Real Time Transparency Act

II 116TH CONGRESS 1ST SESSION S. 942 To amend the Federal Election Campaign Act of 1971 to require all political committees to notify the Federal Election Commission within 48 hours of receiving cumulative contributions of $1,000 or more from any contrib- utor during a calendar year, and for other purposes. IN THE SENATE OF THE UNITED STATES MARCH 28, 2019 Mr. KING (for himself and Ms. WARREN) introduced the following bill; which was read twice and referred to the Committee on Rules and Administration A BILL To amend the Federal Election Campaign Act of 1971 to require all political committees to notify the Federal Election Commission within 48 hours of receiving cumu- lative contributions of $1,000 or more from any contrib- utor during a calendar year, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Real Time Trans- 4 parency Act’’. 5 VerDate Sep 11 2014 00:50 Apr 05, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S942.IS S942 pamtmann on DSKBFK8HB2PROD with BILLS 2 •S 942 IS SEC. 2. 48-HOUR NOTIFICATION REQUIRED FOR ALL POLIT- 1 ICAL COMMITTEES RECEIVING CUMULATIVE 2 CONTRIBUTIONS OF $1,000 OR MORE DURING 3 A YEAR FROM ANY CONTRIBUTOR. 4 (a) NOTIFICATION.—Section 304(a)(6)(A) of the 5 Federal Election Campaign Act of 1971 (52 U.S.C. 6 30104(a)(6)(A)) is amended to read as follows: 7 ‘‘(A)(i) If a political committee receives an aggregate 8 amount of contributions equal to or greater than $1,000 9 from any contributor during a calendar year, the com- 10 mittee shall submit a notification to the Commission con- 11 taining the name of the committee (and, in the case of 12 an authorized committee of a candidate, the name of the 13 candidate and the office sought by the candidate), the 14 identification of the contributor, and the date of receipt 15 and amount of the contributions involved. 16 ‘‘(ii) If, at any time after a political committee is re- 17 quired to submit a notification under this subparagraph 18 with respect to a contributor during a calendar year, the 19 political committee receives additional contributions from 20 that contributor during that year, the committee shall sub- 21 mit an additional notification under clause (i) with respect 22 to such contributor each time the aggregate amount of the 23 additional contributions received from the contributor dur- 24 ing the year equals or exceeds $1,000 (excluding the 25 amount of any contribution for which information is re- 26 VerDate Sep 11 2014 00:50 Apr 05, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S942.IS S942 pamtmann on DSKBFK8HB2PROD with BILLS 3 •S 942 IS quired to be included in a previous notification under this 1 subparagraph). 2 ‘‘(iii) The political committee shall submit the notifi- 3 cation required under this subparagraph with respect to 4 a contributor— 5 ‘‘(I) in the case of a notification described in 6 clause (i), not later than 48 hours after the date on 7 which the aggregate amount of contributions re- 8 ceived from the contributor during the calendar year 9 first equals or exceeds $1,000; or 10 ‘‘(II) in the case of an additional notification 11 described in clause (ii), not later than 48 hours after 12 the date on which the aggregate amount of contribu- 13 tions received from the contributor during the cal- 14 endar year for which information was not already in- 15 cluded in a notification under this subparagraph 16 first equals or exceeds $1,000. 17 ‘‘(iv) For purposes of this subparagraph, any amount 18 transferred by a joint fundraising committee which is es- 19 tablished by an authorized committee of a candidate to 20 any other authorized committee of that candidate shall be 21 treated as a contribution by the joint fundraising com- 22 mittee to such authorized committee.’’. 23 (b) EFFECTIVE DATE.—The amendment made by 24 subsection (a) shall apply with respect to contributions re- 25 VerDate Sep 11 2014 00:50 Apr 05, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S942.IS S942 pamtmann on DSKBFK8HB2PROD with BILLS 4 •S 942 IS ceived by a political committee under the Federal Election 1 Campaign Act of 1971 during 2019 or any succeeding 2 year, except that nothing in such amendment may be con- 3 strued to require a political committee which does not re- 4 ceive contributions during the portion of 2019 which oc- 5 curs after the date of the enactment of this Act to meet 6 the requirements of section 304(a)(6)(A) of the Federal 7 Election Campaign Act of 1971, as amended by subsection 8 (a). 9 Æ VerDate Sep 11 2014 00:50 Apr 05, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S942.IS S942 pamtmann on DSKBFK8HB2PROD with BILLS