Kelly, Raskin, Whitehouse Introduce Bill to Protect U.S. Elections, Crack Down on Corrupt Influence of Foreign Money

From 1986 to 2020, foreign ownership of American stocks increased from 4 percent to 40 percent

Bicameral legislation would restore the votes and the voices of the American people against the reign of foreign interests

Today, Senators Mark Kelly (D-AZ) and Sheldon Whitehouse (D-RI), alongside Representative Jamie Raskin (D-MD-08), introduced the bicameral Get Foreign Money Out of U.S. Elections Act to crack down on the corrupt influence of foreign money in American elections.

As foreign ownership in American companies skyrockets, this legislation seeks to close a major loophole that has allowed U.S. companies that are largely owned by foreign entities to pour unlimited sums of money into our elections.

This legislation builds on Kelly's efforts to get corporate money out of American politics. In January, Kelly led a series of speeches on the Senate floor regarding the 16^th anniversary of the Citizens United v. FEC decision, which allowed dark money into American Democracy. A year ago, Kelly reintroduced for the third time his Ban Corporate PACs Act to ban for-profit corporations from funding political campaigns and influencing elections.

"American elections should be decided by the people, not by foreign interests," said Sen. Kelly. "This bill closes a dangerous loophole that allows foreign-owned corporations to spend money in our elections. It will strengthen our democracy and protect our elections."

"The Roberts Court's outrageous decision in Citizens United continues to spell disaster for American democracy, as it allows oligarchs and autocrats from around the world to wield their influence over our elections through corporate ownership and political interference," said Rep. Raskin. "I'm introducing the Get Foreign Money Out of U.S. Elections Act with Senator Whitehouse to root out foreign corporate corruption of our politics and make sure our elections are going to be decided by the American people and not overseas oligarchs."

"Thanks to the disastrous Citizens United decision, foreign actors can exploit the same corrupting dark money channels that allow unlimited corporate spending," said Sen. Whitehouse. "We should get rid of the damned stuff entirely, but this bill would at least safeguard our democracy from foreign adversaries influencing American elections from the shadows."

In the Senate, the bill is cosponsored by Senators Elizabeth Warren (D-MA), Richard Blumenthal (D-CT), Bernie Sanders (D-VT), Kirsten Gillibrand (D-NY), Peter Welch (D-VT), Adam Schiff (D-CA), John Hickenlooper (D-CO), Andy Kim (D-NJ), Elissa Slotkin (D-MI), Maggie Hassan (D-NH), and Alex Padilla (D-CA).

Background:

Foreign nationals are buying stock in American companies at record rates. From 1986 to 2020, foreign ownership of American stocks increased tenfold from 4 percent to 40 percent. As foreign ownership of American corporations grows ever larger, we must legislate to make certain that foreign money is not entering our politics.

While current law bars individual foreign nationals from personally spending in U.S. elections, the 2010 Citizens United v. FEC decision enabled corporations to engage in unlimited political spending. This created a loophole that allows unlimited political spending by American-registered corporations that are foreign-owned, foreign-controlled or foreign-influenced. This bill closes that loophole while ensuring individuals living in the United States are not prevented from exercising their constitutional right to contribute to candidates.

This legislation is endorsed by Court Accountability; Center for American Progress (CAP); Citizens For Responsibility & Ethics in Washington (CREW); End Citizens United / Let America Vote Action Fund; Common Cause; Public Citizen; Free Speech For People; Alliance For Democracy; American Federation of State, County and Municipal Employees (AFSCME); Blue Haven Initiative; Citizen Action of New York; Clean Elections Texas; Communication Workers of America; DAWN; Fix Democracy First; Greenpeace USA; Indivisible Santa Fe; MarchOnHarrisburg; Michiganders for Fair & Transparent Elections; Money Out Voters In; National Voter Corps; NETWORK Lobby for Catholic Social Justice; Our Revolution; People For the American Way; People Power United; Represent Us San Diego; Secure Elections Network; Transparency International U.S.; United Church of Christ and Voices For Progress.

Click here to read the full text of the bill.