Sens. Kelly, Ossoff Introduce Ban Corporate PACs Act
Today, United States Senators Mark Kelly (D-AZ) and Jon Ossoff (D-GA) introduced the Ban Corporate PACs Act to reduce corporate influence in Washington by prohibiting for-profit corporations from influencing political campaigns and federal elections.
Corporate PACs are often established by corporations to influence policy, with corporations able to fund the creation and operation of the PAC, solicit donations from their employees and wealthy stockholders, and then make contributions to political candidates at a higher legal limit than those placed on contributions from individuals.
“From lowering prescription drug costs to creating more renewable energy jobs, the influence of big corporations stands in the way of getting results for Arizonans. Our legislation would put an end to the corrupt influence of corporate PACs in our political system. Arizonans can trust that I will make decisions based on what is best for our state and our country, not corporate interests,” said Senator Kelly.
“I don’t take contributions from corporate PACs. Corporate money corrupts the legislative process, and I’m leading this effort alongside Senator Kelly to ban corporate PACs altogether — as I said I would when I ran for the Senate,” said Senator Ossoff.
“Senators Mark Kelly and Jon Ossoff continue to be leaders in the fight to end the corrupting influence of corporate money in politics,” said End Citizens United // Let America Vote Action Fund President Tiffany Muller. “This bill will be a critical step in ensuring that our government works for the people, not Washington special interests and big donors. From skyrocketing prescription drug prices to tax breaks benefitting only the wealthy and big corporations, Americans see the corrupt broken system we currently have and the need for change. We’re grateful to Senators Kelly and Ossoff for introducing this important piece of legislation and look forward to passing it into law.”
Kelly is the only member of Congress to take the following three transparency and accountability steps: place his assets in Qualified Blind Trusts, release his official Senate schedule and not take Corporate PAC contributions to his campaign. According to Insider, Kelly and Ossoff are two of only 10 sitting members of Congress to put their own stock portfolios in blind trusts.
The Ban Corporate PACs Act would:
- Eliminate the ability of for-profit corporations to establish and manage a PAC.
- Eliminate the ability of for-profit corporations or PACs to solicit contributions from corporate stockholders.
- Require that existing corporate PACs that will no longer be allowed under this Act be terminated and funds be fully disbursed within 1 year after enactment of the Act.
The introduction of the Ban Corporate PACs Act follows Kelly and Ossoff’s recent introduction of their bill prohibiting members of Congress, their spouses, and dependent family members from buying and selling stocks while the member holds office.