S 589 — Real Time Transparency Act

Summary

Real Time Transparency Act This bill amends the Federal Election Campaign Act of 1971 to revise the notification requirement for campaign contributions of $1,000 or more. The bill applies this requirement to any political committee, not just a candidate's principal campaign committee, regarding cumulative contributions (instead of single contributions) of $1,000 or more during a calendar year. Only the Federal Election Commission (FEC) must be notified, instead of the FEC and others. Any amount transferred by a joint fundraising committee established by a candidate's authorized committee to any other authorized committee of that candidate shall be treated as a contribution. Senate candidates must file designations, statements, and reports directly with the FEC instead of via the Senate.

Bill Text

• Introduced Introduced in Senate Current html March 09, 2017

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The bill amends the Federal Election Campaign Act to require political committees to notify the Federal Election Commission within 48 hours of receiving cumulative contributions of $1,000 or more from any contributor in a calendar year.

• 2 U.S.C. 434(a)(6)(A)

  ``(A) If a political committee receives an aggregate amount of contributions equal to or greater than $1,000 from any contributor during a calendar year, the committee shall submit a notification to the Commission containing the name of the committee (and, in the case of an authorized committee of a candidate, the name of the candidate and the office sought by the candidate), the identification of the contributor, and the date of receipt and amount of the contributions involved. The political committee shall submit the notification required under this subparagraph not later than 48 hours after the date on which the aggregate amount of contributions received from the contributor during the calendar year first equals or exceeds $1,000. For purposes of this subparagraph, any amount transferred by a joint fundraising committee which is established by an authorized committee of a candidate to any other authorized committee of that candidate shall be treated as a contribution by the joint fundraising committee to such authorized committee.'' → ``(A)(i) If a political committee receives an aggregate amount of contributions equal to or greater than $1,000 from any contributor during a calendar year, the committee shall submit a notification to the Commission containing the name of the committee (and, in the case of an authorized committee of a candidate, the name of the candidate and the office sought by the candidate), the identification of the contributor, and the date of receipt and amount of the contributions involved. (ii) If, at any time after a political committee is required to submit a notification under this subparagraph with respect to a contributor during a calendar year, the political committee receives additional contributions from that contributor during that year, the committee shall submit an additional notification under clause (i) with respect to such contributor each time the aggregate amount of the additional contributions received from the contributor during the year equals or exceeds $1,000 (excluding the amount of any contribution for which information is required to be included in a previous notification under this subparagraph). (iii) The political committee shall submit the notification required under this subparagraph with respect to a contributor-- (I) in the case of a notification described in clause (i), not later than 48 hours after the date on which the aggregate amount of contributions received from the contributor during the calendar year first equals or exceeds $1,000; or (II) in the case of an additional notification described in clause (ii), not later than 48 hours after the date on which the aggregate amount of contributions received from the contributor during the calendar year for which information was not already included in a notification under this subparagraph first equals or exceeds $1,000. (iv) For purposes of this subparagraph, any amount transferred by a joint fundraising committee which is established by an authorized committee of a candidate to any other authorized committee of that candidate shall be treated as a contribution by the joint fundraising committee to such authorized committee.''

  This change clarifies the notification requirement and establishes a process for additional contributions from the same contributor.

• 2 U.S.C. 432(g)

  ``(g) Filing With the Commission.--All designations, statements, and reports required to be filed under this Act shall be filed with the Commission.'' → ``(g) Filing With the Commission.--All designations, statements, and reports required to be filed under this Act shall be filed with the Commission.''

  This change does not alter the existing requirement but establishes clarity regarding the filing process.

Action History

1. March 09, 2017

   Introduced in Senate

2. March 09, 2017

   Read twice and referred to the Committee on Rules and Administration.

Sponsors

• King, Angus S., Jr. · Primary
• Elizabeth Warren · Cosponsor

Subjects