Congress moves to block foreign-controlled companies from U.S. elections
H.R. 9874 — Get Foreign Money Out of United States Elections Act · Filed by Jamie Raskin (D-MD) · 79 cosponsors · Introduced Jul 22, 2026 · Referred to committee
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What it does
This bill closes a loophole in federal election law by banning contributions and campaign spending from U.S. business entities that are foreign-controlled, foreign-influenced, or foreign-owned (at thresholds ranging from 1% to 50% foreign ownership depending on the entity structure). It requires companies making political donations to certify under penalty of perjury that they are not foreign-controlled, and it prevents recipients of such donations from using them in elections unless they receive and verify the certification. The bill also extends the foreign-money ban to state and local ballot initiatives and requires corporate PACs to certify that no foreign nationals participate in their spending decisions.
Why we flagged it
The bill's core mechanism is a substantive tightening of the foreign-money ban in federal election law, extending it to foreign-controlled domestic entities and adding certification and tracking requirements. This is a direct regulatory response to a known loophole, not a tax provision, subsidy, or commemorative measure.
What the text implies
- The 1% foreign-ownership threshold for certain entities is significantly lower than typical foreign-investment disclosure thresholds in other regulatory contexts (e.g., CFIUS reviews at 10%+), potentially capturing passive minority investors and creating compliance complexity for multinational corporations with diverse shareholder bases.
- The certification requirement places liability on corporate officers (under penalty of perjury) for determining 'beneficial ownership,' which may be difficult to verify in complex corporate structures with shell companies, trusts, or opaque foreign ownership chains, creating enforcement asymmetry.
The full analysis lists 4 implications of this text.
Who it affects
The bill strengthens protections against foreign influence in U.S. elections by closing a known loophole that allows foreign-controlled entities to funnel money into domestic campaigns.