H.R. 8720 — Campaign Finance Transparency Act

This section requires political committees to obtain the card verification value or code and ZIP Code of the billing address for any internet credit or debit card contribution to a Federal election, except for contributions received by mail. It mandates that the contributor’s mailing address be located in a State or, for individuals outside a State, that the contributor provide a U.S. mailing address used for voter registration, a U.S. passport, or comparable identification (or, for lawful permanent residents, a permanent resident card or comparable Department of Homeland Security document). The section exempts subsequent recurring contributions and stored card information from repeated verification once initial compliance occurs, treats digital wallet contributions as compliant, requires forwarding of such contributions to the treasurer within 10 days, and directs treasurers to refund non-compliant contributions while maintaining records consistent with Commission regulations.

This section prohibits political committees from accepting credit or debit card contributions in federal elections unless the name on the card matches the name of the individual or entity making the donation.

This section prohibits political committees from knowingly accepting contributions made using a gift certificate or store gift card, as defined under section 915(a) of the Electronic Fund Transfer Act. Treasurers aware of a non-compliant contribution must refund it to the donor, but a committee is deemed compliant if its treasurer demonstrates that best efforts were used to meet the requirements.

This section removes the $200 aggregate threshold for itemized reporting of contributions under section 304 of the Federal Election Campaign Act of 1971. Political committees must now report every contribution regardless of amount, including those to authorized committees of candidates for Federal office.

This section expands the prohibition on contributions in the name of another under the Federal Election Campaign Act of 1971 by adding a new subsection that bars any person from knowingly directing, helping, or assisting such contributions, and requires any recipient who suspects a contribution was made in the name of another to report it to the Federal Election Commission.

This section requires the Federal Election Commission to promulgate regulations implementing the amendments made by this Act not later than 90 days after the date of enactment. In issuing the regulations, the Commission must consult with representatives of payment card networks, as defined under section 921(c) of the Electronic Fund Transfer Act, and other relevant stakeholders.

This section delays the effective date of the amendments made by this Act until after the expiration of the 90-day period beginning on the date the Commission promulgates regulations under section 7, applying those amendments only to contributions made thereafter.