Democrats target foreign money in U.S. elections with new bill

According to CNBC, congressional Democrats have introduced the Get Foreign Money out of U.S. Elections Act, a bill led by Rep. Jamie Raskin of Maryland and Sen. Sheldon Whitehouse of Rhode Island that would set foreign ownership thresholds for U.S. corporations barred from contributing to campaigns, ballot initiatives and referendums. The proposal would bar foreign-owned business entities from making political contributions if they are based outside the U.S. and 50% of voting shares, total equity or membership units are held by foreign nationals, or if they are based in the U.S. and a single foreign national outside the country owns or controls 1% of those interests. The measure had more than 65 Democratic House cosponsors and 11 Senate cosponsors when it was introduced on Wednesday, and it faces an uphill path in a Republican-controlled Congress.