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tion 319 abstains from voting on matters concerning 
the fund or its activities.’’. 
SEC. 4103. AUDIT AND REPORT ON ILLICIT FOREIGN 
MONEY IN FEDERAL ELECTIONS. 
(a) IN GENERAL.—Title III of the Federal Election 
Campaign Act of 1971 (52 U.S.C. 30101 et seq.), as 
amended by section 1821, is further amended by inserting 
after section 319A the following new section: 
‘‘SEC. 319B. AUDIT AND REPORT ON DISBURSEMENTS BY 
FOREIGN NATIONALS. 
‘‘(a) AUDIT.— 
‘‘(1) IN GENERAL.—The Commission shall con-
duct an audit after each Federal election cycle to de-
termine the incidence of illicit foreign money in such 
Federal election cycle. 
‘‘(2) PROCEDURES.—In carrying out paragraph 
(1), the Commission shall conduct random audits of 
any disbursements required to be reported under 
this Act, in accordance with procedures established 
by the Commission. 
‘‘(b) REPORT.—Not later than 180 days after the end 
of each Federal election cycle, the Commission shall sub-
mit to Congress a report containing— 
‘‘(1) results of the audit required by subsection 
(a)(1); and 
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‘‘(2) recommendations to address the presence 
of illicit foreign money in elections, as appropriate. 
‘‘(c) DEFINITIONS.—As used in this section: 
‘‘(1) The term ‘Federal election cycle’ means 
the period which begins on the day after the date of 
a regularly scheduled general election for Federal of-
fice and which ends on the date of the first regularly 
scheduled general election for Federal office held 
after such date. 
‘‘(2) The term ‘illicit foreign money’ means any 
disbursement by a foreign national (as defined in 
section 319(b)) prohibited under such section.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply with respect to the Federal elec-
tion cycle that began during November 2018, and each 
succeeding Federal election cycle. 
SEC. 4104. PROHIBITION ON CONTRIBUTIONS AND DONA-
TIONS BY FOREIGN NATIONALS IN CONNEC-
TIONS 
WITH 
BALLOT 
INITIATIVES 
AND 
REFERENDA. 
(a) IN GENERAL.—Section 319(a)(1)(A) of the Fed-
eral Election Campaign Act of 1971 (52 U.S.C. 
30121(a)(1)(A)) is amended by striking ‘‘election;’’ and 
inserting the following: ‘‘election, including a State or local 
ballot initiative or referendum;’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply with respect to elections held in 
2020 or any succeeding year. 
SEC. 4105. DISBURSEMENTS AND ACTIVITIES SUBJECT TO 
FOREIGN MONEY BAN. 
(a) 
DISBURSEMENTS
DESCRIBED.—Section 
319(a)(1) of the Federal Election Campaign Act of 1971 
(52 U.S.C. 30121(a)(1)) is amended— 
(1) by striking ‘‘or’’ at the end of subparagraph 
(B); and 
(2) by striking subparagraph (C) and inserting 
the following: 
‘‘(C) an expenditure; 
‘‘(D) an independent expenditure; 
‘‘(E) a disbursement for an electioneering 
communication (within the meaning of section 
304(f)(3)); 
‘‘(F) a disbursement for a paid internet or 
paid digital communication that refers to a 
clearly identified candidate for election for Fed-
eral office and is disseminated within 60 days 
before a general, special or runoff election for 
the office sought by the candidate or 30 days 
before a primary or preference election, or a 
convention or caucus of a political party that 
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has authority to nominate a candidate for the 
office sought by the candidate; 
‘‘(G) a disbursement for a broadcast, cable 
or satellite communication, or for a paid inter-
net or paid digital communication, that pro-
motes, supports, attacks or opposes the election 
of a clearly identified candidate for Federal, 
State, or local office (regardless of whether the 
communication contains express advocacy or the 
functional equivalent of express advocacy); or 
‘‘(H) a disbursement for a broadcast, 
cable, or satellite communication, or for a paid 
internet or paid digital communication, that 
discusses a national legislative issue of public 
importance in year in which a regularly sched-
uled general election for Federal office is held 
and is made for the purpose of influencing an 
election held during that year, but only if the 
disbursement is made by a foreign principal 
who is a government of a foreign country or a 
foreign political party or an agent of such a for-
eign principal under the Foreign Agents Reg-
istration Act of 1938, as amended.’’. 
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(b) EFFECTIVE DATE.—The amendments made by 
subsection (a) shall apply with respect to disbursements 
made on or after the date of the enactment of this Act. 
PART 2—REPORTING OF CAMPAIGN-RELATED 
DISBURSEMENTS 
SEC. 4111. REPORTING OF CAMPAIGN-RELATED DISBURSE-
MENTS. 
(a) DISCLOSURE REQUIREMENTS
FOR CORPORA-
TIONS, LABOR ORGANIZATIONS, AND CERTAIN OTHER 
ENTITIES.— 
(1) IN GENERAL.—Section 324 of the Federal 
Election Campaign Act of 1971 (52 U.S.C. 30126) 
is amended to read as follows: 
‘‘SEC. 324. DISCLOSURE OF CAMPAIGN-RELATED DISBURSE-
MENTS BY COVERED ORGANIZATIONS. 
‘‘(a) DISCLOSURE STATEMENT.— 
‘‘(1) IN GENERAL.—Any covered organization 
that makes campaign-related disbursements aggre-
gating more than $10,000 in an election reporting 
cycle shall, not later than 24 hours after each disclo-
sure date, file a statement with the Commission 
made under penalty of perjury that contains the in-
formation described in paragraph (2)— 
‘‘(A) in the case of the first statement filed 
under this subsection, for the period beginning 
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‘‘(ii) if any beneficial owner exercises 
control over the entity through another 
legal entity, such as a corporation, partner-
ship, limited liability company, or trust, 
identifies each such other legal entity and 
each such beneficial owner who will use 
that other entity to exercise control over 
the entity. 
‘‘(B) The amount of each campaign-related 
disbursement made by such organization during 
the period covered by the statement of more 
than $1,000, and the name and address of the 
person to whom the disbursement was made. 
‘‘(C) In the case of a campaign-related dis-
bursement that is not a covered transfer, the 
election to which the campaign-related disburse-
ment pertains and if the disbursement is made 
for a public communication, the name of any 
candidate identified in such communication and 
whether such communication is in support of or 
in opposition to a candidate. 
‘‘(D) A certification by the chief executive 
officer or person who is the head of the covered 
organization that the campaign-related dis-
bursement is not made in cooperation, consulta-
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gate amount of $10,000 or more during the pe-
riod beginning on the first day of the election 
reporting cycle (or, if earlier, the period begin-
ning one year before the disclosure date) and 
ending on the disclosure date. 
‘‘(ii) In any calendar year after 2020, sec-
tion 315(c)(1)(B) shall apply to the amount de-
scribed in clause (i) in the same manner as 
such section applies to the limitations estab-
lished under subsections (a)(1)(A), (a)(1)(B), 
(a)(3), and (h) of such section, except that for 
purposes of applying such section to the 
amounts described in subsection (b), the ‘base 
period’ shall be 2020. 
‘‘(F)(i) If the covered organization makes 
campaign-related disbursements using funds 
other than funds in a segregated bank account 
described in subparagraph (E), for each pay-
ment to the covered organization— 
‘‘(I) the name and address of each 
person who made such payment during the 
period covered by the statement; 
‘‘(II) the date and amount of such 
payment; and 
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‘‘(III) the aggregate amount of all 
such payments made by the person during 
the period beginning on the first day of the 
election reporting cycle (or, if earlier, the 
period beginning one year before the dis-
closure date) and ending on the disclosure 
date, 
but only if such payment was made by a person 
who made payments to the covered organization 
in an aggregate amount of $10,000 or more 
during the period beginning on the first day of 
the election reporting cycle (or, if earlier, the 
period beginning one year before the disclosure 
date) and ending on the disclosure date. 
‘‘(ii) In any calendar year after 2020, sec-
tion 315(c)(1)(B) shall apply to the amount de-
scribed in clause (i) in the same manner as 
such section applies to the limitations estab-
lished under subsections (a)(1)(A), (a)(1)(B), 
(a)(3), and (h) of such section, except that for 
purposes of applying such section to the 
amounts described in subsection (b), the ‘base 
period’ shall be 2020. 
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‘‘(G) Such other information as required in 
rules established by the Commission to promote 
the purposes of this section. 
‘‘(3) EXCEPTIONS.— 
‘‘(A) AMOUNTS
RECEIVED
IN
ORDINARY 
COURSE OF BUSINESS.—The requirement to in-
clude in a statement filed under paragraph (1) 
the information described in paragraph (2) 
shall not apply to amounts received by the cov-
ered organization in commercial transactions in 
the ordinary course of any trade or business 
conducted by the covered organization or in the 
form of investments (other than investments by 
the principal shareholder in a limited liability 
corporation) in the covered organization. For 
purposes of this subparagraph, amounts re-
ceived by a covered organization as remittances 
from an employee to the employee’s collective 
bargaining representative shall be treated as 
amounts received in commercial transactions in 
the ordinary course of the business conducted 
by the covered organization. 
‘‘(B) DONOR
RESTRICTION
ON
USE
OF 
FUNDS.—The requirement to include in a state-
ment submitted under paragraph (1) the infor-
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mation described in subparagraph (F) of para-
graph (2) shall not apply if— 
‘‘(i) the person described in such sub-
paragraph prohibited, in writing, the use of 
the payment made by such person for cam-
paign-related disbursements; and 
‘‘(ii) the covered organization agreed 
to follow the prohibition and deposited the 
payment in an account which is segregated 
from any account used to make campaign- 
related disbursements. 
‘‘(C) THREAT
OF
HARASSMENT
OR
RE-
PRISAL.—The requirement to include any infor-
mation relating to the name or address of any 
person (other than a candidate) in a statement 
submitted under paragraph (1) shall not apply 
if the inclusion of the information would subject 
the person to serious threats, harassment, or 
reprisals. 
‘‘(4) OTHER
DEFINITIONS.—For purposes of 
this section: 
‘‘(A) BENEFICIAL OWNER DEFINED.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), the term ‘beneficial 
owner’ means, with respect to any entity, 
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a natural person who, directly or indi-
rectly— 
‘‘(I) exercises substantial control 
over an entity through ownership, vot-
ing rights, agreement, or otherwise; or 
‘‘(II) has a substantial interest in 
or receives substantial economic bene-
fits from the assets of an entity. 
‘‘(ii) EXCEPTIONS.—The term ‘bene-
ficial owner’ shall not include— 
‘‘(I) a minor child; 
‘‘(II) a person acting as a nomi-
nee, intermediary, custodian, or agent 
on behalf of another person; 
‘‘(III) a person acting solely as 
an employee of an entity and whose 
control over or economic benefits from 
the entity derives solely from the em-
ployment status of the person; 
‘‘(IV) a person whose only inter-
est in an entity is through a right of 
inheritance, unless the person also 
meets the requirements of clause (i); 
or 
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‘‘(V) a creditor of an entity, un-
less the creditor also meets the re-
quirements of clause (i). 
‘‘(iii) ANTI-ABUSE RULE.—The excep-
tions under clause (ii) shall not apply if 
used for the purpose of evading, circum-
venting, or abusing the provisions of clause 
(i) or paragraph (2)(A). 
‘‘(B) DISCLOSURE DATE.—The term ‘dis-
closure date’ means— 
‘‘(i) the first date during any election 
reporting cycle by which a person has 
made campaign-related disbursements ag-
gregating more than $10,000; and 
‘‘(ii) any other date during such elec-
tion reporting cycle by which a person has 
made campaign-related disbursements ag-
gregating more than $10,000 since the 
most recent disclosure date for such elec-
tion reporting cycle. 
‘‘(C) ELECTION REPORTING CYCLE.—The 
term ‘election reporting cycle’ means the 2-year 
period beginning on the date of the most recent 
general election for Federal office. 
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‘‘(D) PAYMENT.—The term ‘payment’ in-
cludes any contribution, donation, transfer, pay-
ment of dues, or other payment. 
‘‘(b) COORDINATION WITH OTHER PROVISIONS.— 
‘‘(1) OTHER REPORTS FILED WITH THE COM-
MISSION.—Information included in a statement filed 
under this section may be excluded from statements 
and reports filed under section 304. 
‘‘(2) TREATMENT AS SEPARATE SEGREGATED 
FUND.—A segregated bank account referred to in 
subsection (a)(2)(E) may be treated as a separate 
segregated fund for purposes of section 527(f)(3) of 
the Internal Revenue Code of 1986. 
‘‘(c) FILING.—Statements required to be filed under 
subsection (a) shall be subject to the requirements of sec-
tion 304(d) to the same extent and in the same manner 
as if such reports had been required under subsection (c) 
or (g) of section 304. 
‘‘(d) 
CAMPAIGN-RELATED
DISBURSEMENT
DE-
FINED.— 
‘‘(1) IN GENERAL.—In this section, the term 
‘campaign-related disbursement’ means a disburse-
ment by a covered organization for any of the fol-
lowing: 
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‘‘(A) An independent expenditure which ex-
pressly advocates the election or defeat of a 
clearly identified candidate for election for Fed-
eral office, or is the functional equivalent of ex-
press advocacy because, when taken as a whole, 
it can be interpreted by a reasonable person 
only as advocating the election or defeat of a 
candidate for election for Federal office. 
‘‘(B) Any public communication which re-
fers to a clearly identified candidate for election 
for Federal office and which promotes or sup-
ports the election of a candidate for that office, 
or attacks or opposes the election of a candidate 
for that office, without regard to whether the 
communication expressly advocates a vote for or 
against a candidate for that office. 
‘‘(C) An electioneering communication, as 
defined in section 304(f)(3). 
‘‘(D) A covered transfer. 
‘‘(2) INTENT NOT REQUIRED.—A disbursement 
for an item described in subparagraph (A), (B), (C), 
or (D) of paragraph (1) shall be treated as a cam-
paign-related disbursement regardless of the intent 
of the person making the disbursement. 
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‘‘(e) COVERED ORGANIZATION DEFINED.—In this 
section, the term ‘covered organization’ means any of the 
following: 
‘‘(1) A corporation (other than an organization 
described in section 501(c)(3) of the Internal Rev-
enue Code of 1986). 
‘‘(2) A limited liability corporation that is not 
otherwise treated as a corporation for purposes of 
this Act (other than an organization described in 
section 501(c)(3) of the Internal Revenue Code of 
1986). 
‘‘(3) An organization described in section 
501(c) of such Code and exempt from taxation 
under section 501(a) of such Code (other than an 
organization described in section 501(c)(3) of such 
Code). 
‘‘(4) A labor organization (as defined in section 
316(b)). 
‘‘(5) Any political organization under section 
527 of the Internal Revenue Code of 1986, other 
than a political committee under this Act (except as 
provided in paragraph (6)). 
‘‘(6) A political committee with an account that 
accepts donations or contributions that do not com-
ply with the contribution limits or source prohibi-
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tions under this Act, but only with respect to such 
accounts. 
‘‘(f) COVERED TRANSFER DEFINED.— 
‘‘(1) IN GENERAL.—In this section, the term 
‘covered transfer’ means any transfer or payment of 
funds by a covered organization to another person if 
the covered organization— 
‘‘(A) designates, requests, or suggests that 
the amounts be used for— 
‘‘(i) campaign-related disbursements 
(other than covered transfers); or 
‘‘(ii) making a transfer to another 
person for the purpose of making or pay-
ing for such campaign-related disburse-
ments; 
‘‘(B) made such transfer or payment in re-
sponse to a solicitation or other request for a 
donation or payment for— 
‘‘(i) the making of or paying for cam-
paign-related disbursements (other than 
covered transfers); or 
‘‘(ii) making a transfer to another 
person for the purpose of making or pay-
ing for such campaign-related disburse-
ments; 
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‘‘(C) engaged in discussions with the re-
cipient of the transfer or payment regarding— 
‘‘(i) the making of or paying for cam-
paign-related disbursements (other than 
covered transfers); or 
‘‘(ii) donating or transferring any 
amount of such transfer or payment to an-
other person for the purpose of making or 
paying for such campaign-related disburse-
ments; 
‘‘(D) made campaign-related disburse-
ments (other than a covered transfer) in an ag-
gregate amount of $50,000 or more during the 
2-year period ending on the date of the transfer 
or payment, or knew or had reason to know 
that the person receiving the transfer or pay-
ment made such disbursements in such an ag-
gregate amount during that 2-year period; or 
‘‘(E) knew or had reason to know that the 
person receiving the transfer or payment would 
make campaign-related disbursements in an ag-
gregate amount of $50,000 or more during the 
2-year period beginning on the date of the 
transfer or payment. 
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‘‘(2) EXCLUSIONS.—The term ‘covered transfer’ 
does not include any of the following: 
‘‘(A) A disbursement made by a covered 
organization in a commercial transaction in the 
ordinary course of any trade or business con-
ducted by the covered organization or in the 
form of investments made by the covered orga-
nization. 
‘‘(B) A disbursement made by a covered 
organization if— 
‘‘(i) the covered organization prohib-
ited, in writing, the use of such disburse-
ment for campaign-related disbursements; 
and 
‘‘(ii) the recipient of the disbursement 
agreed to follow the prohibition and depos-
ited the disbursement in an account which 
is segregated from any account used to 
make campaign-related disbursements. 
‘‘(3) SPECIAL
RULE
REGARDING
TRANSFERS 
AMONG AFFILIATES.— 
‘‘(A) SPECIAL
RULE.—A transfer of an 
amount by one covered organization to another 
covered organization which is treated as a 
transfer between affiliates under subparagraph 
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‘‘(e) EXPANDED DISCLAIMER REQUIREMENTS FOR 
COMMUNICATIONS NOT AUTHORIZED BY CANDIDATES OR 
COMMITTEES.— 
‘‘(1) IN GENERAL.—Except as provided in para-
graph (6), any communication described in para-
graph (3) of subsection (a) which is transmitted in 
an audio or video format (including an Internet or 
digital communication), or which is an Internet or 
digital communication transmitted in a text or 
graphic format, shall include, in addition to the re-
quirements of paragraph (3) of subsection (a), the 
following: 
‘‘(A) The individual disclosure statement 
described in paragraph (2)(A) (if the person 
paying for the communication is an individual) 
or the organizational disclosure statement de-
scribed in paragraph (2)(B) (if the person pay-
ing for the communication is not an individual). 
‘‘(B) If the communication is transmitted 
in a video format, or is an Internet or digital 
communication which is transmitted in a text or 
graphic format, and is paid for in whole or in 
part with a payment which is treated as a cam-
paign-related disbursement under section 324— 
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