This bill makes various changes related to campaign finance.
Specifically, the bill repeals limits on coordinated party expenditures. It also provides statutory authority for the Supreme Court's holding in McCutcheon v. FEC, which invalidated limits on aggregate contributions by individuals.
Additionally, the bill
raises contribution limits for state political party committees to match those contribution limits for national political party committees,
allows two or more political committees to participate in joint fundraising activities in accordance with specified criteria,
provides statutory authority for certain privacy protections of donors to tax-exempt organizations,
prohibits federal funds from being used to make payments in support of a congressional election campaign, and
revises certain registration and reporting requirements.
The bill prohibits the Securities and Exchange Commission from finalizing, issuing, or implementing any rule, regulation, or order regarding the disclosure of political contributions, contributions to tax-exempt organizations, or dues paid to trade associations.
The bill also makes changes to the Federal Election Commission (FEC), including by (1) allowing the FEC to refuse to defend an action brought against the FEC pursuant to the unanimous vote of its members, and (2) increasing the annual rate of member pay.
Further, the bill (1) permanently extends the statutory authorization for the FEC's Administrative Fine Program, and (2) establishes a five-year statute of limitations for all proceedings to enforce the Federal Election Campaign Act of 1971.
The FEC must, within 120 days, publish proposed regulations to carry out this bill.
