Ban on Commercial Corporations Establishing Political Action Committees (PACs)
This Act restricts the ability to establish and operate Political Action Committees (PACs) exclusively to nonprofit corporations. Commercial companies will no longer be able to raise and spend money for political purposes through their own PACs. The goal is to reduce the influence of large corporations on elections and the legislative process, potentially increasing the weight of individual citizens' voices.
Key points
Commercial corporations lose the right to establish and operate their own Political Action Committees (PACs).
Only nonprofit corporations (tax-exempt under section 501(c) of the Internal Revenue Code) will be allowed to operate PACs.
Existing PACs of commercial corporations must be terminated and their balances disbursed within 1 year of the Act's enactment.
Nonprofit corporations operating PACs will only be allowed to solicit contributions from executive and administrative personnel, not from stockholders.
Status:
Expired
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