Exclusive: Dems propose corporate PAC ban
Why it matters: The debate over the power of money in politics divided Democrats in their last two open presidential primaries. It could split them again in 2028.
Sens. Mark Kelly (D-Ariz.) and Elissa Slotkin (D-Mich.) — two potential presidential hopefuls — will introduce the Ban Corporate PACs Act on Tuesday, we're told.
The legislation would ban corporations from establishing and managing a PAC or soliciting contributions from stakeholders, and eliminate existing corporate PACs.
Using PACs, corporations can make contributions to candidates up to higher limits than individuals.
The big picture: Polling indicates Americans believe elected officials are too influenced by money in politics.
Kelly said corporate money has "way too much control" over Washington. Slotkin said banning the corporate PACs is a "no-brainer first step" to regaining the trust of the middle class.
During the 2024 election, 1,659 corporate PACs spent a total of more than $350 million, according to data from the Federal Election Commission. They raised over $340 million.
"I talked to two of my Republican colleagues recently about these corporate PACs. ... There is bipartisan interest," Kelly told Axios in an interview Tuesday. "Does that interest turn into bipartisan legislation? We'll have to see."
Between the lines: Kelly and Slotkin have pledged to reject corporate PAC money, and have done so in their past campaigns.
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