Ban Corporate PACs Act

The Ban Corporate PACs Act would amend federal election law to require that political committees funded by corporations must be operated by nonprofit organizations (like 501(c) groups), not for-profit corporations. It would prevent these committees from soliciting contributions from stockholders or their families, restricting donations solely to executive and administrative staff. Existing corporate political committees that don't meet the new nonprofit definition would have to dissolve and disburse all funds within one year of the law taking effect.