Bill 119 s 118, also known as the "Presidential Inaugural Committee Disclosure Act," is a proposed piece of legislation that aims to increase transparency and accountability in the donations made to Presidential Inaugural Committees.
The bill requires that any donation made to a Presidential Inaugural Committee exceeding $1,000 must be disclosed to the Federal Election Commission within 48 hours of receipt. This disclosure must include the name and address of the donor, as well as the amount of the donation.
Additionally, the bill prohibits foreign nationals, foreign governments, and foreign corporations from making donations to Presidential Inaugural Committees. This is in line with existing laws that prohibit foreign interference in US elections.
The purpose of this bill is to ensure that the public is aware of who is contributing to Presidential Inaugural Committees and to prevent any potential conflicts of interest or undue influence on the incoming administration.
Overall, Bill 119 s 118 seeks to promote transparency and integrity in the fundraising process for Presidential Inaugural Committees, ultimately aiming to uphold the democratic principles of the United States.