The corrupting influence of money has drastically distorted American elections and American governance. Moneyed interests hold nearly dispositive power, while everyday citizens have practically none. Voters have no real way of knowing who’s being bought by whom. If they did, they could make more informed voting decisions and start to weed out candidates and elected officials whose receipt of outsized financial and in-kind support guarantees that they work in the interest of “big money” supporters, rather than in the public interest.
The SuperPAC Act will address this problem by:
1. Providing for Real Time On-Line Disclosure of All Campaign Finance Reports;
2. Promoting Transparency of Campaign Activity by Requiring All Candidates to File More Detailed, More Frequent Campaign Finance Reports, Electronically;
3. Ensuring Disclosure Data is Publicly Available in Real Time and Available for Re-Use;
4. Mandating Disclaimers for Independent Expenditures and Electioneering Communications That Clearly Disclose Who is Funding Them; and
5. Beefing Up Disclosure Requirements for Registered Lobbyists and Expanding the Definition of “Registered Lobbyist”;
SUMMARY: Defines independent expenditures and electioneering communications to ensure complete disclosure of all campaign expenditures that include express advocacy or the functional equivalent of express advocacy. Such changes would prevent SuperPACs or other 501(c) organizations from exploiting existing loopholes that enable them to engage in electioneering communications with no disclosure of donors.
Any donor who makes a contribution over a specified threshold to an organization that makes independent expenditures or electioneering communications must be identified in the disclosure report.
Separate accounts may be set up for non-election related spending by the organization and donors to such accounts may remain anonymous. Any group that makes contributions over a certain threshold to an organization that makes independent expenditures or electioneering communications should be deemed as having made an independent expenditure or electioneering communication, and will have to disclose its donors as well.
This prevents hiding true donors by laundering their contributions through organizations that are not required to disclose.
Therefore, the People demand adoption of the SuperPAC Act, whose specific provisions can be found here: http://sunlightfoundation.com/blog/2012/01/09/sunlight-drafts-superpac-act-to-address-hidden-money-in-elections/
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