Vote Smart's Synopsis:

Vote on a motion to invoke cloture on a bill that establishes new disclosure requirements for political advertisements and other regulations for the financing of campaigns and political advertisements.

Highlights:

• Requires political advertisements transmitted through radio or television that are not authorized by a candidate, political committee of a candidate, or it's agents, to include the following disclosure statements (Sec. 214):
• For individuals paying for the communication: "I am [individual's name], and I approve this message";
• For organizations paying for the communication: "I am [applicable individual], the [individual's title] of [name of organization], and [name of organization] approves this message.";
• For a "significant funder" of a communication paid for in whole or in part with a payment that is treated as a disbursement by a covered organization for campaign-related activity that is an individual: "I am [individual's name]. I helped to pay for this message, and I approve it.";
• For a "significant funder" of a communication paid for in whole or in part with a payment that is treated as a disbursement by a covered organization for campaign-related activity that is not an individual: "I am [applicable individual], the [individual's title] of [name of organization]. [Name of organization] helped to pay for this message, and [name of organization] approves it."; or
• For an "electioneering communication" or an independent expenditure consisting of a public communication and is paid for in whole or part with a payment that is treated as a disbursement by a covered organization for campaign-related activity: a list of the 5 individuals (including organizations) who provided the largest payments in an aggregate amount equal to or exceeding $10,000 and the amount of such payments.

• Defines "significant funder" as the individual or organization identified in any report filed by an organization for an independent expenditure for campaign related public communication or for electioneering communication as being the source of the largest qualifying payment in an amount equal to or greater than $10,000 (Sec. 214). -Defines "covered organization" as any of the following (Sec. 212):
• Corporations that distribute property to its shareholders out of its earnings and profits, without regard to the amount of earnings and profits at the time the distribution was made, except for specific tax exempt corporations (26 U.S.C. 501(c)(3));
• Labor organizations;
• Specific tax exempt organizations (26 U.S.C. 501(c)(4), (5), or (6)), except for specific civic leagues and organizations (26 U.S.C. 501(c)(4)(A)) that are exempted under this Act (next highlight); or
• Tax exempt political organizations (26 U.S.C. 527), other than political committees under this Act.

• Exempts a civic league or organization (26 U.S.C. 501(c)(4)) from the political advertisement disclosure statement requirements if it meets all of the following criteria (Sec. 211):
• It has met tax exemption requirements (26 U.S.C. 501(c)(4)) for the previous 10 years;
• It has at least 500,000 individuals who paid membership dues during the previous calendar year;
• It has at least 1 dues-paying member from each state, including Washington D.C. and Puerto Rico;
• During the previous year, the portion of its funds provided by corporations or labor organizations did not exceed 15 percent of total funds provided from all sources; and
• It does not use any funds provided by corporations or labor organizations for campaign-related activity.

• Prohibits government contractors from funding "electioneering communication," provided that the value of the contract with the government is at least $10 million (Sec. 101).

• Prohibits recipients of government assistance under the Troubled Asset Relief Program (TARP) (12 U.S.C. 5211 et seq.) from directly or indirectly contributing (or promising to contribute) to any political party, committee, or candidate for public office, to any person for any political purpose, or to fund any "electioneering communication" during the time period (Sec. 101):
• Beginning on the later of (1) the beginning of negotiations for TARP financial assistance or (2) the enactment of this Act; and
• Ending on the later of (1) the end of negotiations or (2) the repayment of financial assistance.

• Prohibits corporations from contributing (or promising to contribute) in connection with a federal, state, or local election, contributing to a committee of a political party, or funding "electioneering communication" if any of the following criteria are met (Sec. 102):
• 5 percent or more of the voting shares is controlled by a foreign country, foreign government official, or a corporation principally owned or controlled by a foreign country or official;
• 20 percent or more of the voting shares is controlled by a foreign national not described in the previous sub-highlight;
• 2 or more foreign nationals who each control at least 5 percent of the voting shares also directly or indirectly control 50 percent or more of the voting shares;
• The majority of the members of the board of directors are foreign nationals; or
• 1 or more foreign nationals has the power to direct, dictate, or control the decision-making process with respect to the corporation's interest's in the U.S. or with respect to activities in connection with a federal, state, or local election.

Full Bill Text

Vote Smart's Synopsis:

Vote on a motion to invoke cloture on a bill that establishes new disclosure requirements for political advertisements and other regulations for the financing of campaigns and political advertisements.

Highlights:

• Requires political advertisements transmitted through radio or television that are not authorized by a candidate, political committee of a candidate, or it's agents, to include the following disclosure statements (Sec. 214):
• For individuals paying for the communication: "I am [individual's name], and I approve this message";
• For organizations paying for the communication: "I am [applicable individual], the [individual's title] of [name of organization], and [name of organization] approves this message.";
• For a "significant funder" of a communication paid for in whole or in part with a payment that is treated as a disbursement by a covered organization for campaign-related activity that is an individual: "I am [individual's name]. I helped to pay for this message, and I approve it.";
• For a "significant funder" of a communication paid for in whole or in part with a payment that is treated as a disbursement by a covered organization for campaign-related activity that is not an individual: "I am [applicable individual], the [individual's title] of [name of organization]. [Name of organization] helped to pay for this message, and [name of organization] approves it."; or
• For an "electioneering communication" or an independent expenditure consisting of a public communication and is paid for in whole or part with a payment that is treated as a disbursement by a covered organization for campaign-related activity: a list of the 5 individuals (including organizations) who provided the largest payments in an aggregate amount equal to or exceeding $10,000 and the amount of such payments.

• Defines "significant funder" as the individual or organization identified in any report filed by an organization for an independent expenditure for campaign related public communication or for electioneering communication as being the source of the largest qualifying payment in an amount equal to or greater than $10,000 (Sec. 214). -Defines "covered organization" as any of the following (Sec. 212):
• Corporations that distribute property to its shareholders out of its earnings and profits, without regard to the amount of earnings and profits at the time the distribution was made, except for specific tax exempt corporations (26 U.S.C. 501(c)(3));
• Labor organizations;
• Specific tax exempt organizations (26 U.S.C. 501(c)(4), (5), or (6)), except for specific civic leagues and organizations (26 U.S.C. 501(c)(4)(A)) that are exempted under this Act (next highlight); or
• Tax exempt political organizations (26 U.S.C. 527), other than political committees under this Act.

• Exempts a civic league or organization (26 U.S.C. 501(c)(4)) from the political advertisement disclosure statement requirements if it meets all of the following criteria (Sec. 211):
• It has met tax exemption requirements (26 U.S.C. 501(c)(4)) for the previous 10 years;
• It has at least 500,000 individuals who paid membership dues during the previous calendar year;
• It has at least 1 dues-paying member from each state, including Washington D.C. and Puerto Rico;
• During the previous year, the portion of its funds provided by corporations or labor organizations did not exceed 15 percent of total funds provided from all sources; and
• It does not use any funds provided by corporations or labor organizations for campaign-related activity.

• Prohibits government contractors from funding "electioneering communication," provided that the value of the contract with the government is at least $10 million (Sec. 101).

• Prohibits recipients of government assistance under the Troubled Asset Relief Program (TARP) (12 U.S.C. 5211 et seq.) from directly or indirectly contributing (or promising to contribute) to any political party, committee, or candidate for public office, to any person for any political purpose, or to fund any "electioneering communication" during the time period (Sec. 101):
• Beginning on the later of (1) the beginning of negotiations for TARP financial assistance or (2) the enactment of this Act; and
• Ending on the later of (1) the end of negotiations or (2) the repayment of financial assistance.

• Prohibits corporations from contributing (or promising to contribute) in connection with a federal, state, or local election, contributing to a committee of a political party, or funding "electioneering communication" if any of the following criteria are met (Sec. 102):
• 5 percent or more of the voting shares is controlled by a foreign country, foreign government official, or a corporation principally owned or controlled by a foreign country or official;
• 20 percent or more of the voting shares is controlled by a foreign national not described in the previous sub-highlight;
• 2 or more foreign nationals who each control at least 5 percent of the voting shares also directly or indirectly control 50 percent or more of the voting shares;
• The majority of the members of the board of directors are foreign nationals; or
• 1 or more foreign nationals has the power to direct, dictate, or control the decision-making process with respect to the corporation's interest's in the U.S. or with respect to activities in connection with a federal, state, or local election.

Full Bill Text

Full Bill Text