Exclusive: Jim Banks aims to put the kibosh on foreign billionaires ruining America

Republican Indiana Sen. Jim Banks unveiled a bill on Wednesday to prohibit foreign donations on ballot measures, the Daily Caller News Foundation first learned.

The Federal Election Campaign Act (FECA) notably prohibits foreign nationals from contributing or donating to any federal, state, or local election in the U.S. Banks’ legislation, titled the “Protecting Ballot Measures From Foreign Influence Act,” would amend the FECA to prohibit contributions and donations by foreign nationals in connection with ballot initiatives and referenda, according to the bill text.

“Foreign billionaires are bankrolling left-wing ballot initiatives to push radical agendas and sway our elections. In recent years, we’ve seen millions pour into pro-abortion campaigns in states across the country,” Banks told the DCNF in an exclusive statement. “My bill closes these loopholes and stops foreign money from corrupting the vote.”

Protecting Ballot Measures From Foreign Influence Act

Between 2017 and 2022, Colorado, Michigan, Minnesota, Montana, New York, and Washington state received more than $163 million in political contributions from the corporate treasury funds of companies with over 5% aggregate foreign ownership, according to a January 2024 report from Open Secrets, a nonpartisan watchdog.

There are also various reports of foreign entities spending millions of dollars to support left-wing ballot measures in the U.S. in recent years. Liberal Swiss billionaire Hansjörg Wyss shelled out over $800 million over the last two decades for a variety of left-wing initiatives across the nation, including pouring millions of dollars into climate change organizations and pro-abortion efforts, the DCNF previously reported.

Additionally, online fundraising platforms that fail to adequately verify donor identities may be susceptible to accepting contributions from foreign actors, whether deliberately or unintentionally, according to a December 2024 report from constitutional advocacy group American Promise.

In May, President Donald Trump signed the “Preserving and Protecting the Integrity of American Elections” executive order, intended to safeguard voting systems in the U.S. from fraud, systemic error, and foreign influence. The president wrote in the order that “foreign interference in our election process undermines the franchise and the right of American citizens to govern their Republic.”

“Free, fair, and honest elections unmarred by fraud, errors, or suspicion are fundamental to maintaining our constitutional Republic,” according to the executive order. “The right of American citizens to have their votes properly counted and tabulated, without illegal dilution, is vital to determining the rightful winner of an election.”

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