DISCLOSE Act tweaked to spare U.S. subsidiary PACs?

The Hill reports on the potential for amendments to the DISCLOSE Act to address its treatment of political action committees established by U.S. subsidiaries of foreign corporations.

“We have already had constructive conversations with the bill’s sponsors regarding our strong concerns over the impact on U.S. subsidiaries’ PACs,” said Nancy McLernon, OFII’s president. “The problem for us begins and ends with how the bill redefines U.S. subsidiaries, which employ 5.5 million Americans, as foreign entities that have goals other than furthering their commercial business in the U.S.”

In recent weeks, OFII, the American Council of Life Insurers, as well as the National Association of Business PACs, or NABPAC, all have lobbied against the foreign-nationals provision as originally written.

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