Sec. 721. Banning foreign-owned and partially foreign-owned corporations from spending on United States elections
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Section 319 of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30121 ) is amended— in subsection (a)— in paragraph (1)— in subparagraph (A), by inserting the following before the semicolon: (including a State or local ballot initiative or referendum), including any disbursement to a political committee which accepts donations or contributions that do not comply with the limitations, prohibitions, and reporting requirements of this Act (or any disbursement to or on behalf of any account of a political committee which is established for the purpose of accepting such donations or contributions) ; in subparagraph (B), by striking or at the end; in subparagraph (C), by striking expenditure and all that follows through ; or and inserting expenditure; ; and by adding at the end the following new subparagraphs: an independent expenditure; a disbursement for an electioneering communication (within the meaning of section 304(f)(3)); a disbursement for a paid internet or paid digital communication that refers to a clearly identified candidate for election for Federal office and is disseminated within 60 days before a general, special or runoff election for the office sought by the candidate or 30 days before a primary or preference election, or a convention or caucus of a political party that has authority to nominate a candidate for the office sought by the candidate; a disbursement for a broadcast, cable or satellite communication, or for a paid internet or paid digital communication, that promotes, supports, attacks or opposes the election of a clearly identified candidate for Federal, State, or local office (regardless of whether the communication contains express advocacy or the functional equivalent of express advocacy); or a disbursement for a broadcast, cable, or satellite communication, or for a paid internet or paid digital communication, that discusses a national legislative issue of public importance in a year in which a regularly scheduled general election for Federal office is held and is made for the purpose of influencing an election held during that year, but only if the disbursement is made by a foreign principal who is a government of a foreign country or a foreign political party or an agent of such a foreign principal as defined under section 1 of the Foreign Agents Registration Act of 1938 ( 22 U.S.C. 611 ); ; in paragraph (2), by striking the period at the end and inserting ; or ; and by adding at the end the following new paragraph: a foreign national to direct, dictate, control, or directly or indirectly participate in the decision-making process of any person (including a corporation, labor organization, political committee, or political organization) with regard to the Federal or non-Federal election-related activity of such person, including any decision concerning the making of contributions, donations, expenditures, or disbursements in connection with an election for any Federal, State, or local office or any decision concerning the administration of a political committee. ; in subsection (b)— in paragraph (1), by striking or at the end; in paragraph (2), by striking the period at the end and inserting ; or ; and by adding at the end the following new paragraph: any for-profit corporation, company, limited liability company, limited partnership, business trust, business association, or other similar entity, which is not a foreign national described in paragraph
(1)and— in which a foreign national described in paragraph
(1)or
(2)or a foreign business as defined in subsection
(d)directly or indirectly holds, owns, controls, or otherwise has direct or indirect beneficial ownership of 1 percent or more of the total equity, outstanding voting shares, membership units, or other applicable ownership interests of the entity; in which two or more foreign nationals described in paragraph
(1)or
(2)or foreign businesses as so defined, in aggregate, directly, or indirectly hold, own, control, or otherwise have direct or indirect beneficial ownership of five percent or more of the total equity, outstanding voting shares, membership units, or other applicable ownership interests of the entity; over which one or more foreign nationals described in paragraph
(1)or
(2)or foreign businesses as so defined has the power to direct, dictate, or control the decision-making process of the entity with respect to its interests in the United States; or over which one or more foreign nationals described in paragraph
(1)or
(2)or foreign businesses as so defined has the power to direct, dictate, or control the decision-making process of the entity with respect to activities in connection with a Federal, State, or local election, including— the making of a contribution, donation, expenditure, independent expenditure, or disbursement for an electioneering communication (within the meaning of section 304(f)(3)); or the administration of a political committee established or maintained by the entity. ; and by adding at the end the following new subsections: Prior to the making in connection with an election for Federal office of any contribution, donation, expenditure, independent expenditure, or disbursement for an electioneering communication by a covered for-profit entity, as defined in section 3 of the Lobbying Disclosure Act of 1995 ( 2 U.S.C. 1602 ), during a year, the chief executive officer of the entity (or, if the entity does not have a chief executive officer, the highest ranking official of the entity), shall file a certification with the Commission, under penalty of perjury, avowing that the entity is not a foreign national and that a foreign national did not direct, dictate, control, or directly or indirectly participate in the decision-making process relating to such activity in violation of subsection (a)(3), unless the chief executive officer or highest ranking official, if applicable, has previously filed such a certification within the previous 30 days. For purposes of this section, the term foreign business means any for-profit corporation, company, limited liability company, limited partnership, business trust, business association, or other similar entity wherein a foreign national holds, owns, controls, or otherwise has directly or indirectly acquired beneficial ownership of equity or voting shares in an amount that is equal to or greater than 50 percent of the total equity or outstanding voting shares. .
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Sec. 721
Banning foreign-owned and partially foreign-owned corporations from spending on United States elections
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