Reveal Political Spending and Donors

Summary#

This bill (DISCLOSE Act of 2026) would add new rules to the federal campaign finance law to increase disclosure of who pays for political ads and other election-related spending. It tightens the ban on foreign money, requires fast and detailed reporting by corporations, unions, nonprofits and similar groups, adds criminal penalties for creating entities to hide foreign contributions, and expands ad disclaimer rules. The broad goal is to make election spending and its sources more visible to the public and to enforcement agencies.

• Main change: Covered organizations that spend more than $10,000 in an election reporting cycle must file frequent, detailed disclosure reports that name large payers and list beneficial owners of corporations and similar entities.
• Foreign money: The ban on foreign national election spending is clarified and expanded to cover many kinds of disbursements, online paid placements, and transfers meant to fund campaign activity. It also forbids creating a corporation to hide such activity and adds criminal penalties.
• Judicial nominations: Spending that promotes or opposes federal judicial nominees is treated like campaign spending and is subject to the same disclosure rules.
• Ad disclaimers: Audio, video, and many digital ads must include spoken or written “I approve this message” style disclosures and a “Top Funders” list or a link to it. Short ads get adapted rules.
• Administration: The GAO (Comptroller General) must study illicit foreign money every 4-year presidential cycles (through the 2036 cycle). The FEC must coordinate with FinCEN and issue rules; some parts take effect January 1, 2027 or on enactment.

What it means for you#

• Who is affected:

  • Corporations, LLCs, unions, 501(c) organizations, political organizations and some political committees: must report donors, large payments, beneficial owners, and itemize disbursements when they make campaign-related spending above set thresholds.
  • Super PACs and dark-money groups: would face new reporting and disclosure requirements for transfers, donors and payments used for campaign activity or judicial nomination advocacy.
  • Online platforms: platforms that sell political ads and have very large U.S. reach (50 million+ unique monthly U.S. users or equivalent third-party ad vendor reach) are singled out in the rules that define covered foreign-national activity, but the bill does not require the platforms themselves to disclose donors.
  • Advertisers and ad buyers: audio, video, and many paid digital ads must carry clearer spoken/written disclaimers and may need to display or link to a Top Funders list. Short ads and certain party-paid ads have special rules.
  • Donors and beneficial owners: names and addresses of persons who give $10,000 or more (aggregate in a reporting period) to a covered organization may be reported. There is an exception if disclosure would create a serious threat of harassment or reprisals (requires specific evidence).
  • Federal agencies: FEC, DOJ, FinCEN, and GAO have new duties (rulemaking, coordination, studies, and enforcement).
  • Voters: may gain more information on who funds political messages and judicial nomination campaigns.

• Practical changes you might see:

  • Political ads and many digital political posts will include an “I am ___ and I approve this message” or a similar organizational statement. Video ads may also carry a visible “Top Five Funders” list or a link to it.
  • Groups that previously did not disclose donors may begin to publish lists of large funders and beneficial owners.
  • More filings to the FEC will be made quickly (statements must be filed within 24 hours after applicable disclosure dates once thresholds are met).
  • People who set up or use shell companies intending to hide foreign funding face a new federal crime with jail time up to 5 years.

Expenses#

No publicly available information.

• The bill creates new reporting and enforcement duties that would likely increase administrative costs for the Federal Election Commission (rulemaking, monitoring, processing filings).
• It directs GAO to conduct studies every 4-year cycle through 2036, which would have study costs borne by the federal government.
• The Department of the Treasury’s FinCEN is asked to share information with the FEC and to consult on an FEC report, implying coordination and staff time.
• Covered organizations will have compliance costs: tracking payments, collecting beneficial-owner data, preparing frequent reports, and modifying ads and websites to include expanded disclaimers.
• The new criminal offense could increase prosecution costs for DOJ if cases arise.

Proponents' View#

(The bill’s own findings and text suggest these reasons.)

• The bill appears intended to make election spending more transparent so voters and enforcement agencies can see who is funding political messages.
• It aims to close loopholes that could allow foreign nationals to influence U.S. elections by broadening the kinds of disbursements covered by the foreign-money ban.
• Requiring disclosure of beneficial owners and large funders could help detect and deter attempts to hide the source of political money.
• Treating judicial nomination advocacy like election spending is intended to let the public know who is trying to influence the selection and confirmation of federal judges.
• Expanded disclaimers in ads are meant to help voters quickly identify who is behind political messaging.

Opponents' View#

(These are potential concerns implied by the bill’s design or gaps in detail.)

• One concern is privacy and safety: the bill requires naming donors and beneficial owners in many cases. Even with a harassment exception, some donors could be exposed in ways that raise safety or privacy issues for donors and their families.
• One concern is administrative burden: frequent 24-hour reporting and detailed itemization could be costly and time-consuming for nonprofits, small organizations, and the FEC.
• One concern is legal uncertainty and litigation risk: the scope of new disclosure and disclaimer rules is broad and could prompt constitutional challenges on free speech or association grounds. The bill speeds and centralizes judicial review, but the bill does not prevent litigation.
• The bill does not fully explain how technical parts will work in practice, for example: how the 50 million unique monthly U.S. visitors test for an “online platform” will be measured; how the Top Funders lists will be shown across many digital ad formats; and how FEC will implement exemptions.
• One concern is enforcement capacity: the bill increases duties for FEC, FinCEN, and DOJ without publicly available cost estimates, raising questions about whether agencies will get enough resources to enforce the new rules.