participating candidates; and 
‘‘(4) monitoring the use of allocations from the 
Freedom From Influence Fund established under 
section 541 and matching contributions under this 
title through audits of not fewer than 1⁄10 (or, in the 
case of the first 3 election cycles during which the 
program under this title is in effect, not fewer than 
1⁄3) of all participating candidates or other mecha-
nisms.
495 
‘‘SEC. 544. VIOLATIONS AND PENALTIES. 
‘‘(a) CIVIL PENALTY FOR VIOLATION OF CONTRIBU-
TION
AND EXPENDITURE REQUIREMENTS.—If a can-
didate who has been certified as a participating candidate 
accepts a contribution or makes an expenditure that is 
prohibited under section 521, the Commission may assess 
a civil penalty against the candidate in an amount that 
is not more than 3 times the amount of the contribution 
or expenditure. Any amounts collected under this sub-
section shall be deposited into the Freedom From Influ-
ence Fund established under section 541. 
‘‘(b) REPAYMENT FOR IMPROPER USE OF FREEDOM 
FROM INFLUENCE FUND.— 
‘‘(1) IN GENERAL.—If the Commission deter-
mines that any payment made to a participating 
candidate was not used as provided for in this title 
or that a participating candidate has violated any of 
the dates for remission of funds contained in this 
title, the Commission shall so notify the candidate 
and the candidate shall pay to the Fund an amount 
equal to— 
‘‘(A) the amount of payments so used or 
not remitted, as appropriate; and 
‘‘(B) interest on any such amounts (at a 
rate determined by the Commission).
496 
‘‘(2) OTHER
ACTION
NOT
PRECLUDED.—Any 
action by the Commission in accordance with this 
subsection shall not preclude enforcement pro-
ceedings by the Commission in accordance with sec-
tion 309(a), including a referral by the Commission 
to the Attorney General in the case of an apparent 
knowing and willful violation of this title. 
‘‘(c) PROHIBITING
CERTAIN
CANDIDATES
FROM 
QUALIFYING AS PARTICIPATING CANDIDATES.— 
‘‘(1) CANDIDATES WITH MULTIPLE CIVIL PEN-
ALTIES.—If the Commission assesses 3 or more civil 
penalties under subsection (a) against a candidate 
(with respect to either a single election or multiple 
elections), the Commission may refuse to certify the 
candidate as a participating candidate under this 
title with respect to any subsequent election, except 
that if each of the penalties were assessed as the re-
sult of a knowing and willful violation of any provi-
sion of this Act, the candidate is not eligible to be 
certified as a participating candidate under this title 
with respect to any subsequent election. 
‘‘(2) CANDIDATES SUBJECT TO CRIMINAL PEN-
ALTY.—A candidate is not eligible to be certified as 
a participating candidate under this title with re-
spect to an election if a penalty has been assessed
497 
against the candidate under section 309(d) with re-
spect to any previous election. 
‘‘(d) IMPOSITION
OF CRIMINAL PENALTIES.—For 
criminal penalties for the failure of a participating can-
didate to comply with the requirements of this title, see 
section 309(d). 
‘‘SEC. 545. APPEALS PROCESS. 
‘‘(a) REVIEW OF ACTIONS.—Any action by the Com-
mission in carrying out this title shall be subject to review 
by the United States Court of Appeals for the District 
of Columbia upon petition filed in the Court not later than 
30 days after the Commission takes the action for which 
the review is sought. 
‘‘(b) PROCEDURES.—The provisions of chapter 7 of 
title 5, United States Code, apply to judicial review under 
this section. 
‘‘SEC. 546. INDEXING OF AMOUNTS. 
‘‘(a) INDEXING.—In any calendar year after 2024, 
section 315(c)(1)(B) shall apply to each amount described 
in subsection (b) in the same manner as such section ap-
plies to the limitations established under subsections 
(a)(1)(A), (a)(1)(B), (a)(3), and (h) of such section, ex-
cept that for purposes of applying such section to the 
amounts described in subsection (b), the ‘base period’ 
shall be 2024.
498 
‘‘(b) AMOUNTS DESCRIBED.—The amounts described 
in this subsection are as follows: 
‘‘(1) The amount referred to in section 
502(b)(1) (relating to the minimum amount of quali-
fied small dollar contributions included in a request 
for payment). 
‘‘(2) The amounts referred to in section 
504(a)(1) (relating to the amount of a qualified 
small dollar contribution). 
‘‘(3) The amount referred to in section 
512(a)(2) (relating to the total dollar amount of 
qualified small dollar contributions). 
‘‘(4) The amount referred to in section 
521(a)(5) (relating to the aggregate amount of con-
tributions a participating candidate may accept from 
any individual with respect to an election). 
‘‘(5) The amount referred to in section 
521(b)(1)(A) (relating to the amount of personal 
funds that may be used by a candidate who is cer-
tified as a participating candidate). 
‘‘(6) The amounts referred to in section 
524(a)(2) (relating to the amount of unspent funds 
a candidate may retain for use in the next election 
cycle).
499 
‘‘(7) The amount referred to in section 
532(a)(3) (relating to the total dollar amount of 
qualified small dollar contributions for a candidate 
seeking an additional payment under subtitle D). 
‘‘(8) The amount referred to in section 533(b) 
(relating to the limit on the amount of an additional 
payment made to a candidate under subtitle D). 
‘‘SEC. 547. ELECTION CYCLE DEFINED. 
‘‘In this title, the term ‘election cycle’ means, with 
respect to an election for an office, the period beginning 
on the day after the date of the most recent general elec-
tion for that office (or, if the general election resulted in 
a runoff election, the date of the runoff election) and end-
ing on the date of the next general election for that office 
(or, if the general election resulted in a runoff election, 
the date of the runoff election).’’. 
SEC. 5112. CONTRIBUTIONS AND EXPENDITURES BY MULTI-
CANDIDATE AND POLITICAL PARTY COMMIT-
TEES ON BEHALF OF PARTICIPATING CAN-
DIDATES. 
(a) AUTHORIZING CONTRIBUTIONS ONLY FROM SEP-
ARATE ACCOUNTS CONSISTING
OF QUALIFIED SMALL 
DOLLAR CONTRIBUTIONS.—Section 315(a) of the Federal 
Election Campaign Act of 1971 (52 U.S.C. 30116(a)) is
500 
amended by adding at the end the following new para-
graph: 
‘‘(10) In the case of a multicandidate political com-
mittee or any political committee of a political party, the 
committee may make a contribution to a candidate who 
is a participating candidate under title V with respect to 
an election only if the contribution is paid from a separate, 
segregated account of the committee which consists solely 
of contributions which meet the following requirements: 
‘‘(A) Each such contribution is in an amount 
which meets the requirements for the amount of a 
qualified small dollar contribution under section 
504(a)(1) with respect to the election involved. 
‘‘(B) Each such contribution is made by an in-
dividual who is not otherwise prohibited from mak-
ing a contribution under this Act. 
‘‘(C) The individual who makes the contribution 
does not make contributions to the committee during 
the year in an aggregate amount that exceeds the 
limit described in section 504(a)(1).’’. 
(b) PERMITTING UNLIMITED COORDINATED EX-
PENDITURES FROM SMALL DOLLAR SOURCES BY POLIT-
ICAL PARTIES.—Section 315(d) of such Act (52 U.S.C. 
30116(d)) is amended—
501 
(1) in paragraph (3), by striking ‘‘The national 
committee’’ and inserting ‘‘Except as provided in 
paragraph (6), the national committee’’; and 
(2) by adding at the end the following new 
paragraph: 
‘‘(6) The limits described in paragraph (3) do not 
apply in the case of expenditures in connection with the 
general election campaign of a candidate for the office of 
Representative in, or Delegate or Resident Commissioner 
to, the Congress who is a participating candidate under 
title V with respect to the election, but only if— 
‘‘(A) the expenditures are paid from a separate, 
segregated account of the committee which is de-
scribed in subsection (a)(9); and 
‘‘(B) the expenditures are the sole source of 
funding provided by the committee to the can-
didate.’’. 
SEC. 5113. PROHIBITING USE OF CONTRIBUTIONS BY PAR-
TICIPATING 
CANDIDATES 
FOR 
PURPOSES 
OTHER THAN CAMPAIGN FOR ELECTION. 
Section 313 of the Federal Election Campaign Act 
of 1971 (52 U.S.C. 30114) is amended by adding at the 
end the following new subsection: 
‘‘(d) RESTRICTIONS ON PERMITTED USES OF FUNDS 
BY CANDIDATES RECEIVING SMALL DOLLAR FINANC-
502 
ING.—Notwithstanding paragraph (2), (3), or (4) of sub-
section (a), if a candidate for election for the office of Rep-
resentative in, or Delegate or Resident Commissioner to, 
the Congress is certified as a participating candidate 
under title V with respect to the election, any contribution 
which the candidate is permitted to accept under such title 
may be used only for authorized expenditures in connec-
tion with the candidate’s campaign for such office, subject 
to section 503(b).’’. 
SEC. 5114. ASSESSMENTS AGAINST FINES AND PENALTIES. 
(a) ASSESSMENTS RELATING
TO CRIMINAL OF-
FENSES.— 
(1) IN
GENERAL.—Chapter 201 of title 18, 
United States Code, is amended by adding at the 
end the following new section: 
‘‘§ 3015. Special assessments for Freedom From Influ-
ence Fund 
‘‘(a) ASSESSMENTS.— 
‘‘(1) CONVICTIONS OF CRIMES.—In addition to 
any assessment imposed under this chapter, the 
court shall assess on any organizational defendant or 
any defendant who is a corporate officer or person 
with equivalent authority in any other organization 
who is convicted of a criminal offense under Federal 
law an amount equal to 2.75 percent of any fine im-
503 
posed on that defendant in the sentence imposed for 
that conviction. 
‘‘(2) SETTLEMENTS.—The court shall assess on 
any organizational defendant or defendant who is a 
corporate officer or person with equivalent authority 
in any other organization who has entered into a 
settlement agreement or consent decree with the 
United States in satisfaction of any allegation that 
the defendant committed a criminal offense under 
Federal law an amount equal to 2.75 percent of the 
amount of the settlement. 
‘‘(b) MANNER
OF COLLECTION.—An amount as-
sessed under subsection (a) shall be collected in the man-
ner in which fines are collected in criminal cases. 
‘‘(c) TRANSFERS.—In a manner consistent with sec-
tion 3302(b) of title 31, there shall be transferred from 
the General Fund of the Treasury to the Freedom From 
Influence Fund under section 541 of the Federal Election 
Campaign Act of 1971 an amount equal to the amount 
of the assessments collected under this section.’’. 
(2) CLERICAL AMENDMENT.—The table of sec-
tions of chapter 201 of title 18, United States Code, 
is amended by adding at the end the following: 
‘‘3015. Special assessments for Freedom From Influence Fund.’’. 
(b) ASSESSMENTS
RELATING
TO
CIVIL
PEN-
ALTIES.—
504 
(1) IN
GENERAL.—Chapter 97 of title 31, 
United States Code, is amended by adding at the 
end the following new section: 
‘‘§ 9707. Special assessments for Freedom From Influ-
ence Fund 
‘‘(a) ASSESSMENTS.— 
‘‘(1) CIVIL PENALTIES.—Any entity of the Fed-
eral Government which is authorized under any law, 
rule, or regulation to impose a civil penalty shall as-
sess on each person, other than a natural person 
who is not a corporate officer or person with equiva-
lent authority in any other organization, on whom 
such a penalty is imposed an amount equal to 2.75 
percent of the amount of the penalty. 
‘‘(2) ADMINISTRATIVE PENALTIES.—Any entity 
of the Federal Government which is authorized 
under any law, rule, or regulation to impose an ad-
ministrative penalty shall assess on each person, 
other than a natural person who is not a corporate 
officer or person with equivalent authority in any 
other organization, on whom such a penalty is im-
posed an amount equal to 2.75 percent of the 
amount of the penalty. 
‘‘(3) SETTLEMENTS.—Any entity of the Federal 
Government which is authorized under any law, rule,
505 
or regulation to enter into a settlement agreement or 
consent decree with any person, other than a natural 
person who is not a corporate officer or person with 
equivalent authority in any other organization, in 
satisfaction of any allegation of an action or omis-
sion by the person which would be subject to a civil 
penalty or administrative penalty shall assess on 
such person an amount equal to 2.75 percent of the 
amount of the settlement. 
‘‘(b) MANNER
OF COLLECTION.—An amount as-
sessed under subsection (a) shall be collected— 
‘‘(1) in the case of an amount assessed under 
paragraph (1) of such subsection, in the manner in 
which civil penalties are collected by the entity of the 
Federal Government involved; 
‘‘(2) in the case of an amount assessed under 
paragraph (2) of such subsection, in the manner in 
which administrative penalties are collected by the 
entity of the Federal Government involved; and 
‘‘(3) in the case of an amount assessed under 
paragraph (3) of such subsection, in the manner in 
which amounts are collected pursuant to settlement 
agreements or consent decrees entered into by the 
entity of the Federal Government involved.
506 
‘‘(c) TRANSFERS.—In a manner consistent with sec-
tion 3302(b) of this title, there shall be transferred from 
the General Fund of the Treasury to the Freedom From 
Influence Fund under section 541 of the Federal Election 
Campaign Act of 1971 an amount equal to the amount 
of the assessments collected under this section. 
‘‘(d) EXCEPTION
FOR PENALTIES
AND SETTLE-
MENTS UNDER AUTHORITY OF THE INTERNAL REVENUE 
CODE OF 1986.— 
‘‘(1) IN
GENERAL.—No assessment shall be 
made under subsection (a) with respect to any civil 
or administrative penalty imposed, or any settlement 
agreement or consent decree entered into, under the 
authority of the Internal Revenue Code of 1986. 
‘‘(2) CROSS
REFERENCE.—For application of 
special assessments for the Freedom From Influence 
Fund with respect to certain penalties under the In-
ternal Revenue Code of 1986, see section 6761 of 
the Internal Revenue Code of 1986.’’. 
(2) CLERICAL AMENDMENT.—The table of sec-
tions of chapter 97 of title 31, United States Code, 
is amended by adding at the end the following: 
‘‘9707. Special assessments for Freedom From Influence Fund.’’. 
(c) ASSESSMENTS RELATING
TO CERTAIN PEN-
ALTIES UNDER
THE INTERNAL REVENUE CODE
OF 
1986.—
507 
(1) IN GENERAL.—Chapter 68 of the Internal 
Revenue Code of 1986 is amended by adding at the 
end the following new subchapter: 
‘‘Subchapter D—Special Assessments for 
Freedom From Influence Fund 
‘‘SEC. 6761. SPECIAL ASSESSMENTS FOR FREEDOM FROM 
INFLUENCE FUND. 
‘‘(a) IN GENERAL.—Each person required to pay a 
covered penalty shall pay an additional amount equal to 
2.75 percent of the amount of such penalty. 
‘‘(b) COVERED PENALTY.—For purposes of this sec-
tion, the term ‘covered penalty’ means any addition to tax, 
additional amount, penalty, or other liability provided 
under subchapter A or B. 
‘‘(c) EXCEPTION FOR CERTAIN INDIVIDUALS.— 
‘‘(1) IN GENERAL.—In the case of a taxpayer 
who is an individual, subsection (a) shall not apply 
to any covered penalty if such taxpayer is an exempt 
taxpayer for the taxable year for which such covered 
penalty is assessed. 
‘‘(2) EXEMPT TAXPAYER.—For purposes of ths 
subsection, a taxpayer is an exempt taxpayer for any 
taxable year if the taxable income of such taxpayer 
for such taxable year does not exceed the dollar 
amount at which begins the highest rate bracket in
508 
effect under section 1 with respect to such taxpayer 
for such taxable year. 
‘‘(d) APPLICATION OF CERTAIN RULES.—Except as 
provided in subsection (e), the additional amount deter-
mined under subsection (a) shall be treated for purposes 
of this title in the same manner as the covered penalty 
to which such additional amount relates. 
‘‘(e) TRANSFER
TO FREEDOM FROM INFLUENCE 
FUND.—The Secretary shall deposit any additional 
amount under subsection (a) in the General Fund of the 
Treasury and shall transfer from such General Fund to 
the Freedom From Influence Fund established under sec-
tion 541 of the Federal Election Campaign Act of 1971 
an amount equal to the amounts so deposited (and, not-
withstanding subsection (d), such additional amount shall 
not be the basis for any deposit, transfer, credit, appro-
priation, or any other payment, to any other trust fund 
or account). Rules similar to the rules of section 9601 
shall apply for purposes of this subsection.’’. 
(2) CLERICAL AMENDMENT.—The table of sub-
chapters for chapter 68 of such Code is amended by 
adding at the end the following new item: 
‘‘SUBCHAPTER D—SPECIAL ASSESSMENTS FOR FREEDOM FROM INFLUENCE 
FUND’’. 
(d) EFFECTIVE DATES.—
509 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall apply with respect to convictions, agreements, 
and penalties which occur on or after the date of the 
enactment of this Act. 
(2) ASSESSMENTS RELATING TO CERTAIN PEN-
ALTIES UNDER THE INTERNAL REVENUE CODE OF 
1986.—The amendments made by subsection (c) 
shall apply to covered penalties assessed after the 
date of the enactment of this Act. 
SEC. 5115. STUDY AND REPORT ON SMALL DOLLAR FINANC-
ING PROGRAM. 
(a) STUDY AND REPORT.—Not later than 2 years 
after the completion of the first election cycle in which 
the program established under title V of the Federal Elec-
tion Campaign Act of 1971, as added by section 5111, 
is in effect, the Federal Election Commission shall— 
(1) assess— 
(A) the amount of payment referred to in 
section 501 of such Act; and 
(B) the amount of a qualified small dollar 
contribution referred to in section 504(a)(1) of 
such Act; and
510 
(2) submit to Congress a report that discuses 
whether such amounts are sufficient to meet the 
goals of the program. 
(b) UPDATE.—The Commission shall update and re-
vise the study and report required by subsection (a) on 
a biennial basis. 
(c) TERMINATION.—The requirements of this section 
shall terminate ten years after the date on which the first 
study and report required by subsection (a) is submitted 
to Congress. 
SEC. 5116. EFFECTIVE DATE. 
(a) IN GENERAL.—Except as may otherwise be pro-
vided in this part and in the amendments made by this 
part, this part and the amendments made by this part 
shall apply with respect to elections occurring during 2026 
or any succeeding year, without regard to whether or not 
the Federal Election Commission has promulgated the 
final regulations necessary to carry out this part and the 
amendments made by this part by the deadline set forth 
in subsection (b). 
(b) DEADLINE FOR REGULATIONS.—Not later than 
June 30, 2024, the Federal Election Commission shall 
promulgate such regulations as may be necessary to carry 
out this part and the amendments made by this part.
511 
Subtitle C—Presidential Elections 
SEC. 5200. SHORT TITLE. 
This subtitle may be cited as the ‘‘Empower Act of 
2019’’. 
PART 1—PRIMARY ELECTIONS 
SEC. 5201. INCREASE IN AND MODIFICATIONS TO MATCH-
ING PAYMENTS. 
(a) INCREASE AND MODIFICATION.— 
(1) IN GENERAL.—The first sentence of section 
9034(a) of the Internal Revenue Code of 1986 is 
amended— 
(A) by striking ‘‘an amount equal to the 
amount of each contribution’’ and inserting ‘‘an 
amount equal to 600 percent of the amount of 
each matchable contribution (disregarding any 
amount of contributions from any person to the 
extent that the total of the amounts contributed 
by such person for the election exceeds $200)’’; 
and 
(B) by striking ‘‘authorized committees’’ 
and all that follows through ‘‘$250’’ and insert-
ing ‘‘authorized committees’’. 
(2) 
MATCHABLE
CONTRIBUTIONS.—Section 
9034 of such Code is amended—
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(A) by striking the last sentence of sub-
section (a); and 
(B) by adding at the end the following new 
subsection: 
‘‘(c) MATCHABLE CONTRIBUTION DEFINED.—For 
purposes of this section and section 9033(b)— 
‘‘(1) MATCHABLE
CONTRIBUTION.—The term 
‘matchable contribution’ means, with respect to the 
nomination for election to the office of President of 
the United States, a contribution by an individual to 
a candidate or an authorized committee of a can-
didate with respect to which the candidate has cer-
tified in writing that— 
‘‘(A) the individual making such contribu-
tion has not made aggregate contributions (in-
cluding such matchable contribution) to such 
candidate and the authorized committees of 
such candidate in excess of $1,000 for the elec-
tion; 
‘‘(B) such candidate and the authorized 
committees of such candidate will not accept 
contributions from such individual (including 
such matchable contribution) aggregating more 
than the amount described in subparagraph 
(A); and
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‘‘(C) such contribution was a direct con-
tribution. 
‘‘(2) CONTRIBUTION.—For purposes of this 
subsection, the term ‘contribution’ means a gift of 
money made by a written instrument which identi-
fies the individual making the contribution by full 
name and mailing address, but does not include a 
subscription, loan, advance, or deposit of money, or 
anything of value or anything described in subpara-
graph (B), (C), or (D) of section 9032(4). 
‘‘(3) DIRECT CONTRIBUTION.— 
‘‘(A) IN GENERAL.—For purposes of this 
subsection, 
the 
term 
‘direct 
contribution’ 
means, with respect to a candidate, a contribu-
tion which is made directly by an individual to 
the candidate or an authorized committee of the 
candidate and is not— 
‘‘(i) forwarded from the individual 
making the contribution to the candidate 
or committee by another person; or 
‘‘(ii) received by the candidate or com-
mittee with the knowledge that the con-
tribution was made at the request, sugges-
tion, or recommendation of another person.
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‘‘(B) OTHER
DEFINITIONS.—In subpara-
graph (A)— 
‘‘(i) the term ‘person’ does not include 
an individual (other than an individual de-
scribed in section 304(i)(7) of the Federal 
Election Campaign Act of 1971), a polit-
ical committee of a political party, or any 
political committee which is not a separate 
segregated 
fund 
described 
in 
section 
316(b) of the Federal Election Campaign 
Act of 1971 and which does not make con-
tributions or independent expenditures, 
does not engage in lobbying activity under 
the Lobbying Disclosure Act of 1995 (2 
U.S.C. 1601 et seq.), and is not estab-
lished by, controlled by, or affiliated with 
a registered lobbyist under such Act, an 
agent of a registered lobbyist under such 
Act, or an organization which retains or 
employs a registered lobbyist under such 
Act; and 
‘‘(ii) a contribution is not ‘made at 
the request, suggestion, or recommendation 
of another person’ solely on the grounds 
that the contribution is made in response
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to information provided to the individual 
making the contribution by any person, so 
long as the candidate or authorized com-
mittee does not know the identity of the 
person who provided the information to 
such individual.’’. 
(3) CONFORMING AMENDMENTS.— 
(A) Section 9032(4) of such Code is 
amended by striking ‘‘section 9034(a)’’ and in-
serting ‘‘section 9034’’. 
(B) Section 9033(b)(3) of such Code is 
amended by striking ‘‘matching contributions’’ 
and inserting ‘‘matchable contributions’’. 
(b) MODIFICATION OF PAYMENT LIMITATION.—Sec-
tion 9034(b) of such Code is amended— 
(1) by striking ‘‘The total’’ and inserting the 
following: 
‘‘(1) IN GENERAL.—The total’’; 
(2) by striking ‘‘shall not exceed’’ and all that 
follows 
and 
inserting 
‘‘shall 
not 
exceed 
$250,000,000.’’; and 
(3) by adding at the end the following new 
paragraph: 
‘‘(2) INFLATION ADJUSTMENT.—
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‘‘(A) IN GENERAL.—In the case of any ap-
plicable period beginning after 2029, the dollar 
amount in paragraph (1) shall be increased by 
an amount equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year following the year which such 
applicable period begins, determined by 
substituting ‘calendar year 2028’ for ‘cal-
endar year 1992’ in subparagraph (B) 
thereof. 
‘‘(B) APPLICABLE PERIOD.—For purposes 
of this paragraph, the term ‘applicable period’ 
means the 4-year period beginning with the 
first day following the date of the general elec-
tion for the office of President and ending on 
the date of the next such general election. 
‘‘(C) ROUNDING.—If any amount as ad-
justed under subparagraph (1) is not a multiple 
of $10,000, such amount shall be rounded to 
the nearest multiple of $10,000.’’.
517 
SEC. 5202. ELIGIBILITY REQUIREMENTS FOR MATCHING 
PAYMENTS. 
(a) AMOUNT OF AGGREGATE CONTRIBUTIONS PER 
STATE; DISREGARDING OF AMOUNTS CONTRIBUTED IN 
EXCESS OF $200.—Section 9033(b)(3) of the Internal 
Revenue Code of 1986 is amended— 
(1) 
by 
striking 
‘‘$5,000’’ 
and 
inserting 
‘‘$25,000’’; and 
(2) by striking ‘‘20 States’’ and inserting the 
following: ‘‘20 States (disregarding any amount of 
contributions from any such resident to the extent 
that the total of the amounts contributed by such 
resident for the election exceeds $200)’’. 
(b) CONTRIBUTION LIMIT.— 
(1) IN
GENERAL.—Paragraph (4) of section 
9033(b) of such Code is amended to read as follows: 
‘‘(4) the candidate and the authorized commit-
tees of the candidate will not accept aggregate con-
tributions from any person with respect to the nomi-
nation for election to the office of President of the 
United States in excess of $1,000 for the election.’’. 
(2) CONFORMING AMENDMENTS.— 
(A) Section 9033(b) of such Code is 
amended by adding at the end the following 
new flush sentence:
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‘‘For purposes of paragraph (4), the term ‘contribution’ 
has the meaning given such term in section 301(8) of the 
Federal Election Campaign Act of 1971.’’. 
(B) Section 9032(4) of such Code, as 
amended by section 5201(a)(3)(A), is amended 
by inserting ‘‘or 9033(b)’’ after ‘‘9034’’. 
(c) PARTICIPATION IN SYSTEM FOR PAYMENTS FOR 
GENERAL ELECTION.—Section 9033(b) of such Code is 
amended— 
(1) by striking ‘‘and’’ at the end of paragraph 
(3); 
(2) by striking the period at the end of para-
graph (4) and inserting ‘‘, and’’; and 
(3) by inserting after paragraph (4) the fol-
lowing new paragraph: 
‘‘(5) if the candidate is nominated by a political 
party for election to the office of President, the can-
didate will apply for and accept payments with re-
spect to the general election for such office in ac-
cordance with chapter 95.’’. 
(d) PROHIBITION ON JOINT FUNDRAISING COMMIT-
TEES.—Section 9033(b) of such Code, as amended by sub-
section (c), is amended— 
(1) by striking ‘‘and’’ at the end of paragraph 
(4);
519 
(2) by striking the period at the end of para-
graph (5) and inserting ‘‘; and’’; and 
(3) by inserting after paragraph (5) adding at 
the end the following new paragraph: 
‘‘(6) the candidate will not establish a joint 
fundraising committee with a political committee 
other than another authorized committee of the can-
didate, except that candidate established a joint 
fundraising committee with respect to a prior elec-
tion for which the candidate was not eligible to re-
ceive payments under section 9037 and the can-
didate does not terminate the committee, the can-
didate shall not be considered to be in violation of 
this paragraph so long as that joint fundraising 
committee does not receive any contributions or 
make any disbursements during the election cycle for 
which the candidate is eligible to receive payments 
under such section.’’. 
SEC. 5203. REPEAL OF EXPENDITURE LIMITATIONS. 
(a) IN GENERAL.—Subsection (a) of section 9035 of 
the Internal Revenue Code of 1986 is amended to read 
as follows: 
‘‘(a) PERSONAL EXPENDITURE LIMITATION.—No 
candidate shall knowingly make expenditures from his per-
sonal funds, or the personal funds of his immediate family,
520 
in connection with his campaign for nomination for elec-
tion to the office of President in excess of, in the aggre-
gate, $50,000.’’. 
(b) CONFORMING AMENDMENT.—Paragraph (1) of 
section 9033(b) of the Internal Revenue Code of 1986 is 
amended to read as follows: 
‘‘(1) the candidate will comply with the per-
sonal expenditure limitation under section 9035,’’. 
SEC. 5204. PERIOD OF AVAILABILITY OF MATCHING PAY-
MENTS. 
Section 9032(6) of the Internal Revenue Code of 
1986 is amended by striking ‘‘the beginning of the cal-
endar year in which a general election for the office of 
President of the United States will be held’’ and inserting 
‘‘the date that is 6 months prior to the date of the earliest 
State primary election’’. 
SEC. 5205. EXAMINATION AND AUDITS OF MATCHABLE CON-
TRIBUTIONS. 
Section 9038(a) of the Internal Revenue Code of 
1986 is amended by inserting ‘‘and matchable contribu-
tions accepted by’’ after ‘‘qualified campaign expenses of’’.
521 
SEC. 5206. MODIFICATION TO LIMITATION ON CONTRIBU-
TIONS FOR PRESIDENTIAL PRIMARY CAN-
DIDATES. 
Section 315(a)(6) of the Federal Election Campaign 
Act of 1971 (52 U.S.C. 30116(a)(6)) is amended by strik-
ing ‘‘calendar year’’ and inserting ‘‘four-year election 
cycle’’. 
SEC. 5207. USE OF FREEDOM FROM INFLUENCE FUND AS 
SOURCE OF PAYMENTS. 
(a) IN GENERAL.—Chapter 96 of subtitle H of the 
Internal Revenue Code of 1986 is amended by adding at 
the end the following new section: 
‘‘SEC. 9043. USE OF FREEDOM FROM INFLUENCE FUND AS 
SOURCE OF PAYMENTS. 
‘‘(a) IN GENERAL.—Notwithstanding any other pro-
vision of this chapter, effective with respect to the Presi-
dential election held in 2028 and each succeeding Presi-
dential election, all payments made to candidates under 
this chapter shall be made from the Freedom From Influ-
ence Fund established under section 541 of the Federal 
Election Campaign Act of 1971 (hereafter in this section 
referred to as the ‘Fund’). 
‘‘(b) MANDATORY REDUCTION
OF PAYMENTS
IN 
CASE OF INSUFFICIENT AMOUNTS IN FUND.— 
‘‘(1) ADVANCE AUDITS BY COMMISSION.—Not 
later than 90 days before the first day of each Presi-
522 
dential election cycle (beginning with the cycle for 
the election held in 2028), the Commission shall— 
‘‘(A) audit the Fund to determine whether, 
after first making payments to participating 
candidates under title V of the Federal Election 
Campaign Act of 1971 and then making pay-
ments to States under the My Voice Voucher 
Program under the Government By the People 
Act of 2019, the amounts remaining in the 
Fund will be sufficient to make payments to 
candidates under this chapter in the amounts 
provided under this chapter during such elec-
tion cycle; and 
‘‘(B) submit a report to Congress describ-
ing the results of the audit. 
‘‘(2) REDUCTIONS IN AMOUNT OF PAYMENTS.— 
‘‘(A) AUTOMATIC
REDUCTION
ON
PRO 
RATA BASIS.—If, on the basis of the audit de-
scribed in paragraph (1), the Commission deter-
mines that the amount anticipated to be avail-
able in the Fund with respect to the Presi-
dential election cycle involved is not, or may not 
be, sufficient to satisfy the full entitlements of 
candidates to payments under this chapter for 
such cycle, the Commission shall reduce each
523 
amount which would otherwise be paid to a can-
didate under this chapter by such pro rata 
amount as may be necessary to ensure that the 
aggregate amount of payments anticipated to 
be made with respect to the cycle will not ex-
ceed the amount anticipated to be available for 
such payments in the Fund with respect to such 
cycle. 
‘‘(B) RESTORATION
OF
REDUCTIONS
IN 
CASE OF AVAILABILITY OF SUFFICIENT FUNDS 
DURING ELECTION CYCLE.—If, after reducing 
the amounts paid to candidates with respect to 
an election cycle under subparagraph (A), the 
Commission determines that there are sufficient 
amounts in the Fund to restore the amount by 
which such payments were reduced (or any por-
tion thereof), to the extent that such amounts 
are available, the Commission may make a pay-
ment on a pro rata basis to each such candidate 
with respect to the election cycle in the amount 
by which such candidate’s payments were re-
duced under subparagraph (A) (or any portion 
thereof, as the case may be). 
‘‘(C) NO USE OF AMOUNTS FROM OTHER 
SOURCES.—In any case in which the Commis-
524 
sion determines that there are insufficient mon-
eys in the Fund to make payments to can-
didates under this chapter, moneys shall not be 
made available from any other source for the 
purpose of making such payments. 
‘‘(3) NO EFFECT ON AMOUNTS TRANSFERRED 
FOR PEDIATRIC RESEARCH INITIATIVE.—This sec-
tion does not apply to the transfer of funds under 
section 9008(i). 
‘‘(4) PRESIDENTIAL
ELECTION
CYCLE
DE-
FINED.—In this section, the term ‘Presidential elec-
tion cycle’ means, with respect to a Presidential elec-
tion, the period beginning on the day after the date 
of the previous Presidential general election and 
ending on the date of the Presidential election.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for chapter 96 of subtitle H of such Code is amended by 
adding at the end the following new item: 
‘‘Sec. 9043. Use of Freedom From Influence Fund as source of payments.’’. 
PART 2—GENERAL ELECTIONS 
SEC. 5211. MODIFICATION OF ELIGIBILITY REQUIREMENTS 
FOR PUBLIC FINANCING. 
Subsection (a) of section 9003 of the Internal Rev-
enue Code of 1986 is amended to read as follows: 
‘‘(a) IN GENERAL.—In order to be eligible to receive 
any payments under section 9006, the candidates of a po-
525 
litical party in a Presidential election shall meet the fol-
lowing requirements: 
‘‘(1) PARTICIPATION
IN
PRIMARY
PAYMENT 
SYSTEM.—The candidate for President received pay-
ments under chapter 96 for the campaign for nomi-
nation for election to be President. 
‘‘(2) AGREEMENTS
WITH
COMMISSION.—The 
candidates, in writing— 
‘‘(A) agree to obtain and furnish to the 
Commission such evidence as it may request of 
the qualified campaign expenses of such can-
didates, 
‘‘(B) agree to keep and furnish to the 
Commission such records, books, and other in-
formation as it may request, and 
‘‘(C) agree to an audit and examination by 
the Commission under section 9007 and to pay 
any amounts required to be paid under such 
section. 
‘‘(3) PROHIBITION
ON
JOINT
FUNDRAISING 
COMMITTEES.— 
‘‘(A) PROHIBITION.—The candidates cer-
tifies in writing that the candidates will not es-
tablish a joint fundraising committee with a po-
526 
litical committee other than another authorized 
committee of the candidate. 
‘‘(B) STATUS
OF
EXISTING
COMMITTEES 
FOR PRIOR ELECTIONS.—If a candidate estab-
lished a joint fundraising committee described 
in subparagraph (A) with respect to a prior 
election for which the candidate was not eligible 
to receive payments under section 9006 and the 
candidate does not terminate the committee, 
the candidate shall not be considered to be in 
violation of subparagraph (A) so long as that 
joint fundraising committee does not receive 
any contributions or make any disbursements 
with respect to the election for which the can-
didate is eligible to receive payments under sec-
tion 9006.’’. 
SEC. 5212. REPEAL OF EXPENDITURE LIMITATIONS AND 
USE OF QUALIFIED CAMPAIGN CONTRIBU-
TIONS. 
(a) USE OF QUALIFIED CAMPAIGN CONTRIBUTIONS 
WITHOUT EXPENDITURE LIMITS; APPLICATION OF SAME 
REQUIREMENTS FOR MAJOR, MINOR, AND NEW PAR-
TIES.—Section 9003 of the Internal Revenue Code of 
1986 is amended by striking subsections (b) and (c) and 
inserting the following:
527 
‘‘(b) USE OF QUALIFIED CAMPAIGN CONTRIBUTIONS 
TO DEFRAY EXPENSES.— 
‘‘(1) IN GENERAL.—In order to be eligible to 
receive any payments under section 9006, the can-
didates of a party in a Presidential election shall 
certify to the Commission, under penalty of perjury, 
that— 
‘‘(A) such candidates and their authorized 
committees have not and will not accept any 
contributions to defray qualified campaign ex-
penses other than— 
‘‘(i) qualified campaign contributions, 
and 
‘‘(ii) contributions to the extent nec-
essary to make up any deficiency payments 
received out of the fund on account of the 
application of section 9006(c), and 
‘‘(B) such candidates and their authorized 
committees have not and will not accept any 
contribution to defray expenses which would be 
qualified campaign expenses but for subpara-
graph (C) of section 9002(11). 
‘‘(2) TIMING
OF
CERTIFICATION.—The can-
didate shall make the certification required under 
this subsection at the same time the candidate
528 
makes the certification required under subsection 
(a)(3).’’. 
(b) DEFINITION
OF QUALIFIED CAMPAIGN CON-
TRIBUTION.—Section 9002 of such Code is amended by 
adding at the end the following new paragraph: 
‘‘(13) QUALIFIED CAMPAIGN CONTRIBUTION.— 
The term ‘qualified campaign contribution’ means, 
with respect to any election for the office of Presi-
dent of the United States, a contribution from an in-
dividual to a candidate or an authorized committee 
of a candidate which— 
‘‘(A) does not exceed $1,000 for the elec-
tion; and 
‘‘(B) with respect to which the candidate 
has certified in writing that— 
‘‘(i) the individual making such con-
tribution has not made aggregate contribu-
tions (including such qualified contribu-
tion) to such candidate and the authorized 
committees of such candidate in excess of 
the amount described in subparagraph (A), 
and 
‘‘(ii) such candidate and the author-
ized committees of such candidate will not 
accept contributions from such individual
529 
(including such qualified contribution) ag-
gregating more than the amount described 
in subparagraph (A) with respect to such 
election.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) REPEAL OF EXPENDITURE LIMITS.— 
(A) IN GENERAL.—Section 315 of the Fed-
eral Election Campaign Act of 1971 (52 U.S.C. 
30116) is amended by striking subsection (b). 
(B) CONFORMING AMENDMENTS.—Section 
315(c) of such Act (52 U.S.C. 30116(c)) is 
amended— 
(i) in paragraph (1)(B)(i), by striking 
‘‘, (b)’’; and 
(ii) in paragraph (2)(B)(i), by striking 
‘‘subsections (b) and (d)’’ and inserting 
‘‘subsection (d)’’. 
(2) REPEAL OF REPAYMENT REQUIREMENT.— 
(A) IN GENERAL.—Section 9007(b) of the 
Internal Revenue Code of 1986 is amended by 
striking paragraph (2) and redesignating para-
graphs (3), (4), and (5) as paragraphs (2), (3), 
and (4), respectively. 
(B) 
CONFORMING
AMENDMENT.—Para-
graph (2) of section 9007(b) of such Code, as
530 
redesignated by subparagraph (A), is amend-
ed— 
(i) by striking ‘‘a major party’’ and 
inserting ‘‘a party’’; 
(ii) by inserting ‘‘qualified contribu-
tions and’’ after ‘‘contributions (other 
than’’; and 
(iii) by striking ‘‘(other than qualified 
campaign expenses with respect to which 
payment is required under paragraph 
(2))’’. 
(3) CRIMINAL PENALTIES.— 
(A) REPEAL OF PENALTY FOR EXCESS EX-
PENSES.—Section 9012 of the Internal Revenue 
Code of 1986 is amended by striking subsection 
(a). 
(B) PENALTY FOR ACCEPTANCE OF DIS-
ALLOWED
CONTRIBUTIONS; APPLICATION
OF 
SAME PENALTY FOR CANDIDATES OF MAJOR, 
MINOR, AND NEW PARTIES.—Subsection (b) of 
section 9012 of such Code is amended to read 
as follows: 
‘‘(b) CONTRIBUTIONS.— 
‘‘(1) ACCEPTANCE OF DISALLOWED CONTRIBU-
TIONS.—It shall be unlawful for an eligible can-
531 
didate of a party in a Presidential election or any of 
his authorized committees knowingly and willfully to 
accept— 
‘‘(A) any contribution other than a quali-
fied campaign contribution to defray qualified 
campaign expenses, except to the extent nec-
essary to make up any deficiency in payments 
received out of the fund on account of the ap-
plication of section 9006(c); or 
‘‘(B) any contribution to defray expenses 
which would be qualified campaign expenses but 
for subparagraph (C) of section 9002(11). 
‘‘(2) PENALTY.—Any person who violates para-
graph (1) shall be fined not more than $5,000, or 
imprisoned not more than one year, or both. In the 
case of a violation by an authorized committee, any 
officer or member of such committee who knowingly 
and willfully consents to such violation shall be fined 
not more than $5,000, or imprisoned not more than 
one year, or both.’’. 
SEC. 5213. MATCHING PAYMENTS AND OTHER MODIFICA-
TIONS TO PAYMENT AMOUNTS. 
(a) IN GENERAL.— 
(1) AMOUNT OF PAYMENTS; APPLICATION OF 
SAME AMOUNT FOR CANDIDATES OF MAJOR, MINOR,
532 
AND NEW PARTIES.—Subsection (a) of section 9004 
of the Internal Revenue Code of 1986 is amended to 
read as follows: 
‘‘(a) IN GENERAL.—Subject to the provisions of this 
chapter, the eligible candidates of a party in a Presidential 
election shall be entitled to equal payment under section 
9006 in an amount equal to 600 percent of the amount 
of each matchable contribution received by such candidate 
or by the candidate’s authorized committees (disregarding 
any amount of contributions from any person to the extent 
that the total of the amounts contributed by such person 
for the election exceeds $200), except that total amount 
to which a candidate is entitled under this paragraph shall 
not exceed $250,000,000.’’. 
(2) REPEAL
OF
SEPARATE
LIMITATIONS
FOR 
CANDIDATES OF MINOR AND NEW PARTIES; INFLA-
TION ADJUSTMENT.—Subsection (b) of section 9004 
of such Code is amended to read as follows: 
‘‘(b) INFLATION ADJUSTMENT.— 
‘‘(1) IN GENERAL.—In the case of any applica-
ble period beginning after 2029, the $250,000,000 
dollar amount in subsection (a) shall be increased by 
an amount equal to— 
‘‘(A) such dollar amount; multiplied by
533 
‘‘(B) the cost-of-living adjustment deter-
mined under section 1(f)(3) for the calendar 
year following the year which such applicable 
period begins, determined by substituting ‘cal-
endar year 2028’ for ‘calendar year 1992’ in 
subparagraph (B) thereof. 
‘‘(2) APPLICABLE
PERIOD.—For purposes of 
this subsection, the term ‘applicable period’ means 
the 4-year period beginning with the first day fol-
lowing the date of the general election for the office 
of President and ending on the date of the next such 
general election. 
‘‘(3) ROUNDING.—If any amount as adjusted 
under paragraph (1) is not a multiple of $10,000, 
such amount shall be rounded to the nearest mul-
tiple of $10,000.’’. 
(3) 
CONFORMING
AMENDMENT.—Section 
9005(a) of such Code is amended by adding at the 
end the following new sentence: ‘‘The Commission 
shall make such additional certifications as may be 
necessary to receive payments under section 9004.’’. 
(b) MATCHABLE CONTRIBUTION.—Section 9002 of 
such Code, as amended by section 5212(b), is amended 
by adding at the end the following new paragraph:
534 
‘‘(14) MATCHABLE CONTRIBUTION.—The term 
‘matchable contribution’ means, with respect to the 
election to the office of President of the United 
States, a contribution by an individual to a can-
didate or an authorized committee of a candidate 
with respect to which the candidate has certified in 
writing that— 
‘‘(A) the individual making such contribu-
tion has not made aggregate contributions (in-
cluding such matchable contribution) to such 
candidate and the authorized committees of 
such candidate in excess of $1,000 for the elec-
tion; 
‘‘(B) such candidate and the authorized 
committees of such candidate will not accept 
contributions from such individual (including 
such matchable contribution) aggregating more 
than the amount described in subparagraph (A) 
with respect to such election; and 
‘‘(C) such contribution was a direct con-
tribution (as defined in section 9034(c)(3)).’’.
535 
SEC. 5214. INCREASE IN LIMIT ON COORDINATED PARTY 
EXPENDITURES. 
(a) IN GENERAL.—Section 315(d)(2) of the Federal 
Election Campaign Act of 1971 (52 U.S.C. 30116(d)(2)) 
is amended to read as follows: 
‘‘(2)(A) The national committee of a political party 
may not make any expenditure in connection with the gen-
eral election campaign of any candidate for President of 
the United States who is affiliated with such party which 
exceeds $100,000,000. 
‘‘(B) For purposes of this paragraph— 
‘‘(i) any expenditure made by or on behalf of a 
national committee of a political party and in con-
nection with a Presidential election shall be consid-
ered to be made in connection with the general elec-
tion campaign of a candidate for President of the 
United States who is affiliated with such party; and 
‘‘(ii) any communication made by or on behalf 
of such party shall be considered to be made in con-
nection with the general election campaign of a can-
didate for President of the United States who is af-
filiated with such party if any portion of the commu-
nication is in connection with such election. 
‘‘(C) Any expenditure under this paragraph shall be 
in addition to any expenditure by a national committee 
of a political party serving as the principal campaign com-
536 
mittee of a candidate for the office of President of the 
United States.’’. 
(b) CONFORMING AMENDMENTS RELATING TO TIM-
ING OF COST-OF-LIVING ADJUSTMENT.— 
(1) IN GENERAL.—Section 315(c)(1) of such 
Act (52 U.S.C. 30116(c)(1)) is amended— 
(A) in subparagraph (B), by striking ‘‘(d)’’ 
and inserting ‘‘(d)(2)’’; and 
(B) by adding at the end the following new 
subparagraph: 
‘‘(D) In any calendar year after 2028— 
‘‘(i) the dollar amount in subsection (d)(2) shall 
be increased by the percent difference determined 
under subparagraph (A); 
‘‘(ii) the amount so increased shall remain in 
effect for the calendar year; and 
‘‘(iii) if the amount after adjustment under 
clause (i) is not a multiple of $100, such amount 
shall be rounded to the nearest multiple of $100.’’. 
(2) BASE YEAR.—Section 315(c)(2)(B) of such 
Act (52 U.S.C. 30116(c)(2)(B)) is amended— 
(A) in clause (i)— 
(i) by striking ‘‘(d)’’ and inserting 
‘‘(d)(3)’’; and 
(ii) by striking ‘‘and’’ at the end;