I 
114TH CONGRESS 
1ST SESSION 
H. R. 430 
To amend the Federal Election Campaign Act of 1971 to provide for addi-
tional disclosure requirements for corporations, labor organizations, and 
other entities, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 21, 2015 
Mr. VAN HOLLEN (for himself, Ms. PELOSI, Mr. CLYBURN, Mr. BECERRA, 
Mr. CROWLEY, Mr. ISRAEL, Ms. DELAURO, Ms. EDWARDS, Mr. BRADY 
of Pennsylvania, Mr. LEVIN, Mr. SCHIFF, Mr. PALLONE, Mr. GRIJALVA, 
Mr. CONYERS, Mr. ENGEL, Mr. SMITH of Washington, Mrs. LOWEY, Mr. 
SCOTT of Virginia, Mr. CUMMINGS, Ms. SLAUGHTER, Mr. PRICE of North 
Carolina, Mr. HIGGINS, Ms. MCCOLLUM, Mr. QUIGLEY, Mr. SWALWELL 
of California, Ms. NORTON, Mr. LIPINSKI, Mr. PASCRELL, Mr. 
MCDERMOTT, Mr. HIMES, Mr. KILMER, Mr. LANGEVIN, Ms. BONAMICI, 
Mr. WELCH, Mrs. DAVIS of California, Mr. CARNEY, Mr. LOEBSACK, Mr. 
DEUTCH, Ms. MOORE, Ms. TSONGAS, Ms. DELBENE, Mr. VARGAS, Mr. 
CONNOLLY, Ms. WILSON of Florida, Ms. PINGREE, Mr. LARSON of Con-
necticut, Mr. POLIS, Mr. LYNCH, Ms. SCHAKOWSKY, Mr. SARBANES, Mr. 
VISCLOSKY, Mr. HECK of Washington, Mr. NOLAN, Mr. FARR, Mr. 
COHEN, Ms. ESTY, Mr. MCGOVERN, Ms. KUSTER, Ms. KAPTUR, Mr. 
TONKO, Mr. NADLER, Ms. MATSUI, Mr. ELLISON, Mr. CAPUANO, Mr. 
DANNY K. DAVIS of Illinois, Mr. LOWENTHAL, Mr. AL GREEN of Texas, 
Ms. MICHELLE LUJAN GRISHAM of New Mexico, Mr. BEN RAY LUJA´N 
of New Mexico, Mr. THOMPSON of California, Mr. BLUMENAUER, Mr. 
SHERMAN, Mr. RYAN of Ohio, Mr. DESAULNIER, Mrs. CAPPS, Mr. MUR-
PHY of Florida, Mr. SERRANO, and Mr. DEFAZIO) introduced the fol-
lowing bill; which was referred to the Committee on House Administra-
tion, and in addition to the Committees on the Judiciary and Ways and 
Means, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
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A BILL 
To amend the Federal Election Campaign Act of 1971 to 
provide for additional disclosure requirements for cor-
porations, labor organizations, and other entities, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Disclosure of Informa-
tion on Spending on Campaigns Leads to Open and Se-
cure Elections Act of 2015’’ or the ‘‘DISCLOSE 2015 
Act’’. 
SEC. 2. CAMPAIGN DISBURSEMENT REPORTING. 
(a) INFORMATION REQUIRED TO BE REPORTED.— 
(1) TREATMENT OF FUNCTIONAL EQUIVALENT 
OF EXPRESS ADVOCACY AS INDEPENDENT EXPENDI-
TURE.—Subparagraph (A) of section 301(17) of the 
Federal Election Campaign Act of 1971 (52 U.S.C. 
30101(17)) is amended to read as follows: 
‘‘(A) that, when taken as a whole, ex-
pressly advocates the election or defeat of a 
clearly identified candidate, or is the functional 
equivalent of express advocacy because it can be 
interpreted by a reasonable person only as ad-
vocating the election or defeat of a candidate, 
taking into account whether the communication 
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involved mentions a candidacy, a political party, 
or a challenger to a candidate, or takes a posi-
tion on a candidate’s character, qualifications, 
or fitness for office; and’’. 
(2) EXPANSION
OF
PERIOD
DURING
WHICH 
COMMUNICATIONS
ARE
TREATED
AS
ELECTION-
EERING COMMUNICATIONS.—Section 304(f)(3)(A)(i) 
of such Act (52 U.S.C. 30104(f)(3)(A)(i)) is amend-
ed— 
(A) by redesignating subclause (III) as 
subclause (IV); and 
(B) by striking subclause (II) and insert-
ing the following: 
‘‘(II) in the case of a communica-
tion which refers to a candidate for an 
office other than the President or Vice 
President, is made during the period 
beginning on January 1 of the cal-
endar year in which a general or run-
off election is held and ending on the 
date of the general or runoff election 
(or in the case of a special election, 
during the period beginning on the 
date on which the announcement with 
respect to such election is made and 
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ending on the date of the special elec-
tion); 
‘‘(III) in the case of a commu-
nication which refers to a candidate 
for the office of President or Vice 
President, is made in any State dur-
ing the period beginning 120 days be-
fore the first primary or preference 
election or a convention or caucus of 
a political party which has the author-
ity to nominate a candidate for the of-
fice of President or Vice President is 
held in any State and ending on the 
date of the general election; and’’. 
(3) EFFECTIVE DATE; TRANSITION FOR ELEC-
TIONEERING COMMUNICATIONS MADE PRIOR TO EN-
ACTMENT.—The amendment made by paragraph (2) 
shall apply with respect to communications made on 
or after July 1, 2015, except that no communication 
which is made prior to such date shall be treated as 
an electioneering communication under section 
304(f)(3)(A)(i) (II) or (III) of the Federal Election 
Campaign Act of 1971 (as amended by paragraph 
(2)) unless the communication would be treated as 
an electioneering communication under such section 
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if the amendment made by paragraph (2) did not 
apply. 
(b) 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 a calendar year shall, 
not later than 24 hours after each disclosure date, 
file a statement with the Commission made under 
penalty of perjury that contains the information de-
scribed in paragraph (2)— 
‘‘(A) in the case of the first statement filed 
under this subsection, for the period beginning 
on the first day of the preceding calendar year 
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 
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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. 
‘‘(B) The amount of each campaign-related 
disbursement made by such organization during 
the period covered by the statement of more 
than $1,000. 
‘‘(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-
tion, or concert with or at the request or sug-
gestion of a candidate, authorized committee, or 
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agent of a candidate, political party, or agent of 
a political party. 
‘‘(E) If the covered organization makes 
campaign-related disbursements using exclu-
sively funds in a segregated bank account con-
sisting of funds that were contributed, donated, 
transferred, or paid directly to such account by 
persons other than the covered organization 
that controls the account, for each contribution, 
donation, transfer, payment of dues, or other 
payment to the account— 
‘‘(i) the name and address of each 
person who made such contribution, dona-
tion, transfer, payment of dues, or other 
payment during the period covered by the 
statement; 
‘‘(ii) the date and amount of such 
contribution, donation, transfer, payment 
of dues, or other payment; and 
‘‘(iii) the aggregate amount of all such 
contributions, donations, transfers, pay-
ments of dues, and other payments made 
by the person during the period beginning 
on the first day of the preceding calendar 
year and ending on the disclosure date; 
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but only if such contribution, donation, trans-
fer, payment of dues, or other payment was 
made by a person who made contributions, do-
nations, transfers, payments of dues, or pay-
ments to the account in an aggregate amount 
of $10,000 or more during the period beginning 
on the first day of the preceding calendar year 
and ending on the disclosure date. 
‘‘(F) Subject to paragraph (4), if the cov-
ered organization makes campaign-related dis-
bursements using funds other than funds in a 
segregated bank account described in subpara-
graph (E), for each contribution, donation, 
transfer, or payment of dues to the covered or-
ganization— 
‘‘(i) the name and address of each 
person who made such contribution, dona-
tion, transfer, or payment of dues during 
the period covered by the statement; 
‘‘(ii) the date and amount of such 
contribution, donation, transfer, or pay-
ment of dues; and 
‘‘(iii) the aggregate amount of all such 
contributions, donations, transfers, and 
payments of dues made by the person dur-
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ing the period beginning on the first day of 
the preceding calendar year and ending on 
the disclosure date; 
but only if such contribution, donation, trans-
fer, or payment of dues was made by a person 
who made contributions, donations, transfers, 
or payments of dues to the covered organization 
in an aggregate amount of $10,000 or more 
during the period beginning on the first day of 
the preceding calendar year and ending on the 
disclosure date. 
‘‘(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 the ordinary course of any 
trade or business conducted by the covered or-
ganization or in the form of investments in the 
covered organization. 
‘‘(B) DONOR
RESTRICTION
ON
USE
OF 
FUNDS.—The requirement to include in a state-
ment submitted under paragraph (1) the infor-
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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 contribution, donation, transfer, pay-
ment of dues, or other payment made by 
such person for campaign-related disburse-
ments; and 
‘‘(ii) the covered organization agreed 
to follow the prohibition and deposited the 
contribution, donation, transfer, payment 
of dues, or other payment in an account 
which is segregated from any account used 
to make campaign-related disbursements. 
‘‘(4) DISCLOSURE DATE.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), the term ‘disclosure date’ 
means— 
‘‘(i) the first date during any calendar 
year by which a person has made cam-
paign-related disbursements aggregating 
more than $10,000; and 
‘‘(ii) each date following the date de-
scribed in clause (i) during such calendar 
year by which a person has made cam-
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paign-related disbursements aggregating 
more than $10,000. 
‘‘(B) DISCLOSURE
DATE
FOR
CERTAIN 
TRANSFERS.—In the case of a statement filed 
with respect to a campaign-related disburse-
ment which is a covered transfer described in 
subsection (f)(1)(E), the term ‘disclosure date’ 
means the date on which the covered organiza-
tion making such transfer knew or should have 
known that the recipient of such transfer made 
campaign-related disbursements in an aggre-
gate amount of $50,000 or more during the 2- 
year period beginning on the date of the trans-
fer. 
‘‘(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. 
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‘‘(3) A labor organization (as defined in section 
316(b)). 
‘‘(4) 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 (5)). 
‘‘(5) A political committee with an account es-
tablished for the purpose of accepting donations or 
contributions that do not comply with the contribu-
tion limits or source prohibitions under this Act, but 
only with respect to the accounts established for 
such purpose. 
‘‘(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; 
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‘‘(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; 
‘‘(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 
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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. 
‘‘(2) EXCLUSIONS.—The term ‘covered transfer’ 
does not include any of the following: 
‘‘(A) A disbursement made by a covered 
organization in the ordinary course of any trade 
or business conducted by the covered organiza-
tion or in the form of investments made by the 
covered organization. 
‘‘(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 
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is segregated from any account used to 
make campaign-related disbursements. 
‘‘(3) EXCEPTION
FOR
CERTAIN
TRANSFERS 
AMONG AFFILIATES.— 
‘‘(A) EXCEPTION
FOR
CERTAIN
TRANS-
FERS AMONG AFFILIATES.—The term ‘covered 
transfer’ does not include an amount trans-
ferred by one covered organization to another 
covered organization which is treated as a 
transfer between affiliates under subparagraph 
(B) if the aggregate amount transferred during 
the year by such covered organization to that 
same covered organization is equal to or less 
than $50,000. 
‘‘(B) 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 
‘‘(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-
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nizations is established for the purpose of mak-
ing campaign-related disbursements. 
‘‘(C) DETERMINATION OF AFFILIATE STA-
TUS.—For purposes of subparagraph (B), 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. 
‘‘(D) 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-
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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.’’. 
(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’’. 
SEC. 3. STAND BY YOUR AD. 
(a) DISCLAIMER REQUIREMENTS FOR CAMPAIGN-RE-
LATED DISBURSEMENTS.—Section 318(a) of the Federal 
Election Campaign Act of 1971 (52 U.S.C. 30120(a)) is 
amended by striking ‘‘for the purpose of financing commu-
nications expressly advocating the election or defeat of a 
clearly identified candidate’’ and inserting ‘‘for a cam-
paign-related disbursement, as defined in section 324, con-
sisting of a public communication’’. 
(b) STAND BY YOUR AD REQUIREMENTS.— 
(1) MAINTENANCE OF REQUIREMENTS FOR PO-
LITICAL PARTIES AND CERTAIN POLITICAL COMMIT-
TEES.—Section 318(d)(2) of such Act (52 U.S.C. 
30120(d)(2)) is amended— 
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(A) in the heading, by striking ‘‘OTHERS’’ 
and inserting ‘‘CERTAIN
POLITICAL
COMMIT-
TEES’’; 
(B) by inserting ‘‘which (except to the ex-
tent provided in the last sentence of this para-
graph) is paid for by a political committee (in-
cluding a political committee of a political 
party) and’’ after ‘‘subsection (a)’’; 
(C) by striking ‘‘or other person’’ each 
place it appears; and 
(D) by adding at the end the following: 
‘‘This paragraph does not apply to a commu-
nication paid for in whole or in part with a pay-
ment which is treated as a campaign-related 
disbursement under section 324 and with re-
spect to which a covered organization files a 
statement under such section.’’. 
(2) SPECIAL DISCLAIMER REQUIREMENTS FOR 
CERTAIN
COMMUNICATIONS.—Section 318 of such 
Act (52 U.S.C. 30120) is amended by adding at the 
end the following new subsection: 
‘‘(e) COMMUNICATIONS BY OTHERS.— 
‘‘(1) IN
GENERAL.—Any communication de-
scribed in paragraph (3) of subsection (a) which is 
transmitted through radio or television (other than 
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a communication to which subsection (d)(2) applies) 
shall include, in addition to the requirements of such 
paragraph, 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 
through television and is paid for in whole or in 
part with a payment which is treated as a cam-
paign-related disbursement under section 324, 
the Top Five Funders list (if applicable), un-
less, on the basis of criteria established in regu-
lations issued by the Commission, the commu-
nication is of such short duration that including 
the Top Five Funders list in the communication 
would constitute a hardship to the person pay-
ing for the communication by requiring a dis-
proportionate amount of the content of the 
communication to consist of the Top Five 
Funders list. 
‘‘(C) If the communication is transmitted 
through radio and is paid for in whole or in 
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part with a payment which is treated as a cam-
paign-related disbursement under section 324, 
the Top Two Funders list (if applicable), un-
less, on the basis of criteria established in regu-
lations issued by the Commission, the commu-
nication is of such short duration that including 
the Top Two Funders list in the communication 
would constitute a hardship to the person pay-
ing for the communication by requiring a dis-
proportionate amount of the content of the 
communication to consist of the Top Two 
Funders list. 
‘‘(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 
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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
TRANSMITTED 
THROUGH RADIO.—In the case of a communica-
tion to which this subsection applies which is 
transmitted through radio, the disclosure state-
ments required under paragraph (1) shall be 
made by audio by the applicable individual in a 
clearly spoken manner. 
‘‘(B) 
COMMUNICATIONS
TRANSMITTED 
THROUGH TELEVISION.—In the case of a com-
munication to which this subsection applies 
which is transmitted through television, the in-
formation required under paragraph (1)— 
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‘‘(i) shall appear in writing at the end 
of the communication or in a crawl along 
the bottom of the communication in a 
clearly readable 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) DEFINITIONS.—In this subsection: 
‘‘(A) APPLICABLE INDIVIDUAL.—The term 
‘applicable individual’ means, with respect to a 
communication to which this subsection ap-
plies— 
‘‘(i) if the communication is paid for 
by an individual, the individual involved; 
‘‘(ii) if the communication is paid for 
by a corporation, the chief executive officer 
of the corporation (or, if the corporation 
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does not have a chief executive officer, the 
highest ranking official of the corporation); 
‘‘(iii) if the communication is paid for 
by a labor organization, the highest rank-
ing officer of the labor organization; and 
‘‘(iv) if the communication is paid for 
by any other person, the highest ranking 
official of such person. 
‘‘(B) COVERED ORGANIZATION AND CAM-
PAIGN-RELATED
DISBURSEMENT.—The terms 
‘campaign-related disbursement’ and ‘covered 
organization’ have the meaning given such 
terms in section 324. 
‘‘(C) TOP FIVE FUNDERS LIST.—The term 
‘Top Five Funders list’ means, with respect to 
a communication paid for in whole or in part 
with a payment which is treated as a campaign- 
related disbursement under section 324, a list 
of the five persons who provided the largest 
payments of any type in an aggregate amount 
equal to or exceeding $10,000 which are re-
quired under section 324(a) to be included in 
the reports filed by a covered organization with 
respect to such communication during the 12- 
month period ending on the date of the dis-
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bursement and the amount of the payments 
each such person provided. If two or more peo-
ple provided the fifth largest of such payments, 
the covered organization involved shall select 
one of those persons to be included on the Top 
Five Funders list. 
‘‘(D) TOP TWO FUNDERS LIST.—The term 
‘Top Two Funders list’ means, with respect to 
a communication paid for in whole or in part 
with a payment which is treated as a campaign- 
related disbursement under section 324, a list 
of the persons who provided the largest and the 
second largest payments of any type in an ag-
gregate amount equal to or exceeding $10,000 
which are required under section 324(a) to be 
included in the reports filed by a covered orga-
nization with respect to such communication 
during the 12-month period ending on the date 
of the disbursement and the amount of the pay-
ments each such person provided. If two or 
more persons provided the second largest of 
such payments, the covered organization in-
volved shall select one of those persons to be in-
cluded on the Top Two Funders list.’’. 
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SEC. 4. SHAREHOLDERS’ AND MEMBERS’ RIGHT TO KNOW. 
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. DISCLOSURES BY COVERED ORGANIZATIONS TO 
SHAREHOLDERS, MEMBERS, AND DONORS OF 
INFORMATION ON CAMPAIGN-RELATED DIS-
BURSEMENTS. 
‘‘(a) INFORMATION
ON CAMPAIGN-RELATED DIS-
BURSEMENTS
TO
BE
INCLUDED
IN
PERIODIC
RE-
PORTS.—A covered organization which submits regular, 
periodic reports to its shareholders, members, or donors 
on its finances or activities shall include in each such re-
port, in a clear and conspicuous manner, the information 
included in the statements filed by the organization under 
section 324 with respect to the campaign-related disburse-
ments made by the organization during the period covered 
by the report. 
‘‘(b) HYPERLINK
TO INFORMATION INCLUDED
IN 
REPORTS FILED WITH COMMISSION.— 
‘‘(1) REQUIRED POSTING OF HYPERLINK.—If a 
covered organization maintains an Internet site, the 
organization shall post on such Internet site a 
hyperlink from its homepage to the location on the 
Internet site of the Commission which contains the 
information included in the statements filed by the 
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organization under section 324 with respect to cam-
paign-related disbursements. 
‘‘(2) DEADLINE; DURATION OF POSTING.—The 
covered organization shall post the hyperlink de-
scribed in paragraph (1) not later than 24 hours 
after the Commission posts the information de-
scribed in such paragraph on the Internet site of the 
Commission, and shall ensure that the hyperlink re-
mains on the Internet site of the covered organiza-
tion until the expiration of the 1-year period which 
begins on the date of the election with respect to 
which the campaign-related disbursements are made. 
‘‘(c) DEFINITIONS.—The terms ‘campaign-related 
disbursement’ and ‘covered organization’ have the mean-
ings given such terms in section 324.’’. 
SEC. 5. LOBBYISTS’ CAMPAIGN FUNDING DISCLOSURE. 
(a) DISCLOSURE OF INDEPENDENT EXPENDITURES 
AND
ELECTIONEERING
COMMUNICATIONS.—Section 
5(d)(1) of the Lobbying Disclosure Act of 1995 (2 U.S.C. 
1604(d)(1)) is amended— 
(1) by striking ‘‘and’’ at the end of subpara-
graph (F); 
(2) by redesignating subparagraph (G) as sub-
paragraph (I); and 
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(3) by inserting after subparagraph (F) the fol-
lowing new subparagraphs: 
‘‘(G) the amount of any independent ex-
penditure (as defined in section 301(17) of the 
Federal Election Campaign Act of 1971 (52 
U.S.C. 30101(17))) equal to or greater than 
$1,000 made by such person or organization, 
and for each such expenditure the name of each 
candidate being supported or opposed and the 
amount spent supporting or opposing each such 
candidate; 
‘‘(H) the amount of any electioneering 
communication (as defined in section 304(f)(3) 
of such Act (52 U.S.C. 30104(f)(3))) equal to 
or greater than $1,000 made by such person or 
organization, and for each such communication 
the name of the candidate referred to in the 
communication and whether the communication 
involved was in support of or in opposition to 
the candidate; and’’. 
(b) DISCLOSURE OF AMOUNTS PROVIDED TO CER-
TAIN POLITICAL COMMITTEES.—Section 5(d)(1)(D) of 
such Act (2 U.S.C. 1605(d)(1)(D)) is amended by striking 
‘‘or political party committee,’’ and inserting the following: 
‘‘political party committee, or political committee which is 
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treated 
as 
a 
covered 
organization 
under 
section 
324(f)(1)(D) of the Federal Election Campaign Act of 
1971,’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to reports for semi-
annual periods described in section 5(d)(1) of the Lob-
bying Disclosure Act of 1995 that begin after the date 
of the enactment of this Act. 
SEC. 6. SEVERABILITY. 
If any provision of this Act or amendment made by 
this Act, or the application of a provision or amendment 
to any person or circumstance, is held to be unconstitu-
tional, the remainder of this Act and amendments made 
by this Act, and the application of the provisions and 
amendment to any person or circumstance, shall not be 
affected by the holding. 
SEC. 7. EFFECTIVE DATE. 
Except as provided in section 5, the amendments 
made by this Act shall apply with respect to disbursements 
made on or after July 1, 2015. 
Æ 
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