Washington, D.C. — Today, pro-democracy champions Rep. Jamie Raskin (D-MD) and Sen. Sheldon Whitehouse (D-RI) introduced the Get Foreign Money Out of U.S. Elections Act. This important legislation would help protect democracy by stopping U.S. corporations from spending money to influence the outcomes of elections and ballot measures if those corporations are appreciably owned by foreign investors. Specifically, the legislation would close a dangerous loophole opened by the U.S. Supreme Court’s 2010 decision in Citizens United v. Federal Election Commission.
The Center for American Progress has engaged in this policy work at the federal, state, and local level to help ensure that corporate CEOs who are accountable to their foreign investors are no longer able to influence U.S. elections. Last year, Minnesota became the first state in the nation to enact such policy into law, and San Jose, California, the nation’s 13th-largest city, did as well.
In response to the new legislation, Ben Olinsky, senior vice president for Structural Reform and Governance at CAP, issued the following statement:
The Center for American Progress strongly endorses this legislation to close a dangerous loophole opened by Citizens United and prohibit political spending by foreign-influenced U.S. corporations. CAP has advocated for this policy for many years, and momentum for its passage is growing nationwide. With democracy under attack from all angles, this commonsense legislation will help protect self-government and the right of everyday Americans to chart the future of their country.
Related resources:
For more information or to speak with an expert, please contact Sam Hananel at [email protected].