Bill > S3528

This bill, called the Ban Corporate PACs Act, amends the Federal Election Campaign Act of 1971 to limit the authority of corporations to establish and operate separate segregated funds for political purposes, such as political committees. The key provisions are: 1. The bill restricts this authority to only nonprofit corporations, defined as those tax-exempt organizations under Section 501(c) of the Internal Revenue Code, excluding corporations ineligible for such tax-exempt status if they establish a separate segregated fund. 2. The bill also limits the solicitation of contributions for these funds to only the corporation's executive and administrative personnel, removing the ability to solicit from stockholders and their families. 3. The bill treats government contractors in the same way, restricting their ability to establish and operate these political funds to only nonprofit corporations. 4. The amendments take effect immediately, with a one-year transition period for existing funds that do not meet the new nonprofit corporation requirement to terminate and disburse their balances.