,,ii #aahth ,,congress #b;d ,session ,s4 #dfff ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #aj1 #bjbd,mr4 ,whitehouse 7for himself1 ,ms4 ,warren1 ,mr4 ,sanders1 ,mr4 ,welch1 and ,mr4 ,blumenthal7 introduced the following bill2 which was read twice and referred to the ,committee on ,rules and ,administration ,a ,,bill ,to amend the ,federal ,election ,campaign ,act of #aiga to apply the ban on contributions and expenditures by foreign nationals under such ,act to foreign-controlled1 foreign-influenced1 and foreign-owned domestic business entities1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,get ,foreign ,money ,out of ,u4,s4 ,elections ,act4 #b4 ,application of ban on contributions and expenditures by foreign nationals to domestic business entities that are foreign-controlled1 foreign-influenced1 and foreign-owned 7a7 ,application of ban ,section #cai7;b7 of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaba7;b77 is amended-- 7#a7 by striking or at the end of paragraph 7#a72 7#b7 by striking the period at the end of paragraph 7#b7 and inserting a semicolon2 and 7#c7 by adding at the end the following new paragraphs3 7#c7 any business entity in which a foreign national which is outside of the ,united ,states and is described in paragraph 7#a7 or 7#b7 directly or indirectly owns or controls or otherwise holds direct or indirect beneficial ownership of #ej percent or more of the voting shares1 total equity1 membership units1 or other applicable ownership interests of the entity2 or 7#d7 any business entity which is not a foreign national described in paragraph 7#a71 and-- 7,a7 in which a foreign national which is outside of the ,united ,states and is described in paragraph 7#a71 7#b71 or 7#c7 directly or indirectly owns or controls or otherwise holds direct or indirect beneficial ownership of #a percent or more of the voting shares1 total equity1 membership units1 or other applicable ownership units of the entity2 7,b7 in which two or more foreign nationals which are outside of the ,united ,states and are described in paragraph 7#a71 7#b71 or 7#c71 in the aggregate1 directly or indirectly own or control or otherwise hold direct or indirect beneficial ownership of #e percent or more of the voting shares1 total equity1 membership units1 or other applicable ownership interests of the entity2 7,c7 over which one or more foreign nationals which are outside of the ,united ,states and are described in paragraph 7#a71 7#b71 or 7#c7 have the power to direct1 dictate1 or control the decision-making process of the entity with respect to its interests in the ,united ,states2 or 7,d7 over which one or more foreign nationals which are outside of the ,united ,states and are described in paragraph 7#a71 7#b71 or 7#c7 have the power to direct1 dictate1 or control the decision-making process of the entity with respect to activities in connection with a ,federal1 ,state1 or local election1 including-- 7i7 the making of a contribution1 donation1 expenditure1 independent expenditure1 or disbursement for an electioneering communication 7within the meaning of section #cjd7;f77#c772 or 7ii7 the administration of a political committee established or maintained by the entity4 4 7b7 ,certification of compliance ,section #cai of such ,act 7#eb ,u4,s4,c4 #cjaba7 is amended by adding at the end the following new subsection3 7c7 ,certification of compliance required for carrying out election activity by business entity 7#a7 ,certification required ,not later than #g days after a business entity makes any contribution1 donation1 expenditure1 independent expenditure1 disbursement for an electioneering communication1 or any disbursement in connection with an election for ,federal1 ,state1 or local office or with any ,state or local ballot measure1 the chief executive officer of the entity 7or1 if the entity does not have a chief executive officer1 the highest ranking official of the entity71 shall file a certification with the ,commission1 under penalty of perjury1 avowing that after due inquiry1 the entity was not a foreign national on the date the entity made the contribution1 donation1 expenditure1 independent expenditure1 or disbursement4 7#b7 ,determination of beneficial ownership ,a business entity shall determine beneficial ownership for purposes of this section in a manner consistent with applicable ,state law1 except that if the entity is registered pursuant to section #ab7;g7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghl71 the entity shall determine beneficial ownership in accordance with section #ac7;d7 of that ,act 7#ae ,u4,s4,c4 #ghm7d774 7#c7 ,provision to recipients ,the business entity shall provide a copy of the certification filed under paragraph 7#a7 to each political committee to which it makes a contribution1 and1 upon the request of the recipient1 to each recipient of a contribution1 donation1 expenditure1 independent expenditure1 or disbursement with respect to which the certification under paragraph 7#a7 is filed4 4 7c7 ,prevention of circumvention ,section #cai of such ,act 7#eb ,u4,s4,c4 #cjaba71 as amended by subsection 7b71 is amended by adding at the end the following new subsection3 7d7 ,prohibiting use of funds from business entities without certification 7#a7 ,prohibition ,except as provided in paragraph 7#b71 it shall be unlawful for any person that receives from a business entity a contribution1 donation1 expenditure1 independent expenditure1 or disbursement with respect to which the business entity is required to file a certification of compliance under subsection 7c7 to use that contribution1 donation1 expenditure1 independent expenditure1 or disbursement1 directly or indirectly1 to-- 7,a7 make such a contribution1 donation1 expenditure1 independent expenditure1 or disbursement2 or 7,b7 contribute1 donate1 transfer1 or otherwise convey such a contribution1 donation1 expenditure1 independent expenditure1 or disbursement to another person for use as such a contribution1 donation1 expenditure1 independent expenditure1 or disbursement4 7#b7 ,exception for funds accompanied by certification ,paragraph 7#a7 does not apply to a person that receives from a business entity a contribution1 donation1 expenditure1 independent expenditure1 or disbursement described in such paragraph if-- 7,a7 the person receives from the business entity a copy of the certification of compliance under subsection 7c7 with respect to such contribution1 donation1 expenditure1 independent expenditure1 or disbursement2 7,b7 the use by the person of the contribution1 donation1 expenditure1 independent expenditure1 or disbursement is otherwise lawful2 and 7,c7 the person separately designates1 records1 and accounts for the contribution1 donation1 expenditure1 independent expenditure1 or disbursement1 and ensures that disbursements by the person for a contribution1 donation1 expenditure1 independent expenditure1 disbursement for an electioneering communication1 or any disbursement in connection with an election for ,federal1 ,state1 or local office are only made from funds that comply with the requirements of this section4 7#c7 ,good faith reliance on certification of compliance ,for purposes of this subsection1 a person may rely in good faith on a certification of compliance provided to the person under subsection 7c77#c74 4 7d7 ,business entity defined ,section #cai of such ,act 7#eb ,u4,s4,c4 #cjaba71 as amended by subsection 7b7 and subsection 7c71 is amended by adding at the end the following new subsection3 7e7 ,business entity defined ,for purposes of this section1 the term business entity means a for-profit corporation1 limited liability corporation1 partnership1 company1 limited partnership1 business trust1 business association1 or other similar for-profit entity4 4 7e7 ,effective date ,the amendments made by this section shall take effect upon the expiration of the #ahj-;day period which begins on the date of the enactment of this ,act1 and shall take effect without regard to whether or not the ,federal ,election ,commission has promulgated regulations to carry out such amendments4 #c4 ,clarification of application of foreign money ban to certain disbursements and activities 7a7 ,application to disbursements in connection with ,state and local ballot initiatives and disbursements to ,super ,p,a,cs ,section #cai7;a77#a77;,a7 of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaba7;a77#a77;,a77 is amended by striking election2 inserting the following3 election 7including a ,state or local ballot initiative or referendum71 including any disbursement to a political committee which accepts donations or contributions that do not comply with the limitations1 prohibitions1 or reporting requirements of this ,act 7or any disbursement to or on behalf of any account of a political committee which is established for the purpose of accepting such donations or contributions724 7b7 ,conditions under which corporate ,p,a,cs may make contributions and expenditures ,section #caf7;b7 of such ,act 7#eb ,u4,s4,c4 #cjaah7;b77 is amended by adding at the end the following new paragraph3 7#h7 ,a separate segregated fund established by a corporation may not make a contribution or expenditure during a year unless the fund has certified to the ,commission each of the following during the year3 7,a7 ,each individual who manages the fund1 and who is responsible for exercising decision-making authority for the fund1 is a citizen of the ,united ,states or is lawfully admitted for permanent residence in the ,united ,states4 7,b7 ,no foreign national under section #cai participates in any way in the decision-making processes of the fund with regard to contributions or expenditures under this ,act4 7,c7 ,the fund does not solicit or accept recommendations from any foreign national under section #cai with respect to the contributions or expenditures made by the fund4 7,d7 ,any member of the board of directors of the corporation who is a foreign national under section #cai abstains from voting on matters concerning the fund or its activities4 4