Let It Go Act
Bill: H.R.2605 | Sponsor: Rep. Takano, Mark (D-CA)
Policy area: Government Operations and Politics

Summary:
Let It Go Act
This bill establishes a time frame for the disposal of campaign contributions or donations. The bill also prohibits the donation of campaign funds to charitable organizations that are owned or controlled by the candidate or the candidate's immediate family members.
An individual must use contributions or donations before the individual becomes a registered lobbyist or within six years following the most recent federal election in which the individual was a candidate, whichever occurs first.
The remaining contributions or donations must be disposed of within 30 days following either occurrence, first by paying debts or obligations owed in connection with the campaign for that office. If funds are left over, the funds may only be disbursed in one or more of the following ways: (1) returning funds to donors; (2) making contributions to charitable organizations; and (3) transferring funds to a national, state, or local committee of a political party.
The bill prohibits the donation of campaign funds to a charitable organization if the candidate or the candidate's immediate family member (1) is an employee of the organization, (2) is a member of the board of directors, or (3) owns a majority of the voting shares.

To amend the Federal Election Campaign Act of 1971 to provide for a 
  limitation on the time for the use of contributions or donations by 
candidates for election for Federal office, to prohibit candidates from 
using campaign funds to make contributions to charitable organizations 
  which are owned or controlled by the candidate or immediate family 
           members of the candidate, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Let It Go Act''.

SEC. 2. TIMEFRAME FOR AND PRIORITIZATION OF DISPOSAL OF CONTRIBUTIONS 
              OR DONATIONS BY CANDIDATES.

    (a) In General.--Section 313 of the Federal Election Campaign Act 
of 1971 (52 U.S.C. 30114) is amended--
            (1) by redesignating subsection (c) as subsection (d); and
            (2) by inserting after subsection (b) the following new 
        subsection:
    ``(c) Disposal.--
            ``(1) Timeframe.--Contributions or donations described in 
        subsection (a) may only be used--
                    ``(A) in the case of an individual who is not a 
                candidate with respect to an election for any Federal 
                office for a 6-year period beginning on the day after 
                the date of the most recent such election in which the 
                individual was a candidate for any such office, during 
                such 6-year period; or
                    ``(B) in the case of an individual who becomes a 
                registered lobbyist under the Lobbying Disclosure Act 
                of 1995, before the date on which such individual 
                becomes such a registered lobbyist.
            ``(2) Means of disposal; prioritization.--Beginning on the 
        date the 6-year period described in subparagraph (A) of 
        paragraph (1) ends (or, in the case of an individual described 
        in subparagraph (B) of such paragraph, the date on which the 
        individual becomes a registered lobbyist under the Lobbying 
        Disclosure Act of 1995), contributions or donations that remain 
        available to an individual described in such paragraph shall be 
        disposed of, not later than 30 days after such date, as 
        follows:
                    ``(A) First, to pay any debts or obligations owed 
                in connection with the campaign for election for 
                Federal office of the individual.
                    ``(B) Second, to the extent such contribution or 
                donations remain available after the application of 
                subparagraph (A), through any of the following means of 
                disposal (or a combination thereof), in any order the 
                individual considers appropriate:
                            ``(i) Returning such contributions or 
                        donations to the individuals, entities, or 
                        both, who made such contributions or donations.
                            ``(ii) Making contributions to an 
                        organization described in section 170(c) of the 
                        Internal Revenue Code of 1986.
                            ``(iii) Making transfers to a national, 
                        State, or local committee of a political 
                        party.''.
    (b) 1-Year Transition Period for Certain Individuals.--
            (1) In general.--In the case of an individual described in 
        paragraph (2), any contributions or donations under section 
        313(a) of the Federal Election Campaign Act of 1971 (52 U.S.C. 
        30114(a)) remaining available to the individual as of the date 
        of the enactment of this Act shall be disposed of--
                    (A) not later than one year after the date of the 
                enactment of this Act; and
                    (B) in accordance with the prioritization specified 
                in subparagraphs (A) through (B) of subsection (c)(2) 
                of section 313 of the Federal Election Campaign Act of 
                1971 (52 U.S.C. 30114), as amended by subsection (a).
            (2) Individuals described.--An individual described in this 
        paragraph is an individual who, as of the date of the enactment 
        of this Act--
                    (A)(i) is not a candidate with respect to an 
                election for any Federal office for a period of not 
                less than 6 years beginning on the day after the date 
                of the most recent such election in which the 
                individual was a candidate for any such office; or
                    (ii) is an individual who becomes a registered 
                lobbyist under the Lobbying Disclosure Act of 1995; and
                    (B) would be in violation of subsection (c) of 
                section 313 of the Federal Election Campaign Act of 
                1971 (52 U.S.C. 30114), as amended by subsection (a).

SEC. 3. PROHIBITING DONATION OF CAMPAIGN FUNDS TO CHARITABLE 
              ORGANIZATIONS OWNED OR CONTROLLED BY CANDIDATE OR 
              IMMEDIATE FAMILY MEMBERS.

    (a) Prohibition.--Section 313(b) of the Federal Election Campaign 
Act of 1971 (52 U.S.C. 30114(b)) is amended by adding at the end the 
following new paragraph:
            ``(3) Prohibiting contributions to charitable organizations 
        owned or controlled by candidate or immediate family members.--
        A contribution or donation described in subsection (a) may not 
        be used for a contribution to an organization described in 
        section 170(c) of the Internal Revenue Code of 1986 if the 
        candidate or an immediate family member of the candidate (as 
        defined in subsection (c)(3)(B)) is an employee of the 
        organization or a member of the organization's board of 
        directors, or (in the case of an organization which is a 
        corporation) the candidate and immediate family members of the 
        candidate in the aggregate own a majority of the corporation's 
        voting shares.''.
    (b) Conforming Amendments.--Section 313 of such Act (52 U.S.C. 
30114) is amended--
            (1) in subsection (a)(3), by striking ``for contributions'' 
        and inserting ``except as provided in subsection (b)(3), for 
        contributions''; and
            (2) in subsection (c)(2)(B)(ii), as amended by section 2, 
        by striking ``Making contributions'' and inserting ``Except as 
        provided in subsection (b)(3), making contributions''.
    (c) Effective Date.--The amendments made by this section shall 
apply with respect to contributions made on or after the date of the 
enactment of this Act.
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