We have received text from H.R. 535: Inaugural Fund Integrity Act. This bill was received on 2025-01-16, and currently has 13 cosponsors.
Here is a short summary of the bill:
This bill, titled the Inaugural Fund Integrity Act, aims to amend the Federal Election Campaign Act of 1971 to enhance regulations surrounding Inaugural Committees, specifically focusing on donations. Here’s a breakdown of the key provisions:
Prohibited Donations
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Inaugural Committees would be banned from soliciting, accepting, or receiving donations from:
- Anyone that is not an individual (such as corporations or organizations).
- Foreign nationals.
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Individuals would be prohibited from:
- Making donations to an Inaugural Committee in another person's name.
- Knowingly allowing their name to be used for such a donation.
- Using donations for personal benefit unrelated to official committee responsibilities.
Limitations on Donations
- The bill establishes a cap of $50,000 on total donations to Inaugural Committees from individuals.
- This limit will be adjusted every Presidential election year, starting in 2032, based on inflation or other specified increments.
Disclosure Requirements
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Inaugural Committees must report any donations of $1,000 or more to the Federal Election Commission (FEC) within 24 hours, including details like:
- Amount of the donation
- Date received
- Name and address of the donor
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By 90 days post-inauguration, Committees must submit a final report disclosing:
- All donations of $200 or more
- Total amount of disbursements and specific categories such as operating expenses and loan repayments
- Name and details of individuals receiving disbursements over $200
Definitions
- The term "donation" includes any gift, loan, or any financial support made to an Inaugural Committee.
- It explicitly excludes volunteer services provided without compensation.
- The definition of a "foreign national" follows existing laws, ensuring clarity regarding who is subject to restrictions.
- "Inaugural Committee" is defined per existing legal frameworks.
Effective Date
The provisions of this bill will apply to Inaugural Committees established for inaugurations taking place in 2029 and in years following.
Reporting Amendments
The bill also makes amendments to existing reporting requirements concerning Inaugural Committees, and specifies conditions under which a committee is recognized as an official Inaugural Committee based on compliance with the new regulations.
Relevant Companies
None found
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
