This bill establishes certain requirements for disbursing unused funds after a federal election. The bill also requires former candidates serving as registered lobbyists or foreign agents to comply with disbursement requirements.
Specifically, the bill requires each authorized committee or leadership political action committee (PAC) of a candidate to disburse all unused funds within a specified time period beginning after an election or before the candidate registers as a lobbyist or foreign agent, unless the candidate files to run for office again before the disbursement period begins.
A committee or PAC disbursing unspent funds shall first pay any obligations incurred. If funds are left over, the committee or PAC may only disburse the funds in one or more of the following ways: (1) returning funds to donors; (2) making contributions to nonprofit organizations; and (3) transferring funds without limitation to a national, state, or local committee of a political party. The bill generally prohibits disbursements to relatives of the candidate.
A former candidate must, in order to register as a lobbyist or foreign agent, comply with the disbursement requirements outlined by this bill.
