A new bill introduced by a state assemblymember from the South Bay seeks to improve the integrity of California elections.
Assemblymember Alex Lee, D-San Jose, penned Assembly Bill 83, or the Get Foreign Money Out of California Act.
The bill would amend the state’s Political Reform Act of 1974, which prohibits foreign governments or foreign nationals from making contributions, donations or expenditures to politicians or political committees in California.
The amendment would prohibit foreign influenced corporations from engaging in direct election spending within the state.
Under AB 83, a U.S. corporation would be “foreign influenced” if 1 percent of the company’s shares were owned by a single foreign investor, if 5 percent of shares are owned by multiple foreign investors, or if a foreign entity participates in making decisions on state or local political spending.
Green card holders are exempt from the statute because they have established legal permanent residence in the country and have a legitimate stake in the outcome of state, local and federal elections.
“Foreign investment in U.S. companies has increased dramatically to own 40 percent of all U.S. corporate equity,” Lee said.
“Our reform to stop foreign money from exerting influence on California elections is needed to plug this giant loophole in Citizens United.”
That loophole was created in the U.S. Supreme Court 2010 ruling Citizens United v. FEC that lifted a ban on independent campaign expenditures by corporations.
The bill, now pending in the Legislature, was co-authored by Assemblymember Ash Karla, D-San Jose.
Let’s get that going across the country. While we’re at it let’s put a cap on how many properties foreign nationals can own.
I remember years ago if you weren’t a native Hawaiian you could not buy a house there.
While I support getting foreign money out of our domestic elections, the hypocrisy is not lost on me that the person writing this bill represents San Jose and much of Silicon Valley, a region that sent huge amounts of money across the country to a place they don’t live to influence the elections in Georgia to control the Senate.
Let’s also get unions out of elections too…
OH PLEASE
Also get corporate America like big pharma, insurance and energy out of elections as well. Also need to get big developers out of the elections. Keep it grass roots
@to do list, you think giving money to elections outside your state is the same as forgiven money?
@Well Folks, blame the supreme court then. With the Citizens United decision.
hmmm, politicians passing legislation that will limit the ability to receive donations…. probably not.
hmm … it is not already illegal?
And if we took foreign money out of the election campaigns, how would Newscum get elected, or even Biden?
Or 45!!!
@sam Jesse Benton disagrees with you.
Don’t worry. They still have fraud. They will be just fine!
.
Should also be a law to keep union money out… CTA, AFL-CIO, IBEW,
Why? Those are the people who pay the most taxes. Your logic make no sense. China shouldn’t be donating to our politicians.
EXIT
Also get corporations out of elections. You know insurance, big pharma, energy companies, developement co etc
But how would the Chinese be able to influence our politicians? Seems kind of racist and fear mongering. I was hoping for a new Chinese Police Station in San Francisco.
Americans can buy property in Mexico.
Its held in a trust. But the laws there are definitely designed to limit foreign buyers from taking over , similarly in Italy too.
Caveat emptor…..
you can loose your entire investment if some distant relative shows up and make a claim in the property..
You can bet the effect of this bill is the opposite of what is stated. The Devil is in the details, which will be buried somewhere in this bill.