Bill > HR8720

This bill, the Campaign Finance Transparency Act, aims to enhance transparency in political contributions by amending the Federal Election Campaign Act of 1971. Key provisions include requiring political committees to collect specific verification information, such as the card verification value (CVV) or card verification code (CVC) and the billing ZIP code, when accepting online credit or debit card contributions, with exceptions for mail-received contributions and specific identification requirements for individuals whose mailing addresses are not in a state. It also mandates that the name on the credit or debit card must match the donor's name and prohibits the acceptance of contributions made using gift cards. Furthermore, the bill removes the $200 threshold for reporting contributions, meaning all contributions will need to be reported, and makes it illegal to knowingly assist someone in making a contribution in another person's name, requiring recipients to report suspected violations to the Federal Election Commission (FEC). The FEC is given 90 days to issue regulations to implement these changes, and the amendments will take effect 90 days after those regulations are finalized.