[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1585 Introduced in Senate (IS)]

<DOC>






115th CONGRESS
  1st Session
                                S. 1585

   To amend the Federal Election Campaign Act of 1971 to provide for 
      additional disclosure requirements for corporations, labor 
 organizations, Super PACs and other entities, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 19, 2017

 Mr. Whitehouse (for himself, Mr. Schumer, Mr. Leahy, Mrs. Feinstein, 
    Mrs. Murray, Mr. Durbin, Mr. Reed, Mr. Nelson, Mr. Carper, Ms. 
Stabenow, Mr. Menendez, Mr. Cardin, Mr. Sanders, Mr. Brown, Mr. Casey, 
Mrs. McCaskill, Ms. Klobuchar, Mr. Tester, Mr. Udall, Mrs. Shaheen, Mr. 
   Merkley, Mr. Bennet, Mrs. Gillibrand, Mr. Franken, Mr. Coons, Mr. 
   Blumenthal, Mr. Schatz, Ms. Baldwin, Mr. Murphy, Ms. Hirono, Mr. 
 Heinrich, Mr. King, Mr. Kaine, Ms. Warren, Ms. Heitkamp, Mr. Markey, 
Mr. Booker, Mr. Peters, Mr. Van Hollen, Ms. Duckworth, Ms. Hassan, Ms. 
 Harris, Ms. Cortez Masto, and Ms. Cantwell) introduced the following 
 bill; which was read twice and referred to the Committee on Rules and 
                             Administration

_______________________________________________________________________

                                 A BILL


 
   To amend the Federal Election Campaign Act of 1971 to provide for 
      additional disclosure requirements for corporations, labor 
 organizations, Super PACs and other entities, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Democracy Is 
Strengthened by Casting Light On Spending in Elections Act of 2017'' or 
the ``DISCLOSE Act of 2017''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
           TITLE I--REGULATION OF CERTAIN POLITICAL SPENDING

Sec. 101. Application of ban on contributions and expenditures by 
                            foreign nationals to domestic corporations 
                            that are foreign-controlled, foreign-
                            influenced, and foreign-owned.
Sec. 102. Clarification of application of foreign money ban to certain 
                            disbursements and activities.
               TITLE II--CAMPAIGN DISBURSEMENT REPORTING

Sec. 201. Campaign disbursement reporting.
Sec. 202. Effective date.
                      TITLE III--OTHER PROVISIONS

Sec. 301. Severability.

           TITLE I--REGULATION OF CERTAIN POLITICAL SPENDING

SEC. 101. APPLICATION OF BAN ON CONTRIBUTIONS AND EXPENDITURES BY 
              FOREIGN NATIONALS TO DOMESTIC CORPORATIONS THAT ARE 
              FOREIGN-CONTROLLED, FOREIGN-INFLUENCED, AND FOREIGN-
              OWNED.

    (a) Application of Ban.--Section 319(b) of the Federal Election 
Campaign Act of 1971 (52 U.S.C. 30121(b)) is amended--
            (1) by striking ``or'' at the end of paragraph (1);
            (2) by striking the period at the end of paragraph (2) and 
        inserting ``; or''; and
            (3) by adding at the end the following new paragraph:
            ``(3) any corporation which is not a foreign national 
        described in paragraph (1) and--
                    ``(A) in which a foreign national described in 
                paragraph (1) or (2) directly or indirectly owns or 
                controls--
                            ``(i) 5 percent or more of the voting 
                        shares, if the foreign national is a foreign 
                        country, a foreign government official, or a 
                        corporation principally owned or controlled by 
                        a foreign country or foreign government 
                        official; or
                            ``(ii) 20 percent or more of the voting 
                        shares, if the foreign national is not 
                        described in clause (i);
                    ``(B) in which two or more foreign nationals 
                described in paragraph (1) or (2), each of whom owns or 
                controls at least 5 percent of the voting shares, 
                directly or indirectly own or control 50 percent or 
                more of the voting shares;
                    ``(C) over which one or more foreign nationals 
                described in paragraph (1) or (2) has the power to 
                direct, dictate, or control the decisionmaking process 
                of the corporation with respect to its interests in the 
                United States; or
                    ``(D) over which one or more foreign nationals 
                described in paragraph (1) or (2) has the power to 
                direct, dictate, or control the decisionmaking process 
                of the corporation with respect to activities in 
                connection with a Federal, State, or local election, 
                including--
                            ``(i) the making of a contribution, 
                        donation, expenditure, independent expenditure, 
                        or disbursement for an electioneering 
                        communication (within the meaning of section 
                        304(f)(3)); or
                            ``(ii) the administration of a political 
                        committee established or maintained by the 
                        corporation.''.
    (b) Certification of Compliance.--Section 319 of such Act (52 
U.S.C. 30121) is amended by adding at the end the following new 
subsection:
    ``(c) Certification of Compliance Required Prior To Carrying Out 
Activity.--Prior to the making in connection with an election for 
Federal office of any contribution, donation, expenditure, independent 
expenditure, or disbursement for an electioneering communication by a 
corporation during a year, the chief executive officer of the 
corporation (or, if the corporation does not have a chief executive 
officer, the highest ranking official of the corporation), shall file a 
certification with the Commission, under penalty of perjury, that the 
corporation is not prohibited from carrying out such activity under 
subsection (b)(3), unless the chief executive officer has previously 
filed such a certification during that calendar year.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect upon the expiration of the 180-day period which begins on the 
date of the enactment of this Act, and shall take effect without regard 
to whether or not the Federal Election Commission has promulgated 
regulations to carry out such amendments.

SEC. 102. CLARIFICATION OF APPLICATION OF FOREIGN MONEY BAN TO CERTAIN 
              DISBURSEMENTS AND ACTIVITIES.

    (a) Application to Disbursements to Super PACs.--Section 
319(a)(1)(A) of the Federal Election Campaign Act of 1971 (52 U.S.C. 
30121(a)(1)(A)) is amended by striking the semicolon and inserting the 
following: ``, including any disbursement to a political committee 
which accepts donations or contributions that do not comply with the 
limitations, prohibitions, and reporting requirements of this Act (or 
any disbursement to or on behalf of any account of a political 
committee which is established for the purpose of accepting such 
donations or contributions);''.
    (b) Conditions Under Which Corporate PACs May Make Contributions 
and Expenditures.--Section 316(b) of such Act (52 U.S.C. 30118(b)) is 
amended by adding at the end the following new paragraph:
    ``(8) A separate segregated fund established by a corporation may 
not make a contribution or expenditure during a year unless the fund 
has certified to the Commission the following during the year:
            ``(A) Each individual who manages the fund, and who is 
        responsible for exercising decisionmaking authority for the 
        fund, is a citizen of the United States or is lawfully admitted 
        for permanent residence in the United States.
            ``(B) No foreign national under section 319 participates in 
        any way in the decisionmaking processes of the fund with regard 
        to contributions or expenditures under this Act.
            ``(C) The fund does not solicit or accept recommendations 
        from any foreign national under section 319 with respect to the 
        contributions or expenditures made by the fund.
            ``(D) Any member of the board of directors of the 
        corporation who is a foreign national under section 319 
        abstains from voting on matters concerning the fund or its 
        activities.''.

               TITLE II--CAMPAIGN DISBURSEMENT REPORTING

SEC. 201. CAMPAIGN DISBURSEMENT REPORTING.

    (a) Information Required To Be Reported.--
            (1) Treatment of functional equivalent of express advocacy 
        as independent expenditure.--Subparagraph (A) of section 
        301(17) of the Federal Election Campaign Act of 1971 (52 U.S.C. 
        30101(17)) is amended to read as follows:
                    ``(A) that expressly advocates the election or 
                defeat of a clearly identified candidate, or is the 
                functional equivalent of express advocacy because, when 
                taken as a whole, it can be interpreted by a reasonable 
                person only as advocating the election or defeat of a 
                candidate, taking into account whether the 
                communication involved mentions a candidacy, a 
                political party, or a challenger to a candidate, or 
                takes a position on a candidate's character, 
                qualifications, or fitness for office; and''.
            (2) Expansion of period during which communications are 
        treated as electioneering communications.--Section 
        304(f)(3)(A)(i) of such Act (52 U.S.C. 30104(f)(3)(A)(i)) is 
        amended--
                    (A) by redesignating subclause (III) as subclause 
                (IV); and
                    (B) by striking subclause (II) and inserting the 
                following:
                                    ``(II) in the case of a 
                                communication which refers to a 
                                candidate for an office other than the 
                                President or Vice President, is made 
                                during the period beginning on January 
                                1 of the calendar year in which a 
                                general or runoff election is held and 
                                ending on the date of the general or 
                                runoff election (or in the case of a 
                                special election, during the period 
                                beginning on the date on which the 
                                announcement with respect to such 
                                election is made and ending on the date 
                                of the special election);
                                    ``(III) in the case of a 
                                communication which refers to a 
                                candidate for the office of President 
                                or Vice President, is made in any State 
                                during the period beginning 120 days 
                                before the first primary election, 
                                caucus, or preference election held for 
                                the selection of delegates to a 
                                national nominating convention of a 
                                political party is held in any State 
                                (or, if no such election or caucus is 
                                held in any State, the first convention 
                                or caucus of a political party which 
                                has the authority to nominate a 
                                candidate for the office of President 
                                or Vice President) and ending on the 
                                date of the general election; and''.
            (3) Effective date; transition for electioneering 
        communications made prior to enactment.--The amendment made by 
        paragraph (2) shall apply with respect to communications made 
        on or after January 1, 2018, except that no communication which 
        is made prior to such date shall be treated as an 
        electioneering communication under subclause (II) or (III) of 
        section 304(f)(3)(A)(i) of the Federal Election Campaign Act of 
        1971 (as amended by paragraph (2)) unless the communication 
        would be treated as an electioneering communication under such 
        section if the amendment made by paragraph (2) did not apply.
    (b) Disclosure Requirements for Corporations, Labor Organizations, 
and Certain Other Entities.--
            (1) In general.--Section 324 of the Federal Election 
        Campaign Act of 1971 (52 U.S.C. 30126) is amended to read as 
        follows:

``SEC. 324. DISCLOSURE OF CAMPAIGN-RELATED DISBURSEMENTS BY COVERED 
              ORGANIZATIONS.

    ``(a) Disclosure Statement.--
            ``(1) In general.--Any covered organization that makes 
        campaign-related disbursements aggregating more than $10,000 in 
        an election reporting cycle shall, not later than 24 hours 
        after each disclosure date, file a statement with the 
        Commission made under penalty of perjury that contains the 
        information described in paragraph (2)--
                    ``(A) in the case of the first statement filed 
                under this subsection, for the period beginning on the 
                first day of the election reporting cycle and ending on 
                the first such disclosure date; and
                    ``(B) in the case of any subsequent statement filed 
                under this subsection, for the period beginning on the 
                previous disclosure date and ending on such disclosure 
                date.
            ``(2) Information described.--The information described in 
        this paragraph is as follows:
                    ``(A) The name of the covered organization and the 
                principal place of business of such organization and, 
                in the case of a covered organization that is a 
                corporation (other than a business concern that is an 
                issuer of a class of securities registered under 
                section 12 of the Securities Exchange Act of 1934 (15 
                U.S.C. 78l) or that is required to file reports under 
                section 15(d) of that Act (15 U.S.C. 78o(d))) or an 
                entity described in subsection (e)(2), a list of the 
                beneficial owners (as defined in paragraph (4)(A)) of 
                the entity that--
                            ``(i) identifies each beneficial owner by 
                        name and current residential or business street 
                        address; and
                            ``(ii) if any beneficial owner exercises 
                        control over the entity through another legal 
                        entity, such as a corporation, partnership, 
                        limited liability company, or trust, identifies 
                        each such other legal entity and each such 
                        beneficial owner who will use that other entity 
                        to exercise control over the entity.
                    ``(B) The amount of each campaign-related 
                disbursement made by such organization during the 
                period covered by the statement of more than $1,000, 
                and the name and address of the person to whom the 
                disbursement was made.
                    ``(C) In the case of a campaign-related 
                disbursement that is not a covered transfer, the 
                election to which the campaign-related disbursement 
                pertains and if the disbursement is made for a public 
                communication, the name of any candidate identified in 
                such communication and whether such communication is in 
                support of or in opposition to a candidate.
                    ``(D) A certification by the chief executive 
                officer or person who is the head of the covered 
                organization that the campaign-related disbursement is 
                not made in cooperation, consultation, or concert with 
                or at the request or suggestion of a candidate, 
                authorized committee, or agent of a candidate, 
                political party, or agent of a political party.
                    ``(E) If the covered organization makes campaign-
                related disbursements using exclusively funds in a 
                segregated bank account consisting of funds that were 
                paid directly to such account by persons other than the 
                covered organization that controls the account, for 
                each such payment to the account--
                            ``(i) the name and address of each person 
                        who made such payment during the period covered 
                        by the statement;
                            ``(ii) the date and amount of such payment; 
                        and
                            ``(iii) the aggregate amount of all such 
                        payments made by the person during the period 
                        beginning on the first day of the election 
                        reporting cycle and ending on the disclosure 
                        date,
                but only if such payment was made by a person who made 
                payments to the account in an aggregate amount of 
                $10,000 or more during the period beginning on the 
                first day of the election reporting cycle and ending on 
                the disclosure date.
                    ``(F) If the covered organization makes campaign-
                related disbursements using funds other than funds in a 
                segregated bank account described in subparagraph (E), 
                for each payment to the covered organization--
                            ``(i) the name and address of each person 
                        who made such payment during the period covered 
                        by the statement;
                            ``(ii) the date and amount of such payment; 
                        and
                            ``(iii) the aggregate amount of all such 
                        payments made by the person during the period 
                        beginning on the first day of the election 
                        reporting cycle and ending on the disclosure 
                        date,
                but only if such payment was made by a person who made 
                payments to the covered organization in an aggregate 
                amount of $10,000 or more during the period beginning 
                on the first day of the election reporting cycle and 
                ending on the disclosure date.
                    ``(G) Such other information as required in rules 
                established by the Commission to promote the purposes 
                of this section.
            ``(3) Exceptions.--
                    ``(A) Amounts received in ordinary course of 
                business.--The requirement to include in a statement 
                filed under paragraph (1) the information described in 
                paragraph (2) shall not apply to amounts received by 
                the covered organization in commercial transactions in 
                the ordinary course of any trade or business conducted 
                by the covered organization or in the form of 
                investments (other than investments by the principal 
                shareholder in a limited liability corporation) in the 
                covered organization.
                    ``(B) Donor restriction on use of funds.--The 
                requirement to include in a statement submitted under 
                paragraph (1) the information described in subparagraph 
                (F) of paragraph (2) shall not apply if--
                            ``(i) the person described in such 
                        subparagraph prohibited, in writing, the use of 
                        the payment made by such person for campaign-
                        related disbursements; and
                            ``(ii) the covered organization agreed to 
                        follow the prohibition and deposited the 
                        payment in an account which is segregated from 
                        any account used to make campaign-related 
                        disbursements.
                    ``(C) Amounts received from affiliates.--The 
                requirement to include in a statement submitted under 
                paragraph (1) the information described in subparagraph 
                (F) of paragraph (2) shall not apply to any amount 
                which is described in subsection (f)(3)(A)(i).
            ``(4) Other definitions.--For purposes of this section:
                    ``(A) Beneficial owner defined.--
                            ``(i) In general.--Except as provided in 
                        clause (ii), the term `beneficial owner' means, 
                        with respect to any entity, a natural person 
                        who, directly or indirectly--
                                    ``(I) exercises substantial control 
                                over an entity through ownership, 
                                voting rights, agreement, or otherwise; 
                                or
                                    ``(II) has a substantial interest 
                                in or receives substantial economic 
                                benefits from the assets of an entity.
                            ``(ii) Exceptions.--The term `beneficial 
                        owner' shall not include--
                                    ``(I) a minor child;
                                    ``(II) a person acting as a 
                                nominee, intermediary, custodian, or 
                                agent on behalf of another person;
                                    ``(III) a person acting solely as 
                                an employee of an entity and whose 
                                control over or economic benefits from 
                                the entity derives solely from the 
                                employment status of the person;
                                    ``(IV) a person whose only interest 
                                in an entity is through a right of 
                                inheritance, unless the person also 
                                meets the requirements of clause (i); 
                                or
                                    ``(V) a creditor of an entity, 
                                unless the creditor also meets the 
                                requirements of clause (i).
                            ``(iii) Anti-abuse rule.--The exceptions 
                        under clause (ii) shall not apply if used for 
                        the purpose of evading, circumventing, or 
                        abusing the provisions of clause (i) or 
                        paragraph (2)(A).
                    ``(B) Disclosure date.--The term `disclosure date' 
                means--
                            ``(i) the first date during any election 
                        reporting cycle by which a person has made 
                        campaign-related disbursements aggregating more 
                        than $10,000; and
                            ``(ii) any other date during such election 
                        reporting cycle by which a person has made 
                        campaign-related disbursements aggregating more 
                        than $10,000 since the most recent disclosure 
                        date for such election reporting cycle.
                    ``(C) Election reporting cycle.--The term `election 
                reporting cycle' means the 2-year period beginning on 
                the date of the most recent general election for 
                Federal office.
                    ``(D) Payment.--The term `payment' includes any 
                contribution, donation, transfer, payment of dues, or 
                other payment.
    ``(b) Coordination With Other Provisions.--
            ``(1) Other reports filed with the commission.--Information 
        included in a statement filed under this section may be 
        excluded from statements and reports filed under section 304.
            ``(2) Treatment as separate segregated fund.--A segregated 
        bank account referred to in subsection (a)(2)(E) may be treated 
        as a separate segregated fund for purposes of section 527(f)(3) 
        of the Internal Revenue Code of 1986.
    ``(c) Filing.--Statements required to be filed under subsection (a) 
shall be subject to the requirements of section 304(d) to the same 
extent and in the same manner as if such reports had been required 
under subsection (c) or (g) of section 304.
    ``(d) Campaign-Related Disbursement Defined.--
            ``(1) In general.--In this section, the term `campaign-
        related disbursement' means a disbursement by a covered 
        organization for any of the following:
                    ``(A) An independent expenditure consisting of a 
                public communication.
                    ``(B) An electioneering communication, as defined 
                in section 304(f)(3).
                    ``(C) A covered transfer.
            ``(2) Intent not required.--A disbursement for an item 
        described in subparagraph (A), (B), or (C) of paragraph (1) 
        shall be treated as a campaign-related disbursement regardless 
        of the intent of the person making the disbursement.
    ``(e) Covered Organization Defined.--In this section, the term 
`covered organization' means any of the following:
            ``(1) A corporation (other than an organization described 
        in section 501(c)(3) of the Internal Revenue Code of 1986).
            ``(2) A limited liability corporation that is not otherwise 
        treated as a corporation for purposes of this Act (other than 
        an organization described in section 501(c)(3) of the Internal 
        Revenue Code of 1986).
            ``(3) An organization described in section 501(c) of such 
        Code and exempt from taxation under section 501(a) of such Code 
        (other than an organization described in section 501(c)(3) of 
        such Code).
            ``(4) A labor organization (as defined in section 316(b)).
            ``(5) Any political organization under section 527 of the 
        Internal Revenue Code of 1986, other than a political committee 
        under this Act (except as provided in paragraph (6)).
            ``(6) A political committee with an account that accepts 
        donations or contributions that do not comply with the 
        contribution limits or source prohibitions under this Act, but 
        only with respect to such accounts.
    ``(f) Covered Transfer Defined.--
            ``(1) In general.--In this section, the term `covered 
        transfer' means any transfer or payment of funds by a covered 
        organization to another person if the covered organization--
                    ``(A) designates, requests, or suggests that the 
                amounts be used for--
                            ``(i) campaign-related disbursements (other 
                        than covered transfers); or
                            ``(ii) making a transfer to another person 
                        for the purpose of making or paying for such 
                        campaign-related disbursements;
                    ``(B) made such transfer or payment in response to 
                a solicitation or other request for a donation or 
                payment for--
                            ``(i) the making of or paying for campaign-
                        related disbursements (other than covered 
                        transfers); or
                            ``(ii) making a transfer to another person 
                        for the purpose of making or paying for such 
                        campaign-related disbursements;
                    ``(C) engaged in discussions with the recipient of 
                the transfer or payment regarding--
                            ``(i) the making of or paying for campaign-
                        related disbursements (other than covered 
                        transfers); or
                            ``(ii) donating or transferring any amount 
                        of such transfer or payment to another person 
                        for the purpose of making or paying for such 
                        campaign-related disbursements;
                    ``(D) made campaign-related disbursements (other 
                than a covered transfer) in an aggregate amount of 
                $50,000 or more during the 2-year period ending on the 
                date of the transfer or payment, or knew or had reason 
                to know that the person receiving the transfer or 
                payment made such disbursements in such an aggregate 
                amount during that 2-year period; or
                    ``(E) knew or had reason to know that the person 
                receiving the transfer or payment would make campaign-
                related disbursements in an aggregate amount of $50,000 
                or more during the 2-year period beginning on the date 
                of the transfer or payment.
            ``(2) Exclusions.--The term `covered transfer' does not 
        include any of the following:
                    ``(A) A disbursement made by a covered organization 
                in a commercial transaction in the ordinary course of 
                any trade or business conducted by the covered 
                organization or in the form of investments made by the 
                covered organization.
                    ``(B) A disbursement made by a covered organization 
                if--
                            ``(i) the covered organization prohibited, 
                        in writing, the use of such disbursement for 
                        campaign-related disbursements; and
                            ``(ii) the recipient of the disbursement 
                        agreed to follow the prohibition and deposited 
                        the disbursement in an account which is 
                        segregated from any account used to make 
                        campaign-related disbursements.
            ``(3) Exception for certain transfers among affiliates.--
                    ``(A) Exception for certain transfers among 
                affiliates.--
                            ``(i) In general.--The term `covered 
                        transfer' does not include an amount 
                        transferred by one covered organization to 
                        another covered organization if such transfer--
                                    ``(I) is not made directly into a 
                                separate segregated bank account 
                                described in subsection (a)(2)(E); and
                                    ``(II) is treated as a transfer 
                                between affiliates under subparagraph 
                                (B).
                            ``(ii) Special rule.--If the aggregate 
                        amount of transfers described in clause (i) 
                        exceeds $50,000 in any election reporting 
                        cycle--
                                    ``(I) the covered organization 
                                which makes such transfers shall 
                                provide to the covered organization 
                                receiving such transfers the 
                                information required under subsection 
                                (a)(2)(F) (applied by substituting `the 
                                period beginning on the first day of 
                                the election reporting cycle and ending 
                                on the date of the most recent transfer 
                                described in subsection (f)(3)(A)(i)' 
                                for `the period covered by the 
                                statement' in clause (i) thereof); and
                                    ``(II) the covered organization 
                                receiving such transfers shall report 
                                the information described in subclause 
                                (I) on any statement filed under 
                                subsection (a)(1) as if any 
                                contribution, donation, or transfer to 
                                which such information relates was made 
                                directly to the covered organization 
                                receiving the transfer.
                    ``(B) Description of transfers between 
                affiliates.--A transfer of amounts from one covered 
                organization to another covered organization shall be 
                treated as a transfer between affiliates if--
                            ``(i) one of the organizations is an 
                        affiliate of the other organization; or
                            ``(ii) each of the organizations is an 
                        affiliate of the same organization,
                except that the transfer shall not be treated as a 
                transfer between affiliates if one of the organizations 
                is established for the purpose of making campaign-
                related disbursements.
                    ``(C) Determination of affiliate status.--For 
                purposes of this paragraph, the following organizations 
                shall be considered to be affiliated with each other:
                            ``(i) A membership organization, including 
                        a trade or professional association, and the 
                        related State and local entities of that 
                        organization.
                            ``(ii) A national or international labor 
                        organization and its State or local unions, or 
                        an organization of national or international 
                        unions and its State and local entities.
                            ``(iii) A corporation and its wholly owned 
                        subsidiaries.
                    ``(D) Coverage of transfers to affiliated section 
                501(c)(3) organizations.--This paragraph shall apply 
                with respect to an amount transferred by a covered 
                organization to an organization described in paragraph 
                (3) of section 501(c) of the Internal Revenue Code of 
                1986 and exempt from tax under section 501(a) of such 
                Code in the same manner as this paragraph applies to an 
                amount transferred by a covered organization to another 
                covered organization.''.
            (2) Conforming amendment.--Section 304(f)(6) of such Act 
        (52 U.S.C. 30104) is amended by striking ``Any requirement'' 
        and inserting ``Except as provided in section 324(b), any 
        requirement''.
            (3) Coordination with fincen.--
                    (A) In general.--The Director of the Financial 
                Crimes Enforcement Network of the Department of the 
                Treasury shall provide the Federal Election Commission 
                with such information as necessary to assist in 
                administering and enforcing section 324 of the Federal 
                Election Campaign Act of 1971, as added by this 
                subsection.
                    (B) Report.--Not later than 6 months after the date 
                of the enactment of this Act, the Chairman of the 
                Federal Election Commission, in consultation with the 
                Director of the Financial Crimes Enforcement Network of 
                the Department of the Treasury, shall submit to 
                Congress a report with recommendations for providing 
                further legislative authority to assist in the 
                administration and enforcement of such section 324.

SEC. 202. EFFECTIVE DATE.

    Except as provided in section 201(a)(3), the amendments made by 
this title shall apply with respect to disbursements made on or after 
January 1, 2018, and shall take effect without regard to whether or not 
the Federal Election Commission has promulgated regulations to carry 
out such amendments.

                      TITLE III--OTHER PROVISIONS

SEC. 301. SEVERABILITY.

    If any provision of this Act or amendment made by this Act, or the 
application of a provision or amendment to any person or circumstance, 
is held to be unconstitutional, the remainder of this Act and 
amendments made by this Act, and the application of the provisions and 
amendment to any person or circumstance, shall not be affected by the 
holding.
                                 <all>