Vote Smart's Synopsis:

Vote to amend and pass a bill that prohibits foreign nationals and foreign corporations from funding elections.

Highlights:

• Defines a foreign national as an individual who is not a citizen of the United States or a national of the United States and who is not lawfully admitted for permanent residence (Sec. 2).

• Defines "corporation" as a corporation, company, limited liability company, limited partnership, business trust, business association, or other legal entity (Sec. 3).

• Prohibits independent expenditures by foreign nationals, entities, or corporations (Sec. 3).

• Requires every corporation that makes an expenditure on behalf of a candidate or candidate committee, or non-candidate committee, to file a statement of certification within 7 days of making the expenditure, with the campaign spending committee to verify that the corporation was (Sec. 3): 

•  Not a foreign corporation on the date the expenditure or contribution was made; or

• A foreign corporation on the date the expenditure or contribution was made, but that:

• No foreign national or foreign corporation participated in the corporation's election‐related activities, including decisions concerning contributions, expenditures, or the administration of a candidate committee or non-candidate committee; or

• The funds from which the foreign corporation made the contribution or expenditure were domestically‐derived.

• Requires non-candidate committees to obtain a statement of certification from their top contributors to verify, under penalty of perjury, that those funds were not derived from foreign corporations and then publish them in a list in an advertisement (Sec. 4).

Full Bill Text