H.R. 7802

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7802 Introduced in House (IH)]

<DOC>

119th CONGRESS
2d Session
H. R. 7802

To amend the Federal Election Campaign Act of 1971 to provide for 
additional disclosure requirements for corporations, labor 
organizations, Super PACs and other entities, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

March 4, 2026

Mr. Pappas (for himself, Mr. Raskin, Mr. Morelle, Mr. Amo, Ms. Balint, 
Ms. Barragan, Mrs. Beatty, Mr. Bera, Mr. Bishop, Ms. Brownley, Ms. 
Budzinski, Mr. Carbajal, Mr. Carson, Mr. Carter of Louisiana, Mr. 
Casar, Mr. Case, Mr. Casten, Ms. Castor of Florida, Mr. Castro of 
Texas, Mr. Cleaver, Mr. Cohen, Ms. Craig, Ms. Crockett, Mr. Crow, Ms. 
Davids of Kansas, Mr. Davis of Illinois, Ms. Dean of Pennsylvania, Ms. 
DeGette, Ms. DeLauro, Ms. DelBene, Mr. Deluzio, Mr. DeSaulnier, Ms. 
Dexter, Mrs. Dingell, Mr. Doggett, Ms. Elfreth, Ms. Escobar, Mr. Evans 
of Pennsylvania, Mrs. Fletcher, Mrs. Foushee, Ms. Lois Frankel of 
Florida, Mr. Frost, Mr. Garamendi, Mr. Garcia of California, Ms. Garcia 
of Texas, Mr. Golden of Maine, Mr. Goldman of New York, Mr. Gomez, Ms. 
Goodlander, Mr. Gottheimer, Mr. Green of Texas, Mr. Harder of 
California, Mr. Hernandez, Mr. Himes, Ms. Houlahan, Mr. Hoyer, Ms. 
Hoyle of Oregon, Mr. Huffman, Mr. Ivey, Mr. Jackson of Illinois, Mr. 
Johnson of Georgia, Ms. Kamlager-Dove, Mr. Keating, Ms. Kelly of 
Illinois, Mr. Kennedy of New York, Mr. Khanna, Mr. Krishnamoorthi, Mr. 
Landsman, Mr. Larsen of Washington, Mr. Larson of Connecticut, Ms. Lee 
of Nevada, Ms. Lee of Pennsylvania, Ms. Leger Fernandez, Mr. Levin, Mr. 
Lieu, Ms. Lofgren, Mr. Lynch, Mr. Magaziner, Mr. Mannion, Ms. Matsui, 
Ms. McBride, Mrs. McClain Delaney, Ms. McClellan, Ms. McCollum, Mr. 
McGovern, Mrs. McIver, Ms. Meng, Mr. Min, Mr. Moskowitz, Mr. Moulton, 
Mr. Mullin, Mr. Nadler, Mr. Neguse, Ms. Norton, Mr. Olszewski, Mr. 
Panetta, Ms. Pelosi, Mr. Peters, Ms. Pettersen, Mr. Pocan, Mr. Quigley, 
Mrs. Ramirez, Ms. Randall, Ms. Ross, Ms. Salinas, Ms. Scanlon, Ms. 
Schakowsky, Mr. Schneider, Ms. Scholten, Mr. David Scott of Georgia, 
Mr. Scott of Virginia, Ms. Sewell, Mr. Sherman, Ms. Simon, Mr. Smith of 
Washington, Ms. Stansbury, Mr. Stanton, Ms. Stevens, Ms. Strickland, 
Mr. Suozzi, Mr. Swalwell, Mr. Takano, Mr. Thanedar, Ms. Titus, Ms. 
Tlaib, Ms. Tokuda, Mr. Tonko, Mrs. Torres of California, Mrs. Trahan, 
Ms. Underwood, Mr. Vargas, Mr. Veasey, Mr. Walkinshaw, Mrs. Watson 
Coleman, Ms. Wilson of Florida, Mrs. McBath, Mr. Costa, Mr. Torres of 
New York, and Ms. Bonamici) introduced the following bill; which was 
referred to the Committee on House Administration, and in addition to 
the Committees on Ways and Means, and the Judiciary, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
of such provisions as fall within the jurisdiction of the committee 
concerned

_______________________________________________________________________

A BILL

To amend the Federal Election Campaign Act of 1971 to provide for 
additional disclosure requirements for corporations, labor 
organizations, Super PACs and other entities, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``Democracy Is 
Strengthened by Casting Light On Spending in Elections Act of 2026'' or 
the ``DISCLOSE Act of 2026''.
(b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
TITLE I--CLOSING LOOPHOLES ALLOWING SPENDING BY FOREIGN NATIONALS IN 
ELECTIONS

Sec. 101. Clarification of application of foreign money ban to certain 
disbursements and activities.
Sec. 102. Study and report on illicit foreign money in Federal 
elections.
Sec. 103. Prohibition on contributions and donations by foreign 
nationals in connection with ballot 
initiatives and referenda.
Sec. 104. Disbursements and activities subject to foreign money ban.
Sec. 105. Prohibiting establishment of corporation to conceal election 
contributions and donations by foreign 
nationals.
TITLE II--REPORTING OF CAMPAIGN-RELATED DISBURSEMENTS

Sec. 201. Reporting of campaign-related disbursements.
Sec. 202. Reporting of Federal judicial nomination disbursements.
Sec. 203. Coordination with FinCEN.
Sec. 204. Application of foreign money ban to disbursements for 
campaign-related disbursements consisting 
of covered transfers.
Sec. 205. Sense of Congress regarding implementation.
Sec. 206. Effective date.
TITLE III--OTHER ADMINISTRATIVE REFORMS

Sec. 301. Petition for certiorari.
Sec. 302. Judicial review of actions related to campaign finance laws.
Sec. 303. Effective date.
TITLE IV--STAND BY EVERY AD

Sec. 401. Short title.
Sec. 402. Stand by every ad.
Sec. 403. Disclaimer requirements for communications made through 
prerecorded telephone calls.
Sec. 404. No expansion of persons subject to disclaimer requirements on 
internet communications.
Sec. 405. Effective date.
TITLE V--SEVERABILITY

Sec. 501. Severability.

SEC. 2. FINDINGS.

Congress finds the following:
(1) Campaign finance disclosure is a narrowly tailored and 
minimally restrictive means to advance substantial government 
interests, including fostering an informed electorate capable 
of engaging in self-government and holding their elected 
officials accountable, detecting and deterring quid pro quo 
corruption, and identifying information necessary to enforce 
other campaign finance laws, including campaign contribution 
limits and the prohibition on foreign money in U.S. campaigns. 
To further these substantial interests, campaign finance 
disclosure must be timely and complete, and must disclose the 
true and original source of money given, transferred, and spent 
to influence Federal elections. Current law does not meet this 
objective because corporations and other entities that the 
Supreme Court has permitted to spend money to influence Federal 
elections are subject to few if any transparency requirements.
(2) As the Supreme Court recognized in its per curiam 
opinion in Buckley v. Valeo, 424 U.S. 1, (1976), ``disclosure 
requirements certainly in most applications appear to be the 
least restrictive means of curbing the evils of campaign 
ignorance and corruption that Congress found to exist.'' 
Buckley, 424 U.S. at 68. In Citizens United v. FEC, the Court 
reiterated that ``disclosure is a less restrictive alternative 
to more comprehensive regulations of speech.'' 558 U.S. 310, 
369 (2010).
(3) No subsequent decision has called these holdings into 
question, including the Court's decision in Americans for 
Prosperity Foundation v. Bonta, 141 S. Ct. 2373 (2021). That 
case did not involve campaign finance disclosure, and the Court 
did not overturn its longstanding recognition of the 
substantial interests furthered by such disclosure.
(4) Campaign finance disclosure is also essential to 
enforce the Federal Election Campaign Act's prohibition on 
contributions by and solicitations of foreign nationals. See 
section 319 of the Federal Election Campaign Act of 1971 (52 
U.S.C. 30121).
(5) Congress should close loopholes allowing spending by 
foreign nationals in domestic elections. For example, in 2021, 
the Federal Election Commission, the independent Federal agency 
charged with protecting the integrity of the Federal campaign 
finance process, found reason to believe and conciliated a 
matter where an experienced political consultant knowingly and 
willfully violated Federal law by soliciting a contribution 
from a foreign national by offering to transmit a $2,000,000 
contribution to a super PAC through his company and two 
501(c)(4) organizations, to conceal the origin of the funds. 
This scheme was only unveiled after appearing in a The 
Telegraph UK article and video capturing the solicitation. See 
Conciliation Agreement, MURs 7165 & 7196 (Great America PAC, et 
al.), date June 28, 2021; Factual and Legal Analysis, MURs 7165 
& 7196 (Jesse Benton), dated Mar. 2, 2021.

TITLE I--CLOSING LOOPHOLES ALLOWING SPENDING BY FOREIGN NATIONALS IN 
ELECTIONS

SEC. 101. CLARIFICATION OF APPLICATION OF FOREIGN MONEY BAN TO CERTAIN 
DISBURSEMENTS AND ACTIVITIES.

Section 319(b) of the Federal Election Campaign Act of 1971 (52 
U.S.C. 30121(b)) is amended--
(1) by redesignating paragraphs (1) and (2) as 
subparagraphs (A) and (B), respectively, and by moving such 
subparagraphs 2 ems to the right;
(2) by striking ``As used in this section, the term'' and 
inserting the following: ``Definitions.--For purposes of this 
section--
``(1) Foreign national.--The term''; and
(3) by adding at the end the following new paragraph:
``(2) Contribution and donation.--For purposes of 
paragraphs (1) and (2) of subsection (a), the term 
`contribution or donation' includes any disbursement to a 
political committee which accepts donations or contributions 
that do not comply with any of 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), or to any other person for the purpose of 
funding an expenditure, independent expenditure, or 
electioneering communication (as defined in section 
304(f)(3)).''.

SEC. 102. STUDY AND REPORT ON ILLICIT FOREIGN MONEY IN FEDERAL 
ELECTIONS.

(a) Study.--For each 4-year election cycle (beginning with the 4-
year election cycle ending in 2024), the Comptroller General shall 
conduct a study on the incidence of illicit foreign money in all 
elections for Federal office held during the preceding 4-year election 
cycle, including what information is known about the presence of such 
money in elections for Federal office.
(b) Report.--
(1) In general.--Not later than the applicable date with 
respect to any 4-year election cycle, the Comptroller General 
shall submit to the appropriate congressional committees a 
report on the study conducted under subsection (a).
(2) Matters included.--The report submitted under paragraph 
(1) shall include a description of the extent to which illicit 
foreign money was used to target particular groups, including 
rural communities, African-American and other minority 
communities, and military and veteran communities, based on 
such targeting information as is available and accessible to 
the Comptroller General.
(3) Applicable date.--For purposes of paragraph (1), the 
term ``applicable date'' means--
(A) in the case of the 4-year election cycle ending 
in 2024, the date that is 1 year after the date of the 
enactment of this Act; and
(B) in the case of any other 4-year election cycle, 
the date that is 1 year after the date on which such 4-
year election cycle ends.
(c) Definitions.--As used in this section:
(1) 4-year election cycle.--The term ``4-year election 
cycle'' means the 4-year period ending on the date of the 
general election for the offices of President and Vice 
President.
(2) Illicit foreign money.--The term ``illicit foreign 
money'' means any contribution, donation, expenditure, or 
disbursement by a foreign national (as defined in section 
319(b) of the Federal Election Campaign Act of 1971 (52 U.S.C. 
30121(b))) prohibited under such section.
(3) Election; federal office.--The terms ``election'' and 
``Federal office'' have the meanings given such terms under 
section 301 of the Federal Election Campaign Act of 1971 (52 
U.S.C. 30101).
(4) Appropriate congressional committees.--The term 
``appropriate congressional committees'' means--
(A) the Committee on House Administration of the 
House of Representatives;
(B) the Committee on Rules and Administration of 
the Senate;
(C) the Committee on the Judiciary of the House of 
Representatives; and
(D) the Committee on the Judiciary of the Senate.
(d) Sunset.--This section shall not apply to any 4-year election 
cycle beginning after the election for the offices of President and 
Vice President in 2036.

SEC. 103. PROHIBITION ON CONTRIBUTIONS AND DONATIONS BY FOREIGN 
NATIONALS IN CONNECTION WITH BALLOT INITIATIVES AND 
REFERENDA.

(a) In General.--Section 319(b) of the Federal Election Campaign 
Act of 1971 (52 U.S.C. 30121(b)), as amended by section 101, is amended 
by adding at the end the following new paragraphs:
``(3) Federal, state, or local election.--The term 
`Federal, State, or local election' includes a State or local 
ballot initiative or referendum, but only in the case of--
``(A) a covered foreign national as defined in 
paragraph (4); or
``(B) a foreign principal described in section 
1(b)(2) or 1(b)(3) of the Foreign Agent Registration 
Act of 1938, as amended (22 U.S.C. 611(b)(2), (b)(3)) 
or an agent of such a foreign principal under such Act.
``(4) Covered foreign national.--
``(A) In general.--The term `covered foreign 
national' means--
``(i) a foreign principal (as defined in 
section 1(b) of the Foreign Agents Registration 
Act of 1938 (22 U.S.C. 611(b))) that is a 
government of a foreign country or a foreign 
political party;
``(ii) any person who acts as an agent, 
representative, employee, or servant, or any 
person who acts in any other capacity at the 
order, request, or under the direction or 
control, of a foreign principal described in 
clause (i) or of a person any of whose 
activities are directly or indirectly 
supervised, directed, controlled, financed, or 
subsidized in whole or in major part by a 
foreign principal described in clause (i); or
``(iii) any person included in the list of 
specially designated nationals and blocked 
persons maintained by the Office of Foreign 
Assets Control of the Department of the 
Treasury pursuant to authorities relating to 
the imposition of sanctions relating to the 
conduct of a foreign principal described in 
clause (i).
``(B) Clarification regarding application to 
citizens of the united states.--In the case of a 
citizen of the United States, clause (ii) of 
subparagraph (A) applies only to the extent that the 
person involved acts within the scope of that person's 
status as the agent of a foreign principal described in 
clause (i) of subparagraph (A).''.
(b) Effective Date.--The amendment made by this section shall apply 
with respect to elections held in 2026 or any succeeding year.

SEC. 104. DISBURSEMENTS AND ACTIVITIES SUBJECT TO FOREIGN MONEY BAN.

(a) Disbursements Described.--Section 319(a)(1) of the Federal 
Election Campaign Act of 1971 (52 U.S.C. 30121(a)(1)) is amended--
(1) by striking ``or'' at the end of subparagraph (B); and
(2) by striking subparagraph (C) and inserting the 
following:
``(C) an expenditure;
``(D) an independent expenditure;
``(E) a disbursement for an electioneering 
communication (within the meaning of section 
304(f)(3));
``(F) a disbursement for a communication which is 
placed or promoted for a fee on a website, web 
application, or digital application 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;
``(G) a disbursement by a covered foreign national 
(as defined in subsection (b)(4)) for a broadcast, 
cable or satellite communication, or for a 
communication which is placed or promoted for a fee on 
a website, web application, or digital application, 
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);
``(H) a disbursement for a broadcast, cable, or 
satellite communication, or for any communication which 
is placed or promoted for a fee on an online platform 
(as defined in subsection (b)(5)), that discusses a 
national legislative issue of public importance in a 
year in which a regularly scheduled general election 
for Federal office is held, but only if the 
disbursement is made by a covered foreign national (as 
defined in subsection (b)(4));
``(I) a disbursement by a covered foreign national 
(as defined in subsection (b)(4)) to compensate any 
person for internet activity that promotes, supports, 
attacks or opposes the election of a clearly identified 
candidate for Federal, State, or local office 
(regardless of whether the activity contains express 
advocacy or the functional equivalent of express 
advocacy); or
``(J) a disbursement by a covered foreign national 
(as defined in subsection (b)(4)) for a Federal 
judicial nomination communication (as defined in 
section 324(g)(2));''.
(b) Definition of Online Platform.--Section 319(b) of such Act (52 
U.S.C. 30121(b)), as amended by sections 101 and 103, is amended by 
adding at the end the following new paragraph:
``(5) Online platform.--
``(A) In general.--For purposes of this section, 
subject to subparagraph (B), the term online platform 
means any public-facing website, web application, or 
digital application (including a social network, ad 
network, or search engine) which--
``(i)(I) sells qualified political 
advertisements; and
``(II) has 50,000,000 or more unique 
monthly United States visitors or users for a 
majority of months during the preceding 12 
months; or
``(ii) is a third-party advertising vendor 
that has 50,000,000 or more unique monthly 
United States visitors in the aggregate on any 
advertisement space that it has sold or bought 
for a majority of months during the preceding 
12 months, as measured by an independent 
digital ratings service accredited by the Media 
Ratings Council (or its successor).
``(B) Exemption.--Such term shall not include any 
online platform that is a distribution facility of any 
broadcasting station or newspaper, magazine, blog, 
publication, or periodical.
``(C) Third-party advertising vendor defined.--For 
purposes of this subsection, the term third-party 
advertising vendor includes, but is not limited to, any 
third-party advertising vendor network, advertising 
agency, advertiser, or third-party advertisement 
serving company that buys and sells advertisement space 
on behalf of unaffiliated third-party websites, search 
engines, digital applications, or social media 
sites.''.
(c) Effective Date.--The amendments made by this section shall 
apply with respect to disbursements made on or after the date of the 
enactment of this Act.

SEC. 105. PROHIBITING ESTABLISHMENT OF CORPORATION TO CONCEAL ELECTION 
CONTRIBUTIONS AND DONATIONS BY FOREIGN NATIONALS.

(a) Prohibition.--Chapter 29 of title 18, United States Code is 
amended by adding at the end the following:
``Sec. 612. Establishment of corporation to conceal election 
contributions and donations by foreign nationals
``(a) Offense.--It shall be unlawful for an owner, officer, 
attorney, or incorporation agent of a corporation, company, or other 
entity to establish or use the corporation, company, or other entity 
with the intent to conceal an activity of a foreign national (as 
defined in section 319 of the Federal Election Campaign Act of 1971 (52 
U.S.C. 30121)) prohibited under such section 319.
``(b) Penalty.--Any person who violates subsection (a) shall be 
imprisoned for not more than 5 years, fined under this title, or 
both.''.
(b) Table of Sections.--The table of sections for chapter 29 of 
title 18, United States Code is amended by adding at the end the 
following new item:

``612. Establishment of corporation to conceal election contributions 
and donations by foreign nationals.''.

TITLE II--REPORTING OF CAMPAIGN-RELATED DISBURSEMENTS

SEC. 201. REPORTING OF CAMPAIGN-RELATED DISBURSEMENTS.

(a) In General.--Section 324 of the Federal Election Campaign Act 
of 1971 (52 U.S.C. 30126) is amended to read as follows:

``SEC. 324. DISCLOSURE OF CAMPAIGN-RELATED DISBURSEMENTS BY COVERED 
ORGANIZATIONS.

``(a) Disclosure Statement.--
``(1) In general.--Any covered organization that makes 
campaign-related disbursements aggregating more than $10,000 in 
an election reporting cycle shall, not later than 24 hours 
after each disclosure date, file a statement with the 
Commission made under penalty of perjury that contains the 
information described in paragraph (2)--
``(A) in the case of the first statement filed 
under this subsection, for the period beginning on the 
first day of the election reporting cycle (or, if 
earlier, the period beginning one year before the first 
such disclosure date) and ending on the first such 
disclosure date; and
``(B) in the case of any subsequent statement filed 
under this subsection, for the period beginning on the 
previous disclosure date and ending on such disclosure 
date.
``(2) Information described.--The information described in 
this paragraph is as follows:
``(A) The name of the covered organization and the 
principal place of business of such organization and, 
in the case of a covered organization that is a 
corporation (other than a business concern that is an 
issuer of a class of securities registered under 
section 12 of the Securities Exchange Act of 1934 (15 
U.S.C. 78l) or that is required to file reports under 
section 15(d) of that Act (15 U.S.C. 78o(d))) or an 
entity described in subsection (e)(2), a list of the 
beneficial owners (as defined in paragraph (4)(A)) of 
the entity that--
``(i) identifies each beneficial owner by 
name and current residential or business street 
address; and
``(ii) if any beneficial owner exercises 
control over the entity through another legal 
entity, such as a corporation, partnership, 
limited liability company, or trust, identifies 
each such other legal entity and each such 
beneficial owner who will use that other entity 
to exercise control over the entity.
``(B) The amount of each campaign-related 
disbursement made by such organization during the 
period covered by the statement of more than $1,000, 
and the name and address of the person to whom the 
disbursement was made.
``(C) In the case of a campaign-related 
disbursement that is not a covered transfer, the 
election to which the campaign-related disbursement 
pertains and if the disbursement is made for a public 
communication, the name of any candidate identified in 
such communication and if such communication is in 
support of or in opposition to the identified 
candidate.
``(D) A certification by the chief executive 
officer or person who is the head of the covered 
organization that the campaign-related disbursement is 
not made in cooperation, consultation, or concert with 
or at the request or suggestion of a candidate, 
authorized committee, or agent of a candidate, 
political party, or agent of a political party.
``(E)(i) If the covered organization makes 
campaign-related disbursements using exclusively funds 
in a campaign-related disbursement segregated fund, for 
each payment made to the account by a person other than 
the covered organization--
``(I) the name and address of each person 
who made such payment to the account during the 
period covered by the statement;
``(II) the date and amount of such payment; 
and
``(III) the aggregate amount of all such 
payments made by the person during the period 
beginning on the first day of the election 
reporting cycle (or, if earlier, the period 
beginning one year before the disclosure date) 
and ending on the disclosure date,
but only if such payment was made by a person who made 
payments to the account in an aggregate amount of 
$10,000 or more during the period beginning on the 
first day of the election reporting cycle (or, if 
earlier, the period beginning one year before the 
disclosure date) and ending on the disclosure date.
``(ii) In any calendar year after 2027, section 
315(c)(1)(B) shall apply to the amount described in 
clause (i) in the same manner as such section applies 
to the limitations established under subsections 
(a)(1)(A), (a)(1)(B), (a)(3), and (h) of such section, 
except that for purposes of applying such section to 
the amounts described in subsection (b), the `base 
period' shall be calendar year 2027.
``(F)(i) If the covered organization makes 
campaign-related disbursements using funds other than 
funds in a campaign-related disbursement segregated 
fund, for each payment to the covered organization--
``(I) the name and address of each person 
who made such payment during the period covered 
by the statement;
``(II) the date and amount of such payment; 
and
``(III) the aggregate amount of all such 
payments made by the person during the period 
beginning on the first day of the election 
reporting cycle (or, if earlier, the period 
beginning one year before the disclosure date) 
and ending on the disclosure date,
but only if such payment was made by a person who made 
payments to the covered organization in an aggregate 
amount of $10,000 or more during the period beginning 
on the first day of the election reporting cycle (or, 
if earlier, the period beginning one year before the 
disclosure date) and ending on the disclosure date.
``(ii) In any calendar year after 2027, section 
315(c)(1)(B) shall apply to the amount described in 
clause (i) in the same manner as such section applies 
to the limitations established under subsections 
(a)(1)(A), (a)(1)(B), (a)(3), and (h) of such section, 
except that for purposes of applying such section to 
the amounts described in subsection (b), the `base 
period' shall be calendar year 2027.
``(G) Such other information as required in rules 
established by the Commission to promote the purposes 
of this section.
``(3) Exceptions.--
``(A) Amounts received in ordinary course of 
business.--The requirement to include in a statement 
filed under paragraph (1) the information described in 
paragraph (2) shall not apply to amounts received by 
the covered organization in commercial transactions in 
the ordinary course of any trade or business conducted 
by the covered organization or in the form of 
investments (other than investments by the principal 
shareholder in a limited liability corporation) in the 
covered organization. For purposes of this 
subparagraph, amounts received by a covered 
organization as remittances from an employee to the 
employee's collective bargaining representative shall 
be treated as amounts received in commercial 
transactions in the ordinary course of the business 
conducted by the covered organization.
``(B) Donor restriction on use of funds.--The 
requirement to include in a statement submitted under 
paragraph (1) the information described in subparagraph 
(F) of paragraph (2) shall not apply if--
``(i) the person described in such 
subparagraph prohibited, in writing, the use of 
the payment made by such person for campaign-
related disbursements; and
``(ii) the covered organization followed 
the prohibition and deposited the payment in an 
account which is segregated from a campaign-
related disbursement segregated fund and any 
other account used to make campaign-related 
disbursements.
``(C) Threat of harassment or reprisal.--The 
requirement to include any information relating to the 
name or address of any person (other than a candidate) 
in a statement submitted under paragraph (1) shall not 
apply to any person or persons who provide specific and 
particular evidence establishing that the inclusion of 
such information would subject that person or persons 
to serious threats, harassment, or reprisals. For 
purposes of the preceding sentence, the terms 
`threats', `harassment', and `reprisals' do not include 
social ostracism, negative commentary, or criticism.
``(4) Other definitions.--For purposes of this section:
``(A) Beneficial owner defined.--
``(i) In general.--Except as provided in 
clause (ii), the term `beneficial owner' means, 
with respect to any entity, a natural person 
who, directly or indirectly--
``(I) exercises substantial control 
over an entity through ownership, 
voting rights, agreement, or otherwise; 
or
``(II) has a substantial interest 
in, or receives substantial economic 
benefits from, the assets of an entity.
``(ii) Exceptions.--The term `beneficial 
owner' shall not include--
``(I) a minor child;
``(II) a person acting as a 
nominee, intermediary, custodian, or 
agent on behalf of another person;
``(III) a person acting solely as 
an employee of an entity and whose 
control over, or economic benefits 
from, the entity derives solely from 
the employment status of the person;
``(IV) a person whose only interest 
in an entity is through a right of 
inheritance, unless the person also 
meets the requirements of clause (i); 
or
``(V) a creditor of an entity, 
unless the creditor also meets the 
requirements of clause (i).
``(iii) Anti-abuse rule.--The exceptions 
under clause (ii) shall not apply if used for 
the purpose of evading, circumventing, or 
abusing the provisions of clause (i) or 
paragraph (2)(A).
``(B) Campaign-related disbursement segregated 
fund.--The term `campaign-related disbursement 
segregated fund' means a segregated bank account 
consisting of funds that were paid directly to such 
account by persons other than the covered organization 
that controls the account.
``(C) Disclosure date.--The term `disclosure date' 
means--
``(i) the first date during any election 
reporting cycle by which a person has made 
campaign-related disbursements aggregating more 
than $10,000; and
``(ii) any other date during such election 
reporting cycle by which a person has made 
campaign-related disbursements aggregating more 
than $10,000 since the most recent disclosure 
date for such election reporting cycle.
``(D) Election reporting cycle.--The term `election 
reporting cycle' means the 2-year period beginning on 
the date of the most recent general election for 
Federal office.
``(E) Payment.--The term `payment' includes any 
contribution, donation, transfer, payment of dues, or 
other payment.
``(b) Coordination With Other Provisions.--
``(1) Other reports filed with the commission.--Information 
included in a statement filed under this section may be 
excluded from statements and reports filed under section 304.
``(2) Treatment as separate segregated fund.--A campaign-
related disbursement segregated fund may be treated as a 
separate segregated fund for purposes of section 527(f)(3) of 
the Internal Revenue Code of 1986.
``(c) Filing.--Statements required to be filed under subsection (a) 
shall be subject to the requirements of section 304(d) to the same 
extent and in the same manner as if such reports had been required 
under subsection (c) or (g) of section 304.
``(d) Campaign-Related Disbursement Defined.--
``(1) In general.--In this section, the term `campaign-
related disbursement' means a disbursement by a covered 
organization for any of the following:
``(A) An independent expenditure which expressly 
advocates the election or defeat of a clearly 
identified candidate for election for Federal office, 
or is the functional equivalent of express advocacy 
because, when taken as a whole, it can be interpreted 
by a reasonable person only as advocating the election 
or defeat of a candidate for election for Federal 
office.
``(B) An applicable public communication.
``(C) An electioneering communication, as defined 
in section 304(f)(3).
``(D) A covered transfer.
``(2) Applicable public communications.--
``(A) In general.--The term `applicable public 
communication' means any public communication, 
including any communication that is produced for a fee 
or is placed or promoted for a fee on a website or 
digital device, application, service, or platform, that 
refers to a clearly identified candidate for election 
for Federal office and which promotes or supports the 
election of a candidate for that office, or attacks or 
opposes the election of a candidate for that office, 
without regard to whether the communication expressly 
advocates a vote for or against a candidate for that 
office.
``(B) Exception.--Such term shall not include any 
news story, commentary, or editorial distributed 
through the facilities of any broadcasting station or 
any print, online, or digital newspaper, magazine, 
publication, or periodical, unless such facilities are 
owned or controlled by any political party, political 
committee, or candidate.
``(e) Covered Organization Defined.--In this section, the term 
`covered organization' means any of the following:
``(1) A corporation (other than an organization described 
in section 501(c)(3) of the Internal Revenue Code of 1986).
``(2) A limited liability corporation that is not otherwise 
treated as a corporation for purposes of this Act (other than 
an organization described in section 501(c)(3) of the Internal 
Revenue Code of 1986).
``(3) An organization described in section 501(c) of such 
Code and exempt from taxation under section 501(a) of such Code 
(other than an organization described in section 501(c)(3) of 
such Code).
``(4) A labor organization (as defined in section 316(b)).
``(5) Any political organization under section 527 of the 
Internal Revenue Code of 1986, other than a political committee 
under this Act (except as provided in paragraph (6)).
``(6) A political committee with an account that accepts 
donations or contributions that do not comply with the 
contribution limits or source prohibitions under this Act, but 
only with respect to such accounts.
``(f) Covered Transfer Defined.--
``(1) In general.--In this section, the term `covered 
transfer' means any transfer or payment of funds by a covered 
organization to another person if the covered organization--
``(A) designates, requests, or suggests that the 
amounts be used for--
``(i) campaign-related disbursements (other 
than covered transfers); or
``(ii) making a transfer to another person 
for the purpose of making or paying for such 
campaign-related disbursements;
``(B) made such transfer or payment in response to 
a solicitation or other request for a donation or 
payment for--
``(i) the making of or paying for campaign-
related disbursements (other than covered 
transfers); or
``(ii) making a transfer to another person 
for the purpose of making or paying for such 
campaign-related disbursements;
``(C) engaged in discussions with the recipient of 
the transfer or payment regarding--
``(i) the making of or paying for campaign-
related disbursements (other than covered 
transfers); or
``(ii) donating or transferring any amount 
of such transfer or payment to another person 
for the purpose of making or paying for such 
campaign-related disbursements; or
``(D) knew or had reason to know that the person 
receiving the transfer or payment would make campaign-
related disbursements in an aggregate amount of $50,000 
or more during the 2-year period beginning on the date 
of the transfer or payment.
``(2) Exclusions.--The term `covered transfer' does not 
include any of the following:
``(A) A disbursement made by a covered organization 
in a commercial transaction in the ordinary course of 
any trade or business conducted by the covered 
organization or in the form of investments made by the 
covered organization.
``(B) A disbursement made by a covered organization 
if--
``(i) the covered organization prohibited, 
in writing, the use of such disbursement for 
campaign-related disbursements; and
``(ii) the recipient of the disbursement 
followed the prohibition and deposited the 
disbursement in an account which is segregated 
from a campaign-related disbursement segregated 
fund and any other account used to make 
campaign-related disbursements.
``(3) Special rule regarding transfers among affiliates.--
``(A) Special rule.--A transfer of an amount by one 
covered organization to another covered organization 
which is treated as a transfer between affiliates under 
subparagraph (C) shall be considered a covered transfer 
by the covered organization which transfers the amount 
only if the aggregate amount transferred during the 
year by such covered organization to that same covered 
organization is equal to or greater than $50,000.
``(B) Determination of amount of certain payments 
among affiliates.--In determining the amount of a 
transfer between affiliates for purposes of 
subparagraph (A), to the extent that the transfer 
consists of funds attributable to dues, fees, or 
assessments which are paid by individuals on a regular, 
periodic basis in accordance with a per-individual 
calculation which is made on a regular basis, the 
transfer shall be attributed to the individuals paying 
the dues, fees, or assessments and shall not be 
attributed to the covered organization.
``(C) Description of transfers between 
affiliates.--A transfer of amounts from one covered 
organization to another covered organization shall be 
treated as a transfer between affiliates if--
``(i) one of the organizations is an 
affiliate of the other organization; or
``(ii) each of the organizations is an 
affiliate of the same organization,
except that the transfer shall not be treated as a 
transfer between affiliates if one of the organizations 
is established for the purpose of making campaign-
related disbursements.
``(D) Determination of affiliate status.--For 
purposes of subparagraph (C), a covered organization is 
an affiliate of another covered organization if--
``(i) the governing instrument of the 
organization requires it to be bound by 
decisions of the other organization;
``(ii) the governing board of the 
organization includes persons who are 
specifically designated representatives of the 
other organization or are members of the 
governing board, officers, or paid executive 
staff members of the other organization, or 
whose service on the governing board is 
contingent upon the approval of the other 
organization; or
``(iii) the organization is chartered by 
the other organization.
``(E) Coverage of transfers to affiliated section 
501(c)(3) organizations.--This paragraph shall apply 
with respect to an amount transferred by a covered 
organization to an organization described in paragraph 
(3) of section 501(c) of the Internal Revenue Code of 
1986 and exempt from tax under section 501(a) of such 
Code in the same manner as this paragraph applies to an 
amount transferred by a covered organization to another 
covered organization.
``(g) No Effect on Other Reporting Requirements.--Except as 
provided in subsection (b)(1), nothing in this section shall be 
construed to waive or otherwise affect any other requirement of this 
Act which relates to the reporting of campaign-related 
disbursements.''.
(b) Conforming Amendment.--Section 304(f)(6) of such Act (52 U.S.C. 
30104) is amended by striking ``Any requirement'' and inserting 
``Except as provided in section 324(b), any requirement''.
(c) Regulations.--Not later than 6 months after the date of the 
enactment of this Act, the Federal Election Commission shall promulgate 
regulations relating to the application of the exemption under section 
324(a)(3)(C) of the Federal Election Campaign Act of 1971 (as added by 
subsection (a)). Such regulations--
(1) shall require that the legal burden of establishing 
eligibility for such exemption is upon the organization 
required to make the report required under section 324(a)(1) of 
such Act (as added by subsection (a));
(2) shall require reapplication for such exemption every 4 
years;
(3) shall provide that applications for such exemption, and 
documents reflecting the Federal Election Commission's 
consideration thereof, with appropriate redactions necessary to 
protect the personal information of any person or persons to 
whom such exemption applies, be published or made available for 
public inspection; and
(4) shall be consistent with the principles applied in 
Citizens United v. Federal Election Commission, 558 U.S. 310 
(2010).

SEC. 202. REPORTING OF FEDERAL JUDICIAL NOMINATION DISBURSEMENTS.

(a) Findings.--Congress makes the following findings:
(1) A fair and impartial judiciary is critical for our 
democracy and crucial to maintain the faith of the people of 
the United States in the justice system. As the Supreme Court 
held in Caperton v. Massey, ``there is a serious risk of actual 
bias--based on objective and reasonable perceptions--when a 
person with a personal stake in a particular case had a 
significant and disproportionate influence in placing the judge 
on the case.'' (Caperton v. A.T. Massey Coal Co., 556 U.S. 868, 
884 (2009)).
(2) Public trust in government is at a historic low. 
According to polling, most Americans believe that corporations 
have too much power and influence in politics and the courts.
(3) The prevalence and pervasiveness of dark money drives 
public concern about corruption in politics and the courts. 
Dark money is funding for organizations and political 
activities that cannot be traced to actual donors. It is made 
possible by loopholes in our tax laws and regulations, weak 
oversight by the Internal Revenue Service, and donor-friendly 
court decisions.
(4) Under current law, ``social welfare'' organizations and 
business leagues can use funds to influence elections so long 
as political activity is not their ``primary'' activity. Super 
PACs can accept and spend unlimited contributions from any non-
foreign source. These groups can spend tens of millions of 
dollars on political activities. Such dark money groups spent 
an estimated $1,050,000,000 in the 2020 election cycle.
(5) Dark money is used to shape judicial decision making. 
This can take many forms, akin to agency capture: influencing 
judicial selection by controlling who gets nominated and 
funding candidate advertisements; creating public relations 
campaigns aimed at mobilizing the judiciary around particular 
issues; and drafting law review articles, amicus briefs, and 
other products which tell judges how to decide a given case and 
provide ready-made arguments for willing judges to adopt.
(6) Over the past decade, nonprofit organizations that do 
not disclose their donors have spent hundreds of millions of 
dollars to influence the nomination and confirmation process 
for Federal judges. One organization alone has spent nearly 
$40,000,000 on advertisements supporting or opposing Supreme 
Court nominees since 2016.
(7) Anonymous money spent on judicial nominations is not 
subject to any disclosure requirements. Federal election laws 
only regulate contributions and expenditures relating to 
electoral politics; thus, expenditures, contributions, and 
advocacy efforts for Federal judgeships are not covered under 
the Federal Election Campaign Act of 1971. Without more 
disclosure, the public has no way of knowing whether the people 
spending money supporting or opposing judicial nominations have 
business before the courts.
(8) Congress and the American people have a compelling 
interest in knowing who is funding these campaigns to select 
and confirm judges to lifetime appointments on the Federal 
bench.
(b) Reporting.--Section 324 of the Federal Election Campaign Act of 
1971 (52 U.S.C. 30126), as amended by section 201, is amended by 
redesignating subsection (g) as subsection (h) and by inserting after 
subsection (f) the following new subsection:
``(g) Application to Federal Judicial Nominations.--
``(1) In general.--For purposes of this section--
``(A) a disbursement by a covered organization for 
a Federal judicial nomination communication shall be 
treated as a campaign-related disbursement; and
``(B) in the case of campaign-related disbursements 
which are for Federal judicial nomination 
communications--
``(i) the dollar amounts in paragraphs (1) 
and (2) of subsection (a) shall be applied 
separately with respect to such disbursements 
and other campaign-related disbursements;
``(ii) the election reporting cycle shall 
be the calendar year in which the disbursement 
for the Federal judicial nomination 
communication is made;
``(iii) references to a candidate in 
subsections (a)(2)(C), (a)(2)(D), and (a)(3)(C) 
shall be treated as references to a nominee for 
a Federal judge or justice;
``(iv) the reference to an election in 
subsection (a)(2)(C) shall be treated as a 
reference to the nomination of such nominee.
``(2) Federal judicial nomination communication.--
``(A) In general.--The term `Federal judicial 
nomination communication' means any communication--
``(i) that is by means of any broadcast, 
cable, or satellite, paid internet, or paid 
digital communication, paid promotion, 
newspaper, magazine, outdoor advertising 
facility, mass mailing, telephone bank, 
telephone messaging effort of more than 500 
substantially similar calls or electronic 
messages within a 30-day period, or any other 
form of general public political advertising; 
and
``(ii) which promotes, supports, attacks, 
or opposes the nomination or Senate 
confirmation of an individual as a Federal 
judge or justice.
``(B) Exception.--Such term shall not include any 
news story, commentary, or editorial distributed 
through the facilities of any broadcasting station or 
any print, online, or digital newspaper, magazine, 
publication, or periodical, unless such facilities are 
owned or controlled by any political party, political 
committee, or candidate.
``(C) Intent not required.--A disbursement for an 
item described in subparagraph (A) shall be treated as 
a disbursement for a Federal judicial nomination 
communication regardless of the intent of the person 
making the disbursement.''.

SEC. 203. COORDINATION WITH FINCEN.

(a) In General.--The Director of the Financial Crimes Enforcement 
Network of the Department of the Treasury shall provide the Federal 
Election Commission with such information as necessary to assist in 
administering and enforcing section 324 of the Federal Election 
Campaign Act of 1971, as amended by this title.
(b) Report.--Not later than 6 months after the date of the 
enactment of this Act, the Chairman of the Federal Election Commission, 
in consultation with the Director of the Financial Crimes Enforcement 
Network of the Department of the Treasury, shall submit to Congress a 
report with recommendations for providing further legislative authority 
to assist in the administration and enforcement of such section 324.

SEC. 204. APPLICATION OF FOREIGN MONEY BAN TO DISBURSEMENTS FOR 
CAMPAIGN-RELATED DISBURSEMENTS CONSISTING OF COVERED 
TRANSFERS.

Section 319(b)(2) of the Federal Election Campaign Act of 1971 (52 
U.S.C. 30121(a)(1)(A)), as amended by section 101, is amended--
(1) by striking ``includes any disbursement'' and inserting 
``includes--
``(A) any disbursement'';
(2) by striking the period at the end and inserting ``; 
and'', and
(3) by adding at the end the following new subparagraph:
``(B) any disbursement, other than a disbursement 
described in section 324(a)(3)(A), to another person 
who made a campaign-related disbursement consisting of 
a covered transfer (as described in section 324) during 
the 2-year period ending on the date of the 
disbursement.''.

SEC. 205. SENSE OF CONGRESS REGARDING IMPLEMENTATION.

It is the sense of Congress that the Federal Election Commission 
should simplify the process for filing any disclosure required under 
the provisions of, and amendments made by, this title in order to 
ensure that such process is as easy and accessible as possible.

SEC. 206. EFFECTIVE DATE.

The amendments made by this title shall apply with respect to 
disbursements made on or after January 1, 2027, and shall take effect 
without regard to whether or not the Federal Election Commission has 
promulgated regulations to carry out such amendments.

TITLE III--OTHER ADMINISTRATIVE REFORMS

SEC. 301. PETITION FOR CERTIORARI.

Section 307(a)(6) of the Federal Election Campaign Act of 1971 (52 
U.S.C. 30107(a)(6)) is amended by inserting ``(including a proceeding 
before the Supreme Court on certiorari)'' after ``appeal''.

SEC. 302. JUDICIAL REVIEW OF ACTIONS RELATED TO CAMPAIGN FINANCE LAWS.

(a) In General.--Title IV of the Federal Election Campaign Act of 
1971 (52 U.S.C. 30141 et seq.) is amended by inserting after section 
406 the following new section:

``SEC. 407. JUDICIAL REVIEW.

``(a) In General.--If any action is brought for declaratory or 
injunctive relief to challenge, whether facially or as-applied, the 
constitutionality or lawfulness of any provision of this Act, including 
title V, or of chapter 95 or 96 of the Internal Revenue Code of 1986, 
or is brought to with respect to any action of the Commission under 
chapter 95 or 96 of the Internal Revenue Code of 1986, the following 
rules shall apply:
``(1) The action shall be filed in the United States 
District Court for the District of Columbia and an appeal from 
the decision of the district court may be taken to the Court of 
Appeals for the District of Columbia Circuit.
``(2) In the case of an action relating to declaratory or 
injunctive relief to challenge the constitutionality of a 
provision, the party filing the action shall concurrently 
deliver a copy of the complaint to the Clerk of the House of 
Representatives and the Secretary of the Senate.
``(3) It shall be the duty of the United States District 
Court for the District of Columbia and the Court of Appeals for 
the District of Columbia Circuit to advance on the docket and 
to expedite to the greatest possible extent the disposition of 
the action and appeal.
``(b) Clarifying Scope of Jurisdiction.--If an action at the time 
of its commencement is not subject to subsection (a), but an amendment, 
counterclaim, cross-claim, affirmative defense, or any other pleading 
or motion is filed challenging, whether facially or as-applied, the 
constitutionality or lawfulness of this Act or of chapter 95 or 96 of 
the Internal Revenue Code of 1986, or is brought to with respect to any 
action of the Commission under chapter 95 or 96 of the Internal Revenue 
Code of 1986, the district court shall transfer the action to the 
District Court for the District of Columbia, and the action shall 
thereafter be conducted pursuant to subsection (a).
``(c) Intervention by Members of Congress.--In any action described 
in subsection (a) relating to declaratory or injunctive relief to 
challenge the constitutionality of a provision, any Member of the House 
of Representatives (including a Delegate or Resident Commissioner to 
the Congress) or Senate shall have the right to intervene either in 
support of or opposition to the position of a party to the case 
regarding the constitutionality of the provision. To avoid duplication 
of efforts and reduce the burdens placed on the parties to the action, 
the court in any such action may make such orders as it considers 
necessary, including orders to require interveners taking similar 
positions to file joint papers or to be represented by a single 
attorney at oral argument.
``(d) Challenge by Members of Congress.--Any Member of Congress may 
bring an action, subject to the special rules described in subsection 
(a), for declaratory or injunctive relief to challenge, whether 
facially or as-applied, the constitutionality of any provision of this 
Act or chapter 95 or 96 of the Internal Revenue Code of 1986.''.
(b) Conforming Amendments.--
(1) Section 9011 of the Internal Revenue Code of 1986 is 
amended to read as follows:

``SEC. 9011. JUDICIAL REVIEW.

``For provisions relating to judicial review of certifications, 
determinations, and actions by the Commission under this chapter, see 
section 407 of the Federal Election Campaign Act of 1971.''.
(2) Section 9041 of the Internal Revenue Code of 1986 is 
amended to read as follows:

``SEC. 9041. JUDICIAL REVIEW.

``For provisions relating to judicial review of actions by the 
Commission under this chapter, see section 407 of the Federal Election 
Campaign Act of 1971.''.
(3) Section 310 of the Federal Election Campaign Act of 
1971 (52 U.S.C. 30110) is repealed.
(4) Section 403 of the Bipartisan Campaign Reform Act of 
2002 (52 U.S.C. 30110 note) is repealed.

SEC. 303. EFFECTIVE DATE.

The amendments made by this title shall take effect and apply on 
the date of the enactment of this Act, without regard to whether or not 
the Federal Election Commission has promulgated regulations to carry 
out this title and the amendments made by this title.

TITLE IV--STAND BY EVERY AD

SEC. 401. SHORT TITLE.

This title may be cited as the ``Stand By Every Ad Act''.

SEC. 402. STAND BY EVERY AD.

(a) Expanded Disclaimer Requirements for Certain Communications.--
Section 318 of the Federal Election Campaign Act of 1971 (52 U.S.C. 
30120) is amended by adding at the end the following new subsection:
``(e) Expanded Disclaimer Requirements for Communications Not 
Authorized by Candidates or Committees.--
``(1) In general.--Except as provided in paragraph (6), any 
communication described in paragraph (3) of subsection (a) 
which is transmitted in an audio or video format (including an 
internet or digital communication), or which is an internet or 
digital communication transmitted in a text or graphic format, 
shall include, in addition to the requirements of paragraph (3) 
of subsection (a), the following:
``(A) The individual disclosure statement described 
in paragraph (2)(A) (if the person paying for the 
communication is an individual) or the organizational 
disclosure statement described in paragraph (2)(B) (if 
the person paying for the communication is not an 
individual).
``(B) If the communication is transmitted in a 
video format, or is an internet or digital 
communication which is transmitted in a text or graphic 
format, and is paid for in whole or in part with a 
payment which is treated as a campaign-related 
disbursement under section 324--
``(i) the Top Five Funders list (if 
applicable); or
``(ii) in the case of a communication 
which, as determined on the basis of criteria 
established in regulations issued by the 
Commission, is of such short duration that 
including the Top Five Funders list in the 
communication would constitute a hardship to 
the person paying for the communication by 
requiring a disproportionate amount of the 
content of the communication to consist of the 
Top Five Funders list, the name of a website 
which contains the Top Five Funders list (if 
applicable) or, in the case of an internet or 
digital communication, an adapted disclaimer 
(as defined in paragraph (6)(C)) that directs 
persons reading, observing, or listening to the 
communication to the Top Five Funders list (if 
applicable).
``(C) If the communication is transmitted in an 
audio format and is paid for in whole or in part with a 
payment which is treated as a campaign-related 
disbursement under section 324--
``(i) the Top Two Funders list (if 
applicable); or
``(ii) in the case of a communication 
which, as determined on the basis of criteria 
established in regulations issued by the 
Commission, is of such short duration that 
including the Top Two Funders list in the 
communication would constitute a hardship to 
the person paying for the communication by 
requiring a disproportionate amount of the 
content of the communication to consist of the 
Top Two Funders list, the name of a website 
which contains the Top Two Funders list (if 
applicable).
``(2) Disclosure statements described.--
``(A) Individual disclosure statements.--The 
individual disclosure statement described in this 
subparagraph is the following: `I am ________, and I 
approve this message.', with the blank filled in with 
the name of the applicable individual.
``(B) Organizational disclosure statements.--The 
organizational disclosure statement described in this 
subparagraph is the following: `I am ________, the 
________ of ________, and ________ approves this 
message.', with--
``(i) the first blank to be filled in with 
the name of the applicable individual;
``(ii) the second blank to be filled in 
with the title of the applicable individual; 
and
``(iii) the third and fourth blank each to 
be filled in with the name of the organization 
or other person paying for the communication.
``(3) Method of conveyance of statement.--
``(A) Communications in text or graphic format.--In 
the case of a communication to which this subsection 
applies which is transmitted in a text or graphic 
format, the disclosure statements required under 
paragraph (1) shall appear in letters at least as large 
as the majority of the text in the communication.
``(B) Communications transmitted in audio format.--
In the case of a communication to which this subsection 
applies which is transmitted in an audio format, the 
disclosure statements required under paragraph (1) 
shall be made by audio by the applicable individual in 
a clear and conspicuous manner.
``(C) Communications transmitted in video format.--
In the case of a communication to which this subsection 
applies which is transmitted in a video format, the 
information required under paragraph (1) shall appear 
in writing at the end of the communication or in a 
crawl along the bottom of the communication in a clear 
and conspicuous manner, with a reasonable degree of 
color contrast between the background and the printed 
statement, for a period of at least 6 seconds.
``(4) Applicable individual defined.--The term `applicable 
individual' means, with respect to a communication to which 
this subsection applies--
``(A) if the communication is paid for by an 
individual, the individual involved;
``(B) if the communication is paid for by a 
corporation, the chief executive officer of the 
corporation (or, if the corporation does not have a 
chief executive officer, the highest ranking official 
of the corporation);
``(C) if the communication is paid for by a labor 
organization, the highest ranking officer of the labor 
organization; and
``(D) if the communication is paid for by any other 
person, the highest ranking official of such person.
``(5) Top five funders list and top two funders list 
defined.--
``(A) Top five funders list.--The term `Top Five 
Funders list' means, with respect to a communication 
which is paid for in whole or in part with a campaign-
related disbursement (as defined in section 324), a 
list of the 5 persons who, during the 12-month period 
ending on the date of the disbursement, provided the 
largest payments of any type in an aggregate amount 
equal to or exceeding $10,000 to the person who is 
paying for the communication and the amount of the 
payments each such person provided. If 2 or more people 
provided the fifth largest of such payments, the person 
paying for the communication shall select 1 of those 
persons to be included on the Top Five Funders list.
``(B) Top two funders list.--The term `Top Two 
Funders list' means, with respect to a communication 
which is paid for in whole or in part with a campaign-
related disbursement (as defined in section 324), a 
list of the persons who, during the 12-month period 
ending on the date of the disbursement, provided the 
largest and the second largest payments of any type in 
an aggregate amount equal to or exceeding $10,000 to 
the person who is paying for the communication and the 
amount of the payments each such person provided. If 2 
or more persons provided the second largest of such 
payments, the person paying for the communication shall 
select 1 of those persons to be included on the Top Two 
Funders list.
``(C) Exclusion of certain payments.--For purposes 
of subparagraphs (A) and (B), in determining the amount 
of payments made by a person to a person paying for a 
communication, there shall be excluded the following:
``(i) Any amounts provided in the ordinary 
course of any trade or business conducted by 
the person paying for the communication or in 
the form of investments in the person paying 
for the communication.
``(ii) Any payment which the person 
prohibited, in writing, from being used for 
campaign-related disbursements, but only if the 
person paying for the communication followed 
the prohibition and deposited the payment in an 
account which is segregated from a campaign-
related disbursement segregated fund (as 
defined in section 324) and any other account 
used to make campaign-related disbursements.
``(6) Special rules for certain communications.--
``(A) Exception for communications paid for by 
political parties and certain political committees.--
This subsection does not apply to any communication to 
which subsection (d)(2) applies.
``(B) Treatment of video communications lasting 10 
seconds or less.--In the case of a communication to 
which this subsection applies which is transmitted in a 
video format, or is an internet or digital 
communication which is transmitted in a text or graphic 
format, the communication shall meet the following 
requirements:
``(i) The communication shall include the 
individual disclosure statement described in 
paragraph (2)(A) (if the person paying for the 
communication is an individual) or the 
organizational disclosure statement described 
in paragraph (2)(B) (if the person paying for 
the communication is not an individual).
``(ii) The statement described in clause 
(i) shall appear in writing at the end of the 
communication, or in a crawl along the bottom 
of the communication, in a clear and 
conspicuous manner, with a reasonable degree of 
color contrast between the background and the 
printed statement, for a period of at least 4 
seconds.
``(iii) To the extent that the format in 
which the communication is made permits the use 
of an adapted disclaimer, the communication 
shall include an adapted disclaimer that 
directs persons reading, observing, or 
listening to the communication to all of the 
information described in paragraph (1)(B)(i) of 
this subsection with respect to the 
communication. If the format will not allow for 
an adapted disclaimer, the communication shall 
include, in a clear and conspicuous manner, a 
website address with a landing page which will 
provide all of the information described in 
paragraph (1)(B)(i) of this subsection with 
respect to the communication. The adapted 
disclaimer or website address shall appear for 
the full duration of the communication.
``(C) Definitions.--In this subsection:
``(i) Adapted disclaimer.--The term 
`adapted disclaimer' means a statement that 
satisfies the requirements of paragraph 
(1)(B)(i) of this subsection and includes an 
indicator and a mechanism.
``(ii) Indicator.--The term `indicator' 
means any visible or audible element associated 
with a communication that is presented in a 
clear and conspicuous manner and gives notice 
to persons reading, observing, or listening to 
the communication that they may read, observe, 
or listen to a disclaimer satisfying the 
requirements of paragraph (1)(B)(i) of this 
subsection through a mechanism. An indicator 
may take any form, including words, images, 
sounds, symbols, and icons.
``(iii) Mechanism.--The term `mechanism' 
means any use of technology that enables the 
person reading, observing, or listening to a 
communication to read, observe, or listen to a 
disclaimer satisfying the requirements of 
paragraph (1)(B)(i) of this subsection after 
not more than 1 action by a recipient of the 
communication. A mechanism may take any form, 
including hover-over text, pop-up screens, 
scrolling text, rotating panels, and hyperlinks 
to a landing page.''.
(b) Application of Expanded Requirements to Campaign-Related 
Disbursements.--
(1) In general.--Section 318(a) of such Act (52 U.S.C. 
30120(a)) is amended by striking ``for the purpose of financing 
communications expressly advocating the election or defeat of a 
clearly identified candidate'' and inserting ``for a campaign-
related disbursement described in subparagraph (A), (B), or (C) 
of section 324(d)(1)''.
(2) Clarification of exemption from inclusion of candidate 
disclaimer statement in federal judicial nomination 
communications.--Section 318(a)(3) of such Act (52 U.S.C. 
30120(a)(3)) is amended by striking ``shall clearly state'' and 
inserting ``shall (except in the case of a Federal judicial 
nomination communication, as defined in section 324(d)(3)) 
clearly state''.
(c) Exception for Communications Paid for by Political Parties and 
Certain Political Committees.--Section 318(d)(2) of such Act (52 U.S.C. 
30120(d)(2)) is amended--
(1) in the heading, by striking ``others'' and inserting 
``certain political committees'';
(2) by striking ``Any communication'' and inserting ``(A) 
Any communication'';
(3) by inserting ``which (except to the extent provided in 
subparagraph (B)) is paid for by a political committee 
(including a political committee of a political party) and'' 
after ``subsection (a)'';
(4) by striking ``or other person'' each place it appears; 
and
(5) by adding at the end the following new subparagraph:
``(B)(i) This paragraph does not apply to a 
communication paid for in whole or in part during a 
calendar year with a campaign-related disbursement, but 
only if the covered organization making the campaign-
related disbursement made campaign-related 
disbursements (as defined in section 324) aggregating 
more than $10,000 during such calendar year.
``(ii) For purposes of clause (i), in determining 
the amount of campaign-related disbursements made by a 
covered organization during a year, there shall be 
excluded the following:
``(I) Any amounts received by the covered 
organization in the ordinary course of any 
trade or business conducted by the covered 
organization or in the form of investments in 
the covered organization.
``(II) Any amounts received by the covered 
organization from a person who prohibited, in 
writing, the organization from using such 
amounts for campaign-related disbursements, but 
only if the covered organization followed the 
prohibition and deposited the amounts in an 
account which is segregated from a campaign-
related disbursement segregated fund (as 
defined in section 324) and any other account 
used to make campaign-related disbursements.''.
(d) Modification of Additional Requirements for Certain 
Communications.--Section 318(d) of the Federal Election Campaign Act of 
1971 (52 U.S.C. 30120(d)) is amended--
(1) in paragraph (1)(A)--
(A) by striking ``which is transmitted through 
radio'' and inserting ``which is in an audio format''; 
and
(B) by striking ``By radio'' in the heading and 
inserting ``Audio format'';
(2) in paragraph (1)(B)--
(A) by striking ``which is transmitted through 
television'' and inserting ``which is in video 
format''; and
(B) by striking ``By television'' in the heading 
and inserting ``Video format''; and
(3) in paragraph (2)--
(A) by striking ``transmitted through radio or 
television'' and inserting ``made in audio or video 
format''; and
(B) by striking ``through television'' in the 
second sentence and inserting ``in video format''.

SEC. 403. DISCLAIMER REQUIREMENTS FOR COMMUNICATIONS MADE THROUGH 
PRERECORDED TELEPHONE CALLS.

(a) Application of Requirements.--
(1) In general.--Section 318(a) of the Federal Election 
Campaign Act of 1971 (52 U.S.C. 30120(a)) is amended by 
striking ``mailing'' each place it appears and inserting 
``mailing, telephone call consisting in substantial part of a 
prerecorded audio message''.
(2) Application to communications subject to expanded 
disclaimer requirements.--Section 318(e)(1) of such Act (52 
U.S.C. 30120(e)(1)), as added by section 402(a), is amended in 
the matter preceding subparagraph (A) by striking ``which is 
transmitted in an audio or video format'' and inserting ``which 
is transmitted in an audio or video format or which consists of 
a telephone call consisting in substantial part of a 
prerecorded audio message''.
(b) Treatment as Communication Transmitted in Audio Format.--
(1) Communications by candidates or authorized persons.--
Section 318(d) of such Act (52 U.S.C. 30120(d)) is amended by 
adding at the end the following new paragraph:
``(3) Prerecorded telephone calls.--Any communication 
described in paragraph (1), (2), or (3) of subsection (a) 
(other than a communication which is subject to subsection (e)) 
which is a telephone call consisting in substantial part of a 
prerecorded audio message shall include, in addition to the 
requirements of such paragraph, the audio statement required 
under subparagraph (A) of paragraph (1) or the audio statement 
required under paragraph (2) (whichever is applicable), except 
that the statement shall be made at the beginning of the 
telephone call.''.
(2) Communications subject to expanded disclaimer 
requirements.--Section 318(e)(3) of such Act (52 U.S.C. 
30120(e)(3)), as added by section 402(a), is amended by adding 
at the end the following new subparagraph:
``(D) Prerecorded telephone calls.--In the case of 
a communication to which this subsection applies which 
is a telephone call consisting in substantial part of a 
prerecorded audio message, the communication shall be 
considered to be transmitted in an audio format.''.

SEC. 404. NO EXPANSION OF PERSONS SUBJECT TO DISCLAIMER REQUIREMENTS ON 
INTERNET COMMUNICATIONS.

Nothing in this title or the amendments made by this title may be 
construed to require any person who is not required under section 318 
of the Federal Election Campaign Act of 1971 to include a disclaimer on 
communications made by the person through the internet to include any 
disclaimer on any such communications.

SEC. 405. EFFECTIVE DATE.

The amendments made by this title shall apply with respect to 
communications made on or after January 1, 2027, and shall take effect 
without regard to whether or not the Federal Election Commission has 
promulgated regulations to carry out such amendments.

TITLE V--SEVERABILITY

SEC. 501. SEVERABILITY.

If any provision of this Act or amendment made by this Act, or the 
application of a provision or amendment to any person or circumstance, 
is held to be unconstitutional, the remainder of this Act and 
amendments made by this Act, and the application of the provisions and 
amendment to any person or circumstance, shall not be affected by the 
holding.
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