Ban Corporate PACs Act

Right now, for-profit corporations can set up their own political action committees (PACs) to raise money from employees and shareholders for political spending. This bill would end that, limiting the ability to create corporate PACs to nonprofit organizations only. Existing corporate PACs would have one year to wind down and disburse their funds. The change would affect companies across every industry that currently maintain PACs — from Wall Street banks to tech companies to defense contractors — while still allowing nonprofit advocacy groups to operate political committees.