Raskin, Whitehouse Introduce Legislation to Safeguard Elections, Close Major Campaign Finance Loophole as Foreign Ownership of American Corporations Skyrockets

Washington, D.C.-Today, Representative Jamie Raskin (MD-08) and Senator Sheldon Whitehouse (D-RI) introduced bicameral legislation that would crack down on the corrupt influence of foreign money in American elections. As foreign ownership in American companies soars, the Get Foreign Money Out of U.S. Elections Act seeks to close a major campaign finance loophole that has allowed U.S. companies appreciably owned by foreign entities to pour unlimited sums of money into 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."

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 and buying our politicians.

While current law bars individual foreign nationals from personally spending in U.S. elections, the Roberts Court's 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-including major multinationals-that are foreign-owned, foreign-controlled or foreign-influenced. This bill rejects spending in American politics by foreign-owned, foreign-controlled and foreign-influenced corporations (using well-supported foreign ownership thresholds to determine when U.S. corporations should be prohibited from spending). It does not prevent individual permanent residents living in the United States from exercising their constitutional right to contribute to candidates.

Rep. Raskin and Sen. Whitehouse have long led the fight to protect the integrity of American elections. In May, Rep. Raskin introduced the Protecting Our Democracy Act (PODA).PODA would require presidential candidates to submit their tax returns to the Federal Election Commission and strengthen disclosure requirements for online political advertisements. In December, Rep. Raskin introduced the Ranked Choice Voting Act which would allow voters to express their ranked support for multiple candidates in all congressional races, making our elections fairer and more representative.

The Get Foreign Money Out of U.S. Elections Act is cosponsored by Reps. Alexandra Ocasio-Cortez (NY-14), Jared Golden (ME-02), Lateefah Simon (CA-12), Andriano Espaillat (NY-13), Greg Casar (TX-35), Marie Gluesenkamp Perez (WA-03), Delia Ramirez (IL-03), Chris Deluzio (PA-17), Ro Khanna (CA-17), Debbie Dingell (MI-06), Jan Schakowsky (IL-09), Stephen Lynch (MA-08), Dan Goldman (NY-10), Deborah Ross (NC-02), Seth Moulton (MA-06), Eleanor Holmes Norton (DC-AL), Julia Brownley (CA-26), Betty McCollum (MN-04), Kathy Castor (FL-14), Salud Carbajal (CA-24), Mark Pocan (WI-02), Joe Neguse (CO-02), Debbie Wasserman Schultz (FL-25), Yvette Clarke (NY-09), Jason Crow (CO-06), Andre Carson (IN-07), Jim McGovern (MA-02), Melanie Stansbury (NM-01), Mark DeSaulnier (CA-10), Mike Levin (CA-49), Chuy Garcia (IL-04), Yassamin Ansari (AZ-03), Mike Quigley (IL-05), Angie Craig (MN-02), Bonnie Watson Coleman (NJ-12), Maggie Goodlander (NH-02), Brendan Boyle (PA-02), Rashida Tlaib (MI-12), Ted Lieu (CA-36), Suzanne Bonamici (OR-01), Danny Davis (IL-07), Lori Trahan (MA-03), Linda Sanchez (CA-38), Paul Tonko (NY-20), Andrea Salinas (OR-06), Ed Case (HI-01), Sylvia Garcia (TX-29), Chris Pappas (NH-01), Nikema Williams (GA-05), Jerry Nadler (NY-12), Hank Johnson (GA-04), Josh Riley (NY-19), Nikki Budzinski (IL-13), Adelita Grijalva (AZ-07), Robin Kelly (IL-02), Eugene Vindman (VA-07), Pablo Hernandez (PR-AL), Al Green (TX-09), Maxine Dexter (OR-03), Kristen McDonald Rivet (MI-08), Dwight Evans (PA-03), Troy Carter (LA-02), Chellie Pingree (ME-01), Steve Cohen (TN-09), Ritchie Torres (NY-15) and Pramila Jayapal (WA-07). 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), Alex Padilla (D-CA) and Mark Kelly (D-AZ).

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.

Read what supporters of the bill are saying here.

Read the full bill text here.

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