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‘‘(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-
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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 
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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 
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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-
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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 
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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. 
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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 
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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 
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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-
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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 
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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 
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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 
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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)— 
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(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 
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(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 
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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. 
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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-
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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 
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‘‘(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).’’. 
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(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)— 
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(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. 
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‘‘(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 
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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 
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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 
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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 
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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 
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(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 
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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: 
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‘‘(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 
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‘‘(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 
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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
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 
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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— 
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‘‘(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 
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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-
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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. 
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‘‘(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. 
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‘‘(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-
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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 
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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 
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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 
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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 
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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. 
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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— 
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‘‘(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; 
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‘‘(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 
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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-
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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).’’. 
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(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. 
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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— 
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‘‘(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-
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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. 
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‘‘(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— 
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‘‘(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; 
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‘‘(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). 
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‘‘(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. 
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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. 
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‘‘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. 
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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. 
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(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 
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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. 
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(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 
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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-
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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 
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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— 
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(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 
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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 
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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 
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(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, 
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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 
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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-
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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 
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(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-
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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 
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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. 
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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 
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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; 
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‘‘(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 
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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. 
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‘‘(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 
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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 
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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-
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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-
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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.— 
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‘‘(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. 
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‘‘(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. 
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‘‘(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 
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