[Federal Register Volume 72, Number 214 (Tuesday, November 6, 2007)]
[Proposed Rules]
[Pages 62600-62607]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-21711]


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FEDERAL ELECTION COMMISSION

11 CFR Parts 100 and 104

[Notice 2007-23]


Reporting Contributions Bundled by Lobbyists, Registrants and the 
PACs of Lobbyists and Registrants

AGENCY: Federal Election Commission.

ACTION: Notice of proposed rulemaking.

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SUMMARY: The Federal Election Commission requests comments on proposed 
rules implementing new statutory provisions regarding the disclosure of 
information about bundled contributions provided by certain lobbyists 
and registrants. The proposed rules would require authorized 
committees, leadership PACs and political committees of political 
parties to disclose certain information about lobbyists and registrants 
and lobbyists' and registrants' political committees that provide 
bundled contributions. No final decisions have been made by the 
Commission on any of the proposed regulations in this Notice. Further 
information is provided in the supplementary information that follows.

DATES: Comments must be received on or before November 30, 2007. The 
Commission will announce the date of a hearing at a later date. Anyone 
seeking to testify at the hearing must file written comments by the due 
date and must include in the written comments a request to testify.

ADDRESSES: All comments must be in writing, must be addressed to Ms. 
Amy L. Rothstein, Assistant General Counsel, and must be submitted in 
e-mail, facsimile, or paper copy form. Commenters are strongly 
encouraged to submit comments by e-mail or fax to ensure timely receipt 
and consideration. E-mail comments must be sent to [email protected]. 
If e-mail comments include an attachment, the attachment must be in 
Adobe Acrobat (.pdf) or Microsoft Word (.doc) format. Faxed comments 
must be sent to (202) 219-3923, with paper copy follow-up. Paper 
comments and paper copy follow-up of faxed comments must be sent to the 
Federal Election Commission, 999 E Street, NW., Washington, DC 20463. 
All comments must include the full name and postal service address of 
the commenter or they will not be considered. The Commission will post 
comments on its Web site after the comment period ends.

FOR FURTHER INFORMATION CONTACT:  Ms. Amy L. Rothstein, Assistant 
General Counsel, or Ms. Cheryl A.F. Hemsley, Attorney, 999 E Street, 
NW., Washington, DC 20463, (202) 694-1650 or (800) 424-9530.

SUPPLEMENTARY INFORMATION:  The Commission is proposing changes to its 
rules to implement section 204 of Public Law 110-81, 121 Stat. 735, the 
``Honest Leadership and Open Government Act of 2007,'' signed September 
14, 2007. The new law amended the Federal Election Campaign Act of 
1971, as amended (2 U.S.C. 431 et seq.) (``the Act'') by requiring 
certain political committees to disclose information about each 
lobbyist and registrant, and each political committee established or 
controlled by a lobbyist or registrant (``lobbyist/registrant PAC'' 
\1\), that forwards, or is credited with raising, two or more bundled 
contributions aggregating in excess of $15,000 during a specific period 
of time.\2\ See 2 U.S.C. 434(i) (henceforth referred to as the ``new 
law'' or ``new 2 U.S.C. 434(i)''). The Commission uses the term 
``lobbyist/registrant'' to refer to registrants and lobbyists under the 
Lobbying Disclosure Act of 1995 (``LDA'').
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    \1\ ``PAC'' is an acronym often used to refer to a political 
action committee other than an authorized committee or a political 
committee of a political party.
    \2\ As discussed infra, the new law requires the reporting of 
information about certain bundled contributions that have been 
``provided'' to certain political committees, and defines a 
``bundled contribution'' as a contribution that is either 
``forwarded'' to the political committee by a lobbyist/registrant or 
lobbyist/registrant PAC, or that is received by the political 
committee from the contributor but ``credited'' to the lobbyist/
registrant or lobbyist/registrant PAC that ``raised'' it. 2 U.S.C. 
434(i)(1), (8)(A). To clarify that the reporting requirement does 
not apply only to contributions that have been provided directly to 
a political committee by a lobbyist/registrant or lobbyist/
registrant PAC, this NPRM describes the reporting requirement as 
applying to lobbyist/registrants or lobbyist/registrant PACs that 
have either forwarded, or that have been credited with raising, 
bundled contributions.
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    The Commission proposes to implement these provisions by adding a 
new subparagraph to 11 CFR 100.5(e) and adding a new section to the 
reporting rules at 11 CFR Part 104. The proposed reporting requirements 
would apply only to authorized committees of Federal candidates, 
political committees of political parties, and political committees 
directly or indirectly established, financed, maintained or controlled 
by a candidate or an individual holding Federal office (``leadership 
PACs'' \3\).
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    \3\ The new law provides a definition of leadership PAC that the 
Commission proposed to implement as 11 CFR 100.5(e)(6) in a separate 
rulemaking regarding candidate travel. See 72 FR 59953 (October 23, 
2007). The Commission assumes that a definition will be promulgated 
in the travel rulemaking before these disclosure rules are 
promulgated and thus, cites to 11 CFR 100.5(e)(6).
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I. Background

A. The Current Statutory and Regulatory Framework

    Currently, the Act and Commission regulations impose certain 
reporting and recordkeeping requirements for contributions received and 
forwarded by any person to a political committee. Each person who 
receives and forwards contributions to a political committee must also 
forward certain information identifying the original contributor. See 2 
U.S.C. 432(b); 11 CFR 102.8.
    Additionally, 2 U.S.C. 441a(a)(8) and 11 CFR 110.6 impose certain 
reporting and recordkeeping requirements for contributions received and 
forwarded by persons known as ``conduits'' or ``intermediaries'' to the 
authorized committees of Federal candidates. The Commission is not 
proposing any changes to these rules.

B. Revisions to 2 U.S.C. 434(i)--Reporting Requirements

    New 2 U.S.C. 434(i) requires authorized committees of Federal 
candidates, leadership PACs and political committees of political 
parties to disclose certain information about any person reasonably 
known by the committee to be a lobbyist/registrant or lobbyist/
registrant PAC that forwards, or is credited with raising, two or more 
bundled contributions aggregating in excess of $15,000 to the committee 
within a ``covered period'' of time. 2 U.S.C. 434(i)(1), (2), (3) and 
(8). Reporting committees must disclose the name and address of the 
lobbyist/registrant or lobbyist/registrant PAC, the lobbyist/
registrant's employer (for individual persons), and the aggregate 
amount of contributions bundled to the committee within the covered 
period. 2 U.S.C. 434(i)(1).

[[Page 62601]]

II. Proposed Revisions to 11 CFR 100.5. Political Committee (2 U.S.C. 
432(4), (5), (6); 2 U.S.C. 434(i)(7)(C) and (8)(B))

    Currently, 11 CFR 100.5(e) provides examples of types of political 
committees. Proposed 11 CFR 100.5(e)(7) would add the term ``lobbyist/
registrant PAC'' as an example, and would define the term as ``any 
political committee established or controlled'' by a lobbyist/
registrant, as defined in proposed 11 CFR 104.22(a)(3). This definition 
is consistent with the new law. See 2 U.S.C. 434(i)(7)(C). Political 
committees that meet this definition would have to identify themselves 
as such on their Statements of Organization. See 11 CFR 102.2(a)(1) 
(requiring each political committee to disclose its name, address and 
type on its Statement of Organization). Further, the Commission 
anticipates that any political committee that is already registered 
with the Commission and that fits this proposed definition would be 
required to amend its Statement of Organization to reflect its status 
as a lobbyist/registrant PAC.\4\
    The Commission requests comments on this approach. When would a 
nonconnected committee be considered to be ``controlled'' by a 
lobbyist/registrant? Is a committee whose treasurer is a lobbyist/
registrant per se ``controlled'' by the lobbyist/registrant? What if 
that treasurer serves only in a ministerial or custodial function?
    As discussed further in Part III, the law requires disclosure of 
bundling by either an individual who registers as a lobbyist under the 
LDA or a ``registrant'' under that Act, which includes any organization 
that employs in-house lobbyists. Thus, the Commission proposes to 
define ``lobbyist/registrant'' to include both lobbyists and 
registrants under the LDA. Moreover, since the SSF of a corporation, 
labor organization or other connected organization (see 11 CFR 100.6) 
that employs in-house lobbyists would be, by definition, controlled by 
a registrant, the Commission proposes to include such SSFs within the 
ambit of ``lobbyist/registrant PACs.'' The Commission requests comment 
on this approach.
    The Commission currently requires committees to identify themselves 
as only one type of committee. See FEC Form 1 Statement of 
Organization, Question 5 (``Type of Committee (Check One)''). How 
should an organization that is both an SSF and a ``lobbyist/registrant 
PAC'' identify itself on FEC reports? Should one type of registration 
control? Alternatively, should the Commission allow committees to 
identify themselves as more than one type of committee? Of note, 
allowing multiple registrations could affect the Commission's current 
disclosure processes.
    The Commission also requests comments on the placement of the 
definition of ``lobbyist/registrant PAC'' in 11 CFR 100.5(e), 
``examples of political committees,'' as opposed to placing this 
definition in proposed 11 CFR 104.22.

III. Proposed New 104.22. Disclosure of Bundling by Lobbyist/
Registrants (2 U.S.C. 434(i))

    To implement the new disclosure requirements, the Commission is 
proposing to add new 11 CFR 104.22 to its reporting regulations.

A. Definitions

1. Reporting Committee
    New 2 U.S.C. 434(i) adds reporting requirements for three types of 
political committees: authorized committees of a candidate, leadership 
PACs, and political party committees. 2 U.S.C. 434(i)(6). Proposed 11 
CFR 104.22(a)(1) would define the term ``reporting committee'' to 
encompass these three types of political committees, which are defined 
in 11 CFR 100.5. The Commission requests comments on this new term, 
``reporting committee.''
2. Covered Period
    New 2 U.S.C. 434(i) requires that reporting committees disclose 
information about any lobbyist/registrant or lobbyist/registrant PAC 
that forwards, or is credited with raising for the committee, two or 
more bundled contributions aggregating in excess of $15,000 during any 
``covered period.'' 2 U.S.C. 434(i)(1), (2), (3) and (8). It defines 
``covered period'' as January 1 through June 30, July 1 through 
December 31 ``and * * * any reporting period applicable to the 
committee under [2 U.S.C. 434] during which any [lobbyist/registrant or 
lobbyist/registrant PAC] provided two or more bundled contributions to 
the committee in an aggregate amount greater than [$15,000].'' 2 U.S.C. 
434(i)(2).
    The new law also provides the Commission with the authority to 
require reporting committees filing their campaign finance reports more 
frequently than on a quarterly basis \5\ to disclose information about 
lobbyist/registrants who provide bundled contributions in excess of 
$15,000 on a quarterly basis, rather than monthly. See 2 U.S.C. 
434(i)(5)(A).
    The Commission presents both a proposed and an alternative 
definition of ``covered period.'' Each definition would exercise the 
Commission's statutory authority to place monthly filers on the same 
schedule as committees that file quarterly campaign finance reports. 2 
U.S.C. 434(i)(5)(D). For ease of public consumption of disclosed 
bundled contributions, consistent disclosure periods would provide the 
public with semi-annual aggregate snapshots for all categories of 
filers. Does the language in 2 U.S.C. 434(i)(5)(A) permit the 
Commission also to require aggregate semi-annual disclosure from these 
monthly filers? Should the Commission, instead, not exercise its 
statutory authority, and require monthly filers to disclose information 
about bundled contributions on a monthly and semi-annual basis? See 2 
U.S.C. 434(i)(2).
a. Proposed Definition of ``Covered Period''
    Under proposed 11 CFR 104.22(a)(2)(i), the term ``covered period'' 
would be the semi-annual periods of January 1 through June 30 and July 
1 through December 31. Additionally, proposed 11 CFR 104.22(a)(2)(ii) 
provides that in any calendar year in which a reporting committee is 
required to file or files monthly or quarterly campaign finance 
reports, the covered period would also include the quarterly periods of 
January 1 through March 31 and July 1 through September 30 if, during 
those periods, a lobbyist/registrant or a lobbyist/registrant PAC 
provided two or more bundled contributions to the reporting committee 
which aggregate in excess of $15,000.
    Thus, under the proposed rule, any committee that receives more 
than $15,000 in bundled contributions from a lobbyist/registrant or 
lobbyist/registrant PAC during the first or third calendar quarter 
would have to disclose information about the bundler twice:

[[Page 62602]]

once for the report covering the quarter during which the committee 
received the bundled contributions from a lobbyist/registrant or 
lobbyist/registrant PAC, and again at the end of the six-month period.
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    \4\ The Commission notes that this same identification 
requirement would apply to political committees that meet the 
definition of leadership PAC. See 11 CFR 100.5(e)(6). In conjunction 
with this rulemaking, the Commission anticipates amending FEC Form 
1, the Statement of Organization, to include both ``lobbyist/
registrant PAC'' and ``leadership PAC'' as types of political 
committees.
    \5\ National committees of political parties (including the 
national congressional campaign committees) must report monthly in 
all calendar years. See 2 U.S.C. 434(a)(4)(B); 11 CFR 104.5(c)(4). 
State, district and local committees of political parties are 
required to file monthly if they exceed certain levels of Federal 
election activity. See 2 U.S.C. 434(e)(4); 11 CFR 300.36(c). 
Further, some authorized committees of presidential candidates are 
required to file monthly during presidential election years. See 2 
U.S.C. 434(a)(3); 11 CFR 104.5(b).
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    For example, if lobbyist/registrant PAC Z is credited with having 
raised $20,000 for a reporting committee in the first quarter, then the 
reporting committee would disclose lobbyist/registrant PAC Z in its 
report covering the first quarter as having provided $20,000 in bundled 
contributions to the committee. If, in the second quarter, the 
reporting committee credits lobbyist/registrant PAC Z with having 
raised another $5,000, the reporting committee would disclose on its 
semi-annual report the entire $25,000 in bundled contributions provided 
by lobbyist/registrant PAC Z in the first two calendar quarters. The 
Commission requests comments on whether this is the correct reading of 
the statutory requirements, and whether this duplicative reporting 
could lead to the mistaken impression that lobbyist/registrant PAC Z 
provided $45,000 rather than $25,000 to the committee during the first 
two calendar quarters.
    The Commission further requests comments on whether there is a 
statutory basis on which the Commission might consider some means of 
eliminating this duplicative reporting. For example, is there a 
statutory basis for the Commission to consider exempting reporting 
committees from having to disclose semi-annually information about 
lobbyist/registrants or lobbyist/registrant PACs providing bundled 
contributions if the information was already fully disclosed in a prior 
report filed with the Commission? Would this approach be confusing or 
result in the appearance of over-or under-reporting the contributions 
bundled by lobbyist/registrants or lobbyist/registrant PACs?
    Is the Commission's interpretation consistent with the requirement 
in the new law that the Commission ``provide for the broadest possible 
disclosure of activities described in this subsection?''
b. Alternative Definition of Covered Period
    In the alternative, the Commission requests comments on the 
following definition of ``covered period.'' Alternative 11 CFR 
104.22(a)(2)(i) would provide that in any calendar year in which a 
reporting committee is required to file or files reports on a quarterly 
or monthly basis under 11 CFR 104.5, the covered period would be 
defined as quarterly periods of January 1 through March 31, April 1 
through June 30, July 1 through September 30, and October 1 through 
December 31. Under alternative 11 CFR 104.22(a)(2)(ii), in any calendar 
year in which a reporting committee files semi-annual reports, the 
covered period would also include the semi-annual periods of January 1 
through June 30 and July 1 through December 31.
    For example, if lobbyist/registrant PAC Z is credited with having 
raised $20,000 in the first quarter for a reporting committee that 
files on a monthly or quarterly basis, then the reporting committee 
would disclose lobbyist/registrant PAC Z in its report covering the 
first quarter as having provided $20,000 in bundled contributions to 
the committee. If, in the second quarter, the reporting committee 
credits lobbyist/registrant PAC Z with having raised another $5,000, 
the reporting committee would not disclose on its second quarter 
reports any bundled contributions provided by lobbyist/registrant PAC Z 
because the second quarter bundled contributions fell below the $15,000 
threshold for the second quarter reporting period. No aggregate semi-
annual reporting would be required. The Commission requests comments on 
whether this is a permissible reading of the statutory requirements, 
and whether this alternative could lead to the under reporting of 
contributions that take place across quarterly reporting periods, but 
within the semi-annual period. For example, under this alternative, a 
lobbyist/registrant or lobbyist/registrant PAC could provide $15,000 in 
bundled contributions to a reporting committee during each calendar 
quarter and the reporting committee would not have triggered the 
disclosure requirement under the new law.
    Additionally, in lieu of either the proposed rule or the 
alternative, the Commission seeks comment on whether reporting 
committees should report both semi-annual and quarterly information at 
the end of each semi-annual period. If, in the example above, in the 
second quarter lobbyist/registrant PAC Z provides the reporting 
committee with $25,000 (having also provided $20,000 in bundled 
contributions in the first quarter), should the reporting committee 
disclose that it received $45,000 for the semi-annual period, and also 
disclose that it received $25,000 for the second quarter period?
3. Lobbyist/Registrant and Lobbyist/Registrant PAC
    The new law applies only to contributions bundled by ``a current 
registrant under section 4(a) of the [LDA] [2 U.S.C. 1603(a)]; \6\ an 
individual who is listed on a current registration filed under section 
4(b)(6) of such Act [2 U.S.C. 1603(b)(6)] or a current report under 
section 5(b)(2)(C) of such Act [2 U.S.C. 1604(b)(2)(C)]; or a political 
committee established or controlled by such a registrant or 
individual.'' 2 U.S.C. 434(i)(7).
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    \6\ The Web sites of the Secretary of the Senate and the Clerk 
of the House of Representatives provide the following guidance 
regarding who is a ``registrant'': A lobbying firm or an 
organization employing in-house lobbyists that files a registration 
pursuant to Section 4 of the Lobbying Disclosure Act of 1995. See 
http://www.senate.gov/legislative/common/briefing/lobby_disc_briefing.htm#3; http://lobbyingdisclossure.house.gov/lda_guide.html.
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    Proposed 11 CFR 104.22(a)(3) would create a new term, ``lobbyist/
registrant,'' to encompass both current registrants and individuals 
listed on a current registration or report filed under the LDA. As 
discussed above, the Commission is proposing to add a definition of 
``lobbyist/registrant PAC'' at 11 CFR 100.5(e)(7).
4. Bundled Contributions
    Proposed 11 CFR 104.22(a)(4)(i) and (ii) would implement new 2 
U.S.C. 434(i)(8)(A) by defining the term ``bundled contribution'' as 
any contribution that a lobbyist/registrant or lobbyist/registrant PAC 
forwards to the reporting committee from the contributor, or that the 
reporting committee receives from the contributor but credits to the 
lobbyist/registrant or lobbyist/registrant PAC through records, 
designations, or other means of recognizing that a certain amount of 
money has been raised by the lobbyist/registrant or lobbyist/registrant 
PAC.
    Under proposed 11 CFR 104.22(a)(4)(i), forwarded contributions 
would satisfy the proposed definition of ``bundled contributions'' 
regardless of whether the bundler receives credit from the reporting 
committee. Would it be helpful to the regulated community for the 
Commission to define the term ``forwarded'' in the rule as, for 
instance, ``arranging or causing the physical or electronic delivery or 
transmission of a contribution''?
    Under proposed 11 CFR 104.22(a)(4)(ii), a contribution must be both 
received by the reporting committee and credited to a lobbyist/
registrant or lobbyist/registrant PAC to satisfy proposed 11 CFR 
104.22(a)(4)(ii). The mere crediting of a contribution to a lobbyist/
registrant or lobbyist/registrant PAC would not satisfy proposed 11 CFR 
104.22(a)(4)(ii) if the contribution is not received. In the 
alternative, should the amount credited control? With respect to these

[[Page 62603]]

contributions, should the rule apply to in-kind contributions as well?
    Proposed 11 CFR 104.22(a)(4)(iii) states that bundled contributions 
do not include contributions from the personal funds of the bundling 
person or that person's spouse. This provision would be consistent with 
the new law, which excludes contributions made to the reporting 
committee by the lobbyist/registrant or lobbyist/registrant's spouse 
from counting towards the $15,000 reporting threshold. See 2 U.S.C. 
434(i)(3)(A).
    Proposed 11 CFR 104.22(a)(5) provides that the term ``candidate 
involved'' means, for authorized committees, the candidate for whom the 
committee is authorized; and for leadership PACs, the candidate or 
individual holding Federal office who directly or indirectly 
establishes, maintains, finances or controls the leadership PAC. This 
is consistent with the language of the new law in describing who would 
credit, designate or otherwise recognize a lobbyist/registrant or 
lobbyist/registrant PAC with having raised contributions in excess of 
$15,000 during the covered period. See 2 U.S.C. 434(i)(8)(A)(ii). The 
Commission requests comments on whether the proposed provision would be 
helpful in providing guidance to the regulated community.
    As noted above, the proposed definition of ``lobbyist/registrant'' 
includes current registrants under section 4(a) of the LDA (2 U.S.C. 
1603(a)). Such registrants are primarily organizations that employ one 
or more lobbyists.
    Does the new law cover bundled contributions provided by employees 
and agents of organizations that are registrants, when those 
individuals are not themselves lobbyist/registrants? Can an 
organization that is prohibited from making contributions, such as a 
corporation or a labor organization, but nonetheless is a registrant, 
be credited with having raised contributions?
    There is seemingly some incongruity in statements made by some of 
the new law's supporters and the section-by-section analysis of the 
legislation provided by the three principal Senate authors of the bill 
(the ``section-by-section analysis''). See 153 CONG. REC. S10709 (daily 
ed. August 2, 2007). For example, in a colloquy on the Senate floor, 
Senator Feingold and Senator Obama indicated that the disclosure 
requirement would be triggered by contributions bundled by an employee 
of a lobbyist, if that employee is acting as an agent of the lobbyist, 
even if the employee is not listed on a current registration or report 
filed under the LDA. 153 CONG. REC. S10699 (daily ed. Aug. 2, 2007) 
(statements of Sen. Feingold and Sen. Obama). On the other hand, the 
section-by-section analysis states that the statute ``covers only 
contributions credited to registered lobbyists.'' 153 CONG. REC. S10709 
(daily ed. Aug. 2, 2007). The Commission requests comments on whether 
the new requirements should cover employees who are agents of lobbyist/
registrants or lobbyist/registrant PACs, even if such individuals are 
not listed as registered lobbyists under the LDA. How should the 
Commission give content to the statutory requirement that bundling by 
registrant organizations be disclosed?
    In addition, how should the new law be applied with regard to 
crediting multiple lobbyist/registrants or lobbyist/registrant PACs 
involved in a single fundraiser? In a statement on the Senate floor, 
Senator Feingold stated that ``when two or more lobbyists are jointly 
involved in providing the same bundled contributions--as for instance, 
in the case of a fundraising event co-hosted by two or more lobbyists--
then each lobbyist is responsible for and should be treated as 
providing the total amount raised at the event for purposes of applying 
the applicable threshold to the funds raised by that lobbyist'' and for 
reporting purposes. 153 CONG. REC. S10699 (daily ed. August, 2, 2007) 
(statement of Sen. Feingold). Thus, the Commission requests comments on 
how multiple hosts of a fundraiser should be credited by the reporting 
committee. For example, if three lobbyist/registrants jointly co-host a 
fundraiser that raises $20,000 in contributions for Senator X, should 
each of the three co-hosts be deemed to have raised the entire $20,000 
for reporting purposes? Would this approach be misleading or inaccurate 
from a disclosure perspective? Should the sum total instead be prorated 
among the three co-hosts?
    Proposed 11 CFR 104.22(a)(6) would explain the meaning of 
``designations or other means of recognizing.'' The proposed rule 
provides that ``designations or other means of recognizing'' a 
lobbyist/registrant or lobbyist/registrant PAC's fundraising would 
include ``titles based on levels of fundraising, access to events 
reserved exclusively for those who generate a certain level of 
contributions, or similar benefits provided as a reward for successful 
fundraising.'' The Commission requests comments on this approach and 
also requests other examples of records, designations or other means of 
recognizing a lobbyist/registrant or lobbyist/registrant PAC's 
fundraising. Should service by an individual on a host committee of a 
fundraising event serve as ``designation or other means of recognizing 
that a certain amount of money has been raised by the person''? Should 
honorary titles within the reporting committee be deemed a 
``designation or other means of recognizing that a certain amount of 
money has been raised by the person''? See 153 CONG. REC. 510699 (daily 
ed. Aug. 2, 2007) (statement of Sen. Obama); id. at 510709. Would such 
an approach encompass individuals who have no actual role in 
fundraising? Further, would any ``other means of recognizing'' have to 
be designated in writing?
    The legislative history provides other guidance that the Commission 
has not proposed as a part of new 11 CFR 104.22(a)(4). In a statement 
on the Senate floor, Senator Feingold noted that a reporting committee 
must know that a lobbyist/registrant or lobbyist/registrant PAC has 
raised a certain amount, not just be generally aware that the lobbyist/
registrant or lobbyist/registrant PAC has been fundraising. Should the 
Commission include a similar interpretation in the concept of credited?

B. Reporting Requirement

1. Required Disclosure
    Proposed 11 CFR 104.22(b), consistent with the new law, requires 
reporting committees to disclose on a new form certain information 
about any person reasonably known to be a lobbyist/registrant or 
lobbyist/registrant PAC that forwards, or is credited with raising, two 
or more bundled contributions in excess of $15,000 to the reporting 
committee during the covered period. 2 U.S.C. 434(i)(1). Specifically, 
the reporting committee must disclose the name of the lobbyist/
registrant or lobbyist/registrant PAC, the address of the lobbyist/
registrant or lobbyist/registrant PAC, the employer of the lobbyist/
registrant who provided the bundled contributions (for individual 
lobbyist/registrants), and the amount of bundled contributions provided 
during the covered period. Id.
    In conjunction with this rulemaking, the Commission intends to 
create a new form for disclosing information about lobbyists and 
lobbyist PACs that provide bundled contributions. The form would be 
filed with the Form 3 (House and Senate authorized committees), Form 3P 
(Presidential authorized committees) and Form 3X (leadership PACs and 
political party committees) following the appropriate covered period.

[[Page 62604]]

2. Reasonably Known To Be
    The new law requires the disclosure of information about a person 
who forwards, or who is credited with having raised, two or more 
bundled contributions aggregating in excess of $15,000 during the 
covered period if the person is ``reasonably known by the [reporting] 
committee to be'' a lobbyist /registrant or a lobbyist/registrant PAC. 
2 U.S.C. 434(i)(1). The new law requires the Commission to ``provide 
guidance to [reporting] committees with respect to whether a person is 
reasonably known by a committee to be'' a lobbyist/registrant or 
lobbyist/registrant PAC. 2 U.S.C. 434(i)(5)(B). In so doing, the 
Commission is to include a ``requirement that [reporting] committees 
consult the Web sites maintained by the Secretary of the Senate and the 
Clerk of the House of Representatives containing information filed 
pursuant to the Lobbying Disclosure Act of 1995.'' 2 U.S.C. 
434(i)(5)(B).
    Proposed 11 CFR 104.22(b)(2) would provide guidance with respect to 
how a reporting committee is to comply with these requirements. This 
paragraph directs the committee to consult the Web sites maintained by 
the Clerk of the House of Representatives, the Secretary of the Senate, 
and the Federal Election Commission in order to determine whether a 
person is identified on a filing under the LDA or the Act as a 
registrant, a lobbyist, or a political committee established or 
controlled by a registrant or lobbyist.
    The Commission seeks comment on these proposed regulations. Does 
the regulatory text adequately implement the statutory requirements? 
May the Commission require committees to consult the Commission's Web 
site for information regarding registration of lobbyist/registrant 
PACs, since that information is not currently available on the Web 
sites of the Secretary of the Senate or the Clerk of the House of 
Representatives?
    The Commission requests comments on what other guidance the 
Commission might issue as to how a reporting committee can reasonably 
know that a bundler of contributions is a lobbyist/registrant or 
lobbyist/registrant PAC. What other steps could the Commission take to 
make information regarding lobbyist/registrant PACs more easily 
accessible?

C. Where To File

    Under current 11 CFR Part 105, authorized committees of candidates 
for the House of Representatives, the principal campaign committees of 
Presidential candidates, and any other political committees that 
support such candidates must file their regular campaign finance 
reports with the Commission. See 11 CFR 105.1, 105.3 and 105.4. 
Authorized committees of candidates for the Senate and any other 
political committees that support only Senate candidates must file 
their reports with the Secretary of the Senate. See 11 CFR 105.2. 
Proposed 11 CFR 104.22(c) would require the form required by the new 
law to be filed in accordance with 11 CFR Part 105. The Commission 
requests comments on this proposal.

D. When To File

    New 2 U.S.C. 434(i)(1) requires reporting committees to file a form 
listing information about each lobbyist/registrant or lobbyist/
registrant PAC with ``the first report required to be filed under this 
section after each covered period'' in which a lobbyist/registrant or 
lobbyist/registrant PAC provided bundled contributions exceeding 
$15,000. 2 U.S.C. 434(i)(a)(1). As noted above, the proposed rule 
defines ``covered period'' as the semi-annual periods of January 1 
through June 30 and July 1 through December 31. Additionally, proposed 
11 CFR 104.22(a)(2)(ii) provides that in any calendar year in which a 
reporting committee is required to file or files monthly or quarterly 
campaign finance reports under 11 CFR 104.5, the covered period would 
also include the quarterly periods of January 1 through March 31 and 
July 1 through September 30 if, during those periods, a lobbyist/
registrant or a lobbyist/registrant PAC provided two or more bundled 
contributions to the reporting committee which aggregate in excess of 
$15,000. Thus, proposed 11 CFR 104.22(d) would require a reporting 
committee to file a form semi-annually in every calendar year, and in 
the calendar quarters of January 1 through March 31 and July 1 through 
September 30 if any lobbyist/registrant or lobbyist/registrant PAC 
forwarded, or was credited with having raised, two or more bundled 
contributions aggregating in excess of $15,000 during those calendar 
quarters.
    The Commission requests comments on proposed 11 CFR 104.22(d).
    As discussed above, the alternative definition of ``covered 
period'' would require reporting committees to disclose information 
about lobbyist/registrants or lobbyist/registrant PACs that provide 
bundled contributions on a slightly different schedule than that under 
the proposed rule. Under alternative 11 CFR 104.22(a)(2)(i), monthly 
and quarterly filers would be required to file, concurrently with their 
campaign finance reports filed in April, July, October and January, a 
form listing any lobbyist/registrant or lobbyist/registrant PAC that 
provided bundled contributions aggregating in excess of $15,000 during 
the previous calendar quarter. Further, in any calendar year in which a 
reporting committee files its campaign finance reports on a semi-annual 
basis, the committee would concurrently file its form disclosing 
information about any lobbyist/registrant or lobbyist/registrant PAC 
that provided bundled contributions in excess of $15,000 during the 
semi-annual covered period. The Commission requests comments on the 
effect of the alternative ``covered period'' on report timing.
Reporting Hypotheticals
    The following examples illustrate how proposed 11 CFR 104.22 would 
interact with the Commission's existing reporting requirements for 
forwarded contributions.
    The first hypothetical involves the authorized committee of a 
candidate as the reporting committee and thus, also invokes 11 CFR 
110.6 regarding earmarking contributions to authorized committees, if 
the person earmarking the contributions qualifies as a ``conduit'' 
under that section.
    The second hypothetical involves either a leadership PAC or a 
political party committee as the reporting committee. This hypothetical 
would not invoke 11 CFR 110.6 because that section applies only to 
contributions earmarked for an authorized committee.

Hypothetical Example 1

    Facts.
    Candidate A's authorized committee files campaign finance 
reports on a quarterly basis.
    On February 20, Lobbyist/Registrant Z delivers a $30,000 check 
to Candidate A's treasurer, representing fifteen $2,000 
contributions that Lobbyist/Registrant Z collected on February 15 on 
behalf of Candidate A. Lobbyist/Registrant Z also provides a list of 
each contributor's name, mailing address, employer and occupation, 
and the date received by Lobbyist/Registrant Z as required under 11 
CFR 110.6(c)(1)(iii) and (iv).
    On March 21, Lobbyist/Registrant Z, although he does not occupy 
a significant position in Candidate A's campaign,\7\ hosts a 
fundraiser on Candidate A's behalf, at which Candidate A makes a 
speech. At the fundraiser, five contributors hand checks totaling 
$10,000 directly to Candidate A.
---------------------------------------------------------------------------

    \7\ An individual who occupies a significant position within a 
campaign may be exempt from the earmarking regulations. See 11 CFR 
110.6(b)(2)(i)(E).
---------------------------------------------------------------------------

    On June 5, Lobbyist/Registrant Z delivers to the authorized 
committee five checks

[[Page 62605]]

totaling $6,000 that he collected on Candidate A's behalf during the 
preceding week.
    Reporting Requirements.
    1. On the committee's first quarterly campaign finance report, 
it must:
    a. Pursuant to 11 CFR 110.6, report:
    i. The name, mailing address, occupation and employer of 
Lobbyist/Registrant Z.
    ii. As a memo entry, the total amount of contributions forwarded 
by Lobbyist/Registrant Z ($30,000), the date received by the 
committee (February 20) and a notation of whether the Lobbyist/
Registrant's contribution limit was affected or not pursuant to 11 
CFR 110.6(d).
    iii. The name, mailing address, employer, occupation of each 
contributor, as well as the date that Lobbyist/Registrant Z received 
the contributions (February 15) and a notation that it was earmarked 
through him.
    This reporting requirement is triggered by Lobbyist/Registrant 
Z's having acted as a conduit under 11 CFR 110.6 for the 
contributions that he received on February 15 and delivered on 
February 20, because he physically forwarded the contributions to 
the authorized committee.
    b. Pursuant to 11 CFR 104.3, report for each of the five 
contributors who made contributions at the March 21 fundraiser: The 
person's name, mailing address, occupation, and employer, date 
received (March 21) and amounts, itemizing the contributions as 
necessary under 11 CFR 104.3.
    c. Pursuant to proposed 11 CFR 104.22, report the name, address 
and employer of Lobbyist/Registrant Z, as well as the total amount 
bundled by Lobbyist/Registrant Z, $40,000, during the covered 
period. This reporting requirement is triggered because Lobbyist/
Registrant Z forwarded, or was credited with raising, more than 
$15,000 in contributions during the committee's reporting period 
(the calendar quarter).
    2. On the authorized committee's second quarterly campaign 
finance report, it must:
    a. Pursuant to 11 CFR 110.6, report:
    i. The name, mailing address, occupation and employer of 
Lobbyist/Registrant Z.
    ii. As a memo entry, the total amount of contributions forwarded 
to the committee by Lobbyist/Registrant Z ($6,000) and the date 
received by the authorized committee (June 5).
    iii. The name, mailing address, employer and occupation of each 
contributor, the date each contribution was received by Lobbyist/
Registrant Z and whether the contributions affected Lobbyist/
Registrant Z's contribution limits pursuant to 11 CFR 110.6(d).
    Lobbyist/Registrant Z is a conduit under 11 CFR 110.6, because 
he collected and forwarded the contributions to the authorized 
committee. Thus, the authorized committee disclosed his 
contributions in a manner similar to hypothetical 1.a., above.
    b. Pursuant to proposed 11 CFR 104.22, file a form disclosing 
the lobbyist/registrant's name, address and employer, as well as the 
aggregate amount of bundled contributions that the committee 
received from or credited to Lobbyist/Registrant Z during the six-
month covered period ($46,000). While the aggregate amount of 
contributions forwarded or raised by and credited to Lobbyist/
Registrant Z did not exceed $15,000 during the committee's second 
quarterly reporting period, the aggregate amount of bundled 
contributions provided by Lobbyist/Registrant Z during the January 1 
through June 30 semi-annual covered period, $46,000, does exceed the 
$15,000 reporting threshold for that covered period.

Hypothetical Example 2

    Facts.
    A leadership PAC files campaign finance reports on a monthly 
basis.\8\
---------------------------------------------------------------------------

    \8\ The same hypothetical applies to a political party 
committee.
---------------------------------------------------------------------------

    On February 20, lobbyist/registrant PAC X delivers a check to 
the leadership PAC for $30,000, representing contributions to the 
leadership PAC from fifteen individual contributors, along with 
information about each contributor as required under 11 CFR 
110.6(c)(1)(iii) and (iv).
    On March 12, lobbyist/registrant PAC X hosts a fundraiser at 
which the ``candidate involved'' with the leadership PAC makes a 
speech. Between March 13 and March 31, the leadership PAC receives 6 
checks aggregating to $12,000. Each check notes that the contributor 
is helping the leadership PAC because of the speech given at the 
March 12 fundraiser. The leadership PAC thanks the contributors and 
also sends a note to lobbyist/registrant PAC X recognizing it for 
having raised the $12,000.

Reporting Requirements

    1. On the leadership PAC's campaign finance report covering 
February, it must:
    a. Pursuant to 11 CFR 104.3 and 104.8, report for each of the 
fifteen contributors who made the contributions delivered by 
lobbyist/registrant PAC X on March 20: The person's name, mailing 
address, occupation, employer, and date of receipt by lobbyist/
registrant PAC X, itemizing the contributions as necessary under 
104.8.
    2. On the leadership PAC's campaign finance report covering 
March, it must:
    a. Pursuant to 11 CFR 104.3 and 104.8, report for each of the 
six contributions that make up the $12,000 that the leadership PAC 
received directly from contributors and credited to lobbyist/
registrant PAC X: The person's name, mailing address, occupation, 
employer, and the date of receipt by lobbyist/registrant PAC X 
itemizing the contributions as necessary under 11 CFR 104.8.
    b. Pursuant to proposed 11 CFR 104.22, include a separate form 
disclosing lobbyist/registrant PAC X's name and address, and, the 
total amount of bundled contributions that lobbyist/registrant PAC X 
provided to the leadership PAC during the first calendar quarter. 
This form would be required because the aggregate amount of bundled 
contributions provided by lobbyist/registrant PAC X exceeds $15,000 
during the unauthorized committee's covered period of January 1 
through March 31.

    The Commission requests comments on these hypotheticals.

E. Recordkeeping

    Current Commission regulations implement certain statutory 
recordkeeping requirements that also apply to certain bundled 
contributions. For example, committees must keep a record and account 
of each contribution exceeding $50 for three years after filing the 
report to which the record or account relates. See 2 U.S.C. 432(c)(2) 
and (d); 11 CFR 102.9(a) and (c). In addition, any person who receives 
and forwards contributions to any political committee must also forward 
certain information about the original contributor. See 2 U.S.C. 432(c) 
and 434a(a)(8); 11 CFR 102.8(c). Any authorized committee that receives 
contributions forwarded by a ``conduit'' is subject to additional 
recordkeeping and reporting requirements. See 2 U.S.C. 434a(a)(8); 11 
CFR 110.6(c).
    Therefore, the Commission proposes new 11 CFR 104.22(e), which 
refers to the existing recordkeeping requirements in Commission 
regulations and also requires reporting committees to maintain for 
three years records of information about any lobbyist/registrant or 
lobbyist/registrant PAC that forwards, or is credited with raising, two 
or more bundled contributions aggregating in excess of $15,000 during 
any covered period. These records would include the name and address of 
the lobbyist/registrant or lobbyist/registrant PAC, the employer of the 
lobbyist/registrant (if an individual), the dates contributions are 
received and forwarded, and the aggregate amount of contributions 
bundled for each covered period.
    The Commission would urge reporting committees to begin keeping 
records of lobbyist/registrants or lobbyist/registrant PACs who 
forward, or are credited with raising, bundled contributions as of 
January 1, 2008. Any rules promulgated by the Commission will likely 
become effective in early 2008, making the first semi-annual reporting 
period cover January 1 through June 30, 2008.
    The Commission requests comments on this approach.

F. Price Index Increase

    New 2 U.S.C. 434(i)(3)(b) requires that the $15,000 disclosure 
threshold be indexed for inflation annually, using the Consumer Price 
Index as verified by the Secretary of Labor. The proposed rule at 11 
CFR 104.22(f) would require that the $15,000 disclosure threshold be 
indexed in the same manner as certain contribution limits under the Act 
and Commission regulations. See 2 U.S.C. 441a(c) and 11 CFR 110.17. The 
Commission proposes regulatory language that is identical to that 
already in portions of 11 CFR 110.17, but proposes placing the new 
requirement

[[Page 62606]]

in new 11 CFR 104.22 rather than in 11 CFR 110.17 because the dollar 
amount in this instance is merely a threshold for disclosure rather 
than a contribution limit covered under 11 CFR Part 110. The Commission 
requests comments on this approach.
    The Commission also requests comments on the timing of the 
application of the indexing for inflation requirement. New 2 U.S.C. 
434(i) provides that the indexing requirement ``shall apply'' to the 
reporting threshold ``[i]n any calendar year after 2007.'' 2 U.S.C. 
434i(3)(B). The new law also provides, however, that 2 U.S.C. 434(i) 
will go into effect ``with respect to reports filed * * * after the 
expiration of the 3-month period which begins on the date that the 
regulations required to be promulgated [under new 2 U.S.C. 434(i)] 
become final.'' The Commission expects that these proposed rules will 
become final in early 2008, and that the new disclosure requirements 
will apply to reports filed three months later. Thus, the first semi-
annual reporting period would be January 1 through June 30, 2008, and 
the first quarterly reporting period would be April through June, 2008.
    Given that 2008 is a ``calendar year after 2007,'' should the 
reporting threshold be indexed in 2008? If so, then the effective 
reporting threshold would never be $15,000; rather, it would be $15,000 
in 2006 (the base period) dollars, as indexed for inflation in 2008. 
The Commission requests comments on this interpretation of the new law, 
which is not included in the proposed rule.
Certification of No Effect Pursuant to 5 U.S.C. 605(b) (Regulatory 
Flexibility Act)
    The attached proposed rules, if promulgated, would not have a 
significant economic impact on a substantial number of small entities. 
The basis for this certification is that few, if any, small entities 
would be affected by these proposals, which apply only to Federal 
candidates and their campaign committees, political committees 
established, financed, maintained or controlled by Federal candidates 
or individuals holding Federal office, and political committees of 
political parties. Authorized committees of Federal candidates would 
not be considered small entities under the definition at 5 U.S.C. 
601(6). Leadership PACs established, financed, maintained or controlled 
by Federal candidates or individuals holding Federal office also would 
not qualify as small entities. Such committees, while established by an 
individual, are not independently owned and operated because they are 
not financed and controlled by a small identifiable group of 
individuals; rather, they rely on contributions from a variety of 
persons to fund the committee's activities. Political committees 
representing the Democratic and Republican parties have a major 
controlling influence within the political arena and are thus dominant 
in their field. However, to the extent that any party committees 
representing major or minor political parties or any other political 
committees might be considered ``small organizations,'' the number that 
would be affected by this rule is not substantial.
    The proposed rules also would not impose any additional 
restrictions. Instead, the proposed rules would only require disclosure 
of further information already held by the political committees 
affected. Therefore, the proposed rules would not have a significant 
economic impact on a substantial number of small entities.

List of Subjects

11 CFR Part 100

    Elections.

11 CFR Part 104

    Campaign funds, political committees and parties, reporting and 
recordkeeping requirements.
    For the reasons set out in the preamble, the Federal Election 
Commission proposes to amend Subchapter A of Chapter 1 of Title 11 of 
the Code of Federal Regulations as follows:

PART 100--SCOPE AND DEFINITIONS (2 U.S.C. 431)

    1. The authority citation for part 100 is revised to read as 
follows:

    Authority: 2 U.S.C. 431, 434, and 438(a)(8), and 439a(c).
    2. Section 100.5 is amended by adding a new paragraph (e)(7) to 
read as follows:


Sec.  100.5  Political committee (2 U.S.C. 431(4), (5), (6)).

* * * * *
    (e) * * *
    (7) Lobbyist/Registrant PAC means any political committee 
established or controlled by a ``lobbyist/registrant,'' as that term is 
defined at 11 CFR 104.22(a)(3).

PART 104--REPORTS BY POLITICAL COMMITTEES AND OTHER PERSONS (2 
U.S.C. 434)

    3. The authority citation for part 104 continues to read as 
follows:

    Authority: 2 U.S.C. 431(1), 431(8), 431(9), 432(i), 434, 
438(a)(8) and (b), 439a, 441a, and 36 U.S.C. 510.
    4. Section 104.22 is added to read as follows:


Sec.  104.22  Disclosure of bundling by Lobbyist/Registrants (2 U.S.C. 
434(i)).

    (a) Definitions--Reporting committee means:
    (i) An authorized committee of a Federal candidate as defined at 11 
CFR 100.5(f)(1);
    (ii) A leadership PAC as defined at 11 CFR 100.5(e)(6); or
    (iii) A party committee as defined at 11 CFR 100.5(e)(4).

[Proposed Definition of Covered Period]

    (2) Covered period means:
    (i) In any calendar year the semi-annual periods of January 1 
through June 30 and July 1 through December 31; and
    (ii) In any calendar year in which a reporting committee is 
required to file or files monthly or quarterly reports pursuant to 11 
CFR 104.5, the quarterly periods of January 1 through March 31 and July 
1 through September 30 if, during those periods a lobbyist/registrant 
or lobbyist/registrant PAC provided two or more bundled contributions 
to the reporting committee which aggregate in excess of $15,000.

[Alternative Definition of Covered Period]

    (2) Covered period means:
    (i) In any calendar year in which a reporting committee is required 
to file or files on a quarterly basis pursuant to 11 CFR 104.5, the 
quarterly periods of January 1 through March 31, April 1 through June 
30, July 1 through September 30 and October 1 through December 31; and
    (ii) In any calendar year in which a reporting committee files 
semi-annual reports pursuant to 11 CFR 104.5, the semi-annual periods 
of January 1 through June 30 and July 1 through December 31.
    (3) Lobbyist/Registrant. For purposes of this section, lobbyist/
registrant means a person who, at the time a contribution is forwarded 
to, or is received by, a reporting committee, is:
    (i) A current registrant under Section 4(a) of the Lobbying 
Disclosure Act of 1995 (2 U.S.C. 1603(a)); or
    (ii) An individual who is named on a current registration or 
current report filed under Section 4(b)(6) or 5(b)(2)(C) of the 
Lobbying Disclosure Act of 1995 (2 U.S.C. 1603(b)(6) or 1604(b)(2)(C)).
    (4) Bundled contribution means any contribution:
    (i) Forwarded from the contributor or contributors to the reporting 
committee

[[Page 62607]]

by a lobbyist/registrant or lobbyist/registrant PAC ; or
    (ii) Received by the reporting committee from the contributor or 
contributors, and that is credited by the committee, individual holding 
a Federal office or candidate involved to a lobbyist/registrant or 
lobbyist/registrant PAC through records, designations, or other means 
of recognizing that a certain amount of money has been raised by the 
lobbyist/registrant or lobbyist/registrant PAC , except that
    (iii) Bundled contributions do not include contributions from the 
personal funds of the lobbyist/registrant who forwards or is credited 
with raising the contributions or that person's spouse.
    (5) The committee or candidate involved means: The reporting 
committee; the candidate by whom the authorized committee is 
authorized; or the candidate or individual holding Federal office who 
directly or indirectly established, finances, maintains or controls the 
leadership PAC.
    (6) A designation or other means of recognizing bundled 
contributions includes titles based on levels of fundraising, access to 
reporting committee events reserved exclusively for those who generate 
a certain level of contributions, and events provided by a reporting 
committee as a reward for successful fundraising.
    (b) Reporting requirement.
    (1) Each reporting committee must file a form listing each person 
reasonably known by the committee to be a lobbyist/registrant or 
lobbyist/registrant PAC that provides two or more bundled contributions 
(see 11 CFR 104.22(a)(4)) to the reporting committee aggregating in 
excess of $15,000 during the covered period. Each form shall set forth:
    (i) The name of the lobbyist/registrant or lobbyist/registrant PAC;
    (ii) The address of the lobbyist/registrant or lobbyist/registrant 
PAC;
    (iii) The employer of the lobbyist/registrant; and
    (iv) The aggregate amount of bundled contributions provided by the 
lobbyist/registrant or lobbyist/registrant PAC to the reporting 
committee during the covered period.
    (2) In order to comply with paragraph (b)(1) of this section, a 
reporting committee must consult the Web sites maintained by the Clerk 
of the House of Representatives, the Secretary of the Senate, and the 
Federal Election Commission to determine whether, at the time a 
contribution was forwarded to, or received by, the reporting committee:
    (i) The person was listed as a current registrant under Section 
4(a) of the Lobbying Disclosure Act of 1995 (2 U.S.C. 1603(a)), or
    (ii) The person was an individual listed on a current registration 
filed under Section 4(b)(6) or a current report filed under Section 
5(b)(2)(C) of the Lobbying Disclosure Act of 1995 (2 U.S.C. 1603 or 
1604); or
    (iii) The person identified itself as a lobbyist/registrant PAC on 
its Statement of Organization, FEC Form 1, filed with the Commission; 
or
    (iv) The person was listed as a political committee established or 
controlled by a lobbyist or registrant on a report filed under Sec. 203 
(a) of the Honest Leadership and Open Government Act of 2007, amending 
the Lobbying Disclosure Act of 1995 (2 U.S.C. 1604).
    (c) Where to file. Reporting committees shall file either with the 
Secretary of the Senate or with the Federal Election Commission in 
accordance with 11 CFR Part 105.
    (d) When to file. Reporting committees must file the forms required 
under this section with the first report required under 11 CFR 104.5 
following the end of each covered period.
    (e) Recordkeeping. In addition to any requirements to maintain 
records and accounts under 11 CFR 102.8, 102.9 and 110.6, each 
reporting committee must maintain for three years after the filing of 
the report to which the information relates a record of any bundled 
contributions (see 11 CFR 104.22(a)(4)) provided by a lobbyist/
registrant or lobbyist/registrant PAC that aggregate in excess of 
$15,000 for any covered period. The information required to be 
maintained is:
    (1) The name and address of the lobbyist/registrant or lobbyist/
registrant PAC;
    (2) The employer of the lobbyist/registrant; and
    (3) The amount of bundled contributions provided by the lobbyist/
registrant or lobbyist/registrant PAC for each covered period.
    (f) Price index increase.
    (1) The threshold for reporting bundled contributions established 
in paragraph (d)(1) of this section shall be increased by the percent 
difference between the price index as defined at 11 CFR 110.17(d), as 
certified to the Commission by the Secretary of Labor, for the 12 
months preceding the beginning of the calendar year and the price index 
base period.
    (2) Each bundling threshold so increased shall be the threshold in 
effect for that calendar year.
    (3) For purposes of this paragraph (e), the term base period means 
calendar year 2006.
    (4) Rounding of price index increases. If any amount after the 
increases under this paragraph (e) is not a multiple of $100, such 
amount shall be rounded to the nearest multiple of $100.

     Dated: October 30, 2007.
Robert D. Lenhard,
Chairman, Federal Election Commission.
 [FR Doc. E7-21711 Filed 11-5-07; 8:45 am]
BILLING CODE 6715-01-P