Congressman Jamie Raskin and Senator Sheldon Whitehouse are featured in a new video about their new bill to end foreign-influenced corporate spending in US elections. 

The Get Foreign Money Out of Politics Act was reintroduced in July with 22 cosponsors in the House (H.R. 8988) and 4 cosponsors in the Senate (S.4666). The bill would bar corporations with significant foreign ownership from contributing to candidates, parties, or committees (including super PACs) or from engaging in their direct election spending. 

<<WATCH THE VIDEO HERE>>

Companies with significant foreign ownership, like Amazon, Chevron, and Uber, have used their money to influence the outcome of elections and political agendas in their favor. The Supreme Court’s 2010 decision in Citizens United created a loophole for foreign interests to acquire stakes in U.S. corporations and then use that leverage to influence or control the corporation’s political activity, including campaign contributions, contributions to super PACs, and independent expenditures.

The bill impacts multinational corporations owned by 1% or more by one foreign investor or 5% or more by multiple foreign investors. These thresholds reflect levels of ownership that are widely agreed (including by entities such as the Securities and Exchange Commission) to be high enough to influence corporate governance.

The policy grows from model legislation developed by Free Speech For People. Free Speech For People helped to pass similar legislation in Minnesota in 2023, San Jose, California in 2024, and Seattle, Washington in 2020. Additional bills are under consideration in California, Hawaii, Massachusetts, New York, Pennsylvania, and Washington State.