0
Inaugural Committee Transparency Act of 2024
2/5/2024, 5:45 PM
Summary of Bill S 3616
Under this legislation, inaugural committees must report all donations over $200, as well as any donations from foreign entities or individuals. Additionally, the bill prohibits inaugural committees from accepting donations from lobbyists, foreign governments, or corporations that are majority-owned by foreign entities.
The Inaugural Committee Transparency Act of 2024 also requires inaugural committees to submit detailed financial reports to the Federal Election Commission within 90 days of the inauguration. These reports must include information on how funds were raised and spent, as well as any surplus funds that are transferred to charitable organizations. Overall, this bill seeks to promote transparency and accountability in the planning and execution of presidential inaugural ceremonies, ensuring that the American public has access to information about the sources of funding and potential conflicts of interest that may arise during these events.
Congressional Summary of S 3616
Inaugural Committee Transparency Act of 2024
This bill requires the presidential inaugural committee to disclose to the Federal Election Commission, by 90 days after the presidential inaugural ceremony, any disbursement made in an amount equal to or greater than $200 and the purpose of each disbursement. The committee must also disclose the name and address of the person to whom the disbursement was made, the date of the disbursement, and the total amount and purpose of the disbursement.
The bill prohibits (1) an inaugural committee from soliciting or receiving a donation from a foreign national, in addition to the current ban on a committee accepting such a donation; (2) a person from making a donation to an inaugural committee in the name of another; (3) a foreign national from making a donation or making a promise to make a donation to such a committee; or (4) converting a donation to an inaugural committee to personal use.
The committee must disburse any remaining donated funds not later than 90 days after the inaugural ceremony to tax-exempt charitable organizations, but may request an extension of such 90-day period.
