Bill > S3599

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, such as political committees, to only nonprofit corporations. The bill also restricts the solicitation of contributions for such funds to only executive and administrative personnel, and not shareholders or their families. Additionally, the bill requires any existing separate segregated funds that are not operated by nonprofit corporations to terminate and disburse their entire balance within one year of the bill's enactment.