Congressional Democrats, led by Rep. Jamie Raskin and Sen. Sheldon Whitehouse, are introducing the Get Foreign Money out of U.S. Elections Act to establish foreign ownership thresholds for U.S. corporations, preventing those with significant foreign ownership from contributing to political campaigns.
This initiative responds to concerns that the Citizens United Supreme Court decision has enabled foreign influence in American elections. The bill aims to bar companies where foreign nationals own over 50% of voting shares or where a single foreign national controls 1% of shares from making political contributions.
Although the proposal has garnered support from over 65 House Democrats and 11 Senate Democrats, its passage is uncertain given Republican control of Congress. The bill follows a recent bipartisan effort to restrict foreign contributions in local elections, highlighting a growing concern over foreign interference in U.S. democracy