The Get Foreign Money out of US Elections Act aims to close a loophole that allows foreign investors to influence US elections. 

WASHINGTON (July 10, 2024)—Congressman Jamie Raskin and Senator Sheldon Whitehouse re-introduced the Get Foreign Money Out of Politics Act today. Rep. Raskin filed H.R.8988 with 22 cosponsors. And Sen. Whitehouse filed S.4666 with 4 cosponsors. 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. 

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.

“The Get Foreign Money Out of US Elections Act puts our democracy back into the hands of the people where it belongs,” says Alexandra Flores-Quilty, Campaign Director at Free Speech For People. “Free Speech For People has been proud to work with our partners for years, advancing this critical reform across the country to block foreign influence on our elections. Thank you, Representative Raskin and Senator Whitehouse for taking bold action to protect American self-government by keeping foreign investors out.”

Read Representative Raskin’s press release here.

Read Senator Whitehouse’s press release here.