This bill addresses campaign finance, including by expanding the prohibition on campaign spending by foreign nationals, requiring additional disclosures of campaign expenditures, and requiring additional disclosures regarding certain political advertisements.

Specifically, the bill expands existing foreign money prohibitions to include disbursements for paid web-based or digital communications and federal judicial nomination communications. It also prohibits foreign nationals from contributing to campaigns related to ballot initiatives and referenda.

The Government Accountability Office must, for each four-year election cycle, study and report on the incidence of illicit foreign money in federal elections.

Next, the bill makes it unlawful to establish or use a corporation, company, or other entity with the intent to conceal an election contribution or donation by a foreign national. A violator is subject to criminal penalties—a fine, a prison term of up to five years, or both.

Covered organizations (e.g., corporations, labor organizations, and political organizations) must, within 24 hours, file reports with the Federal Election Commission to disclose campaign expenditures of more than $10,000 during an election cycle.

The bill also requires organizations to provide additional disclosures regarding political advertisements, including the donors who contributed the most money to that organization in the last year.