Bill > HR2692

This bill, the "Ban Corporate PACs Act," seeks to amend the Federal Election Campaign Act of 1971 to limit the authority of corporations to establish and operate separate segregated funds for political purposes. The key provisions of the bill are: 1. Limiting the establishment of separate segregated funds for political purposes to only nonprofit corporations, defined as those tax-exempt organizations under Section 501(c) of the Internal Revenue Code, excluding corporations that are ineligible for tax-exemption if they establish such a fund. 2. Permitting solicitation of contributions for these funds only from a nonprofit corporation's executive and administrative personnel, and not from its shareholders or their families. 3. Treating government contractors that are nonprofit corporations the same as other nonprofit corporations under these new rules. 4. Providing a one-year transition period for existing corporate separate segregated funds that do not meet the new definition of a nonprofit corporation to terminate and disburse their entire balances.