Campaign Finance Transparency Act

This bill would expand federal campaign finance requirements by requiring political committees to collect verification codes and billing ZIP codes for all internet-based credit or debit card contributions. It proposes to eliminate the $200 disclosure threshold, requiring committees to report identifying information for all contributors regardless of the donation amount. Additionally, the bill would prohibit contributions made via gift cards or under the name of another person, while generally requiring donors to have a U.S. mailing address unless they are U.S. citizens or permanent residents living abroad.

This bill affects political committees, which must implement new verification procedures for credit card contributions and report all contributors regardless of the donation amount. Individuals and entities making federal campaign contributions are affected by new requirements to provide billing ZIP codes, verification values, and matching cardholder names. Additionally, the Federal Election Commission is responsible for promulgating regulations and receiving reports regarding suspected contributions made in the name of another person.

• Enhanced verification for online card contributions. Political committees must collect the verification code and billing ZIP code for any credit or debit card contribution made over the internet.
• Stricter identification and residency requirements for donors. Donors must generally have a U.S. mailing address, with exceptions for citizens and permanent residents who provide specific identification. Additionally, the name on a credit or debit card must match the name of the individual or entity making the contribution.
• Prohibition on gift card contributions. The bill prohibits political committees from accepting any campaign contributions made through gift certificates or store gift cards.
• Elimination of the disclosure threshold. Political committees are required to report identifying information for all contributors regardless of the amount, removing the previous $200 threshold for disclosure.
• Prevention of contributions in the name of another. The bill prohibits assisting anyone in making a contribution in another person's name and requires committees to report any suspected instances of such activity to the Federal Election Commission.

The bill modifies existing federal campaign finance regulations by removing a $200 threshold for contributor disclosure and establishing new verification requirements for credit card contributions. It also directs the Federal Election Commission (FEC) to promulgate new regulations to implement these changes to reporting and contribution standards.

The bill aims to enhance campaign finance transparency and security by expanding contribution disclosure requirements and implementing stricter verification protocols for credit and debit card donations. It seeks to ensure that federal election contributions are made by eligible individuals and entities while preventing the use of anonymous or third-party payment methods.