Bloomberg BNA:

According to a summary provided by the bill’s lead Senate sponsor, Sen. Sheldon Whitehouse (D-R.I.), the bill would require reports to be filed with the Federal Election Commission each time a 501(c) organization or Super PAC spends $10,000 or more related to federal campaigns. The names of all donors providing over $10,000 to such groups to fund campaign activity would have to be reported to the FEC.

The bill would apply to any organization that sponsors “independent expenditures” or “electioneering communications” in campaigns, as defined by current FEC rules. However, the definition of such messages would be expanded to include campaign-related messages throughout an election year.

The measure also would require reporting transfers of funds to prohibit concealing donors by funneling money through third-party groups. It would allow organizations sponsoring political spending to do so through a segregated bank account or other mechanism to protect the identity of donors not paying for political activities.