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‘‘(b) PENALTY.—Any person who violates subsection 
(a) shall be imprisoned for not more than 5 years, fined 
under this title, or both.’’. 
(b) TABLE OF SECTIONS.—The table of sections for 
chapter 29 of title 18, United States Code, as amended 
by section 1071(b) and section 1201(b), is amended by 
inserting after the item relating to section 613 the fol-
lowing: 
‘‘614. Establishment of corporation to conceal election contributions and dona-
tions by foreign nationals.’’. 
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 
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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 
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-
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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 
‘‘(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 
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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 
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 
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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-
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 2022, 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 2022. 
‘‘(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— 
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‘‘(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 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 2022, 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 
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purposes of applying such section to the 
amounts described in subsection (b), the ‘base 
period’ shall be 2022. 
‘‘(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. 
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‘‘(B) DONOR
RESTRICTION
ON
USE
OF 
FUNDS.—The requirement to include in a state-
ment submitted under paragraph (1) the infor-
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.— 
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‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), the term ‘beneficial 
owner’ means, with respect to any entity, 
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 
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meets the requirements of clause (i); 
or 
‘‘(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 
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general election for Federal office, except that 
in the case of a campaign-related disbursement 
for a Federal judicial nomination communica-
tion, such term means any calendar year in 
which the campaign-related disbursement is 
made. 
‘‘(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. 
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‘‘(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: 
‘‘(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). 
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‘‘(D) A Federal judicial nomination com-
munication. 
‘‘(E) A covered transfer. 
‘‘(2) FEDERAL JUDICIAL NOMINATION COMMU-
NICATION.— 
‘‘(A) IN GENERAL.—The term ‘Federal ju-
dicial nomination communication’ means any 
communication— 
‘‘(i) that is by means of any broad-
cast, cable, or satellite, paid internet, or 
paid digital communication, paid pro-
motion, newspaper, magazine, outdoor ad-
vertising facility, mass mailing, telephone 
bank, telephone messaging effort of more 
than 500 substantially similar calls or elec-
tronic messages within a 30-day period, or 
any other form of general public political 
advertising; and 
‘‘(ii) which promotes, supports, at-
tacks, or opposes the nomination or Senate 
confirmation of an individual as a Federal 
judge or justice. 
‘‘(B) EXCEPTION.—Such term shall not in-
clude any news story, commentary, or editorial 
distributed through the facilities of any broad-
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