Bill > HR4799

This bill, known as the "Ban Corporate PACs Act," aims to significantly restrict how corporations can establish and operate separate segregated funds (SSFs) for political purposes, effectively limiting this ability to only nonprofit corporations. Specifically, the bill amends the Federal Election Campaign Act of 1971 to prohibit for-profit corporations from creating political action committees (PACs) or soliciting political contributions. The bill defines a "nonprofit corporation" as an organization described in section 501(c) of the Internal Revenue Code that is exempt from taxation. The legislation would prevent for-profit corporations from soliciting political contributions from stockholders and limit solicitation to only executive and administrative personnel of nonprofit corporations. For existing non-nonprofit corporate PACs, the bill mandates that they must terminate and fully disburse their funds within one year of the act's enactment. The bill also adjusts provisions related to government contractors to align with these new restrictions, ensuring that only nonprofit corporations can engage in certain political fundraising activities. By narrowing the scope of corporate political spending, the bill seeks to change the landscape of campaign finance and political fund-raising.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/4799/all-info