ALBANY, N.Y. (NEWS10)- Wednesday the Governor’s Office released a proposal that would stop companies with foreign influences from making contributions to political elections in the state.
The Governor’s Office said current campaign finance laws in the U.S. prohibit foreign nationals from giving money to any city, state or federal political campaign.
This new legislation would extend the ban to corporations owned or run by foreign nationals. The Governor included the proposal in the FY 2021 Executive Budget.
“We’ve seen undeniable proof that foreign entities have tried to undermine and influence our elections, and today New York takes is taking a bold step forward to protect the integrity of our democratic process,” Governor Andrew Cuomo said.
“With this measure, we are once and for all closing a loophole that allowed foreign-controlled corporations to donate to campaigns and in the process, helping to restore confidence in our elections,” he said.
The proposal would ban foreign-influenced corporations if they meet the following criteria:
- If a single foreign entity controls 5% ownership.
- If more than 10% ownership in aggregate by two or more foreign entities.
- If more than 10% of a corporation’s board members are foreign nationals, or a foreign national participates in the decision making with respect to a corporation’s political activities in the U.S.