Follow the Money Transparency Act

Liberty
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Follow the Money Transparency Act of 2024

Purpose:

To enhance public trust and combat corruption by ensuring transparency in affiliations that influence public policy, decision-making, and opinion formation, specifically addressing areas not adequately covered by the Corporate Transparency Act (CTA) while respecting individual liberties and promoting voluntary compliance.

Section 1: Short Title

This Act may be cited as the “Follow the Money Transparency Act of 2024.”

Section 2: Findings

  • Transparency in the sources of influence is vital for an informed public and to prevent corruption.
  • Financial and influential relationships can significantly affect the impartiality of individuals and organizations in public life.

Section 3: Definitions

  • Public Figure: Any individual with a significant capacity to influence public opinion on policy, including elected officials, appointees, journalists, or content creators with over 10,000 followers/subscribers or notable public reach.

  • Media Entity: Organizations that produce or distribute news, information, or opinion content.

  • Affiliation: Any relationship where:

    • Financial support exceeds $10,000 USD annually or constitutes 5% or more of total revenue, or
    • Non-financial influence that materially affects public policy or opinion is exerted, including strategic roles like board memberships or advisory positions.

  • Beneficial Owner: An individual who, directly or indirectly:

    • Exercises substantial control over the entity, or
    • Owns or controls at least 5% of the voting rights or equity interests of the entity.

Section 4: Disclosure Requirements

  • Voluntary Opt-In for Small Entities: Entities with less than $500,000 USD in revenue or under 10,000 followers/subscribers can opt into the disclosure system unless they engage in significant political lobbying or advocacy.

  • Public Figures and Media Entities must:

    • Report affiliations relevant to their public actions or statements in a government-managed, anonymized database, accessible via their official platforms.
    • Update disclosures within 30 days of significant changes related to policy or opinion influence, reducing to 10 days for changes that could materially affect current public debates or policy decisions.
    • For entities formed on or after January 1, 2024, report company applicants in addition to beneficial owners.

  • Entities Subject to CTA: Must report additional details not covered by CTA if they fall within the above definitions of Public Figure or Media Entity.

  • Exemption for Personal Expression: No disclosure is required that would infringe on free speech rights related to personal opinions or artistic expressions.

Section 5: Integration with CTA

  • This Act complements the CTA by focusing on transparency regarding entities influencing public policy and opinion, where CTA addresses ownership transparency to combat financial crimes.

Section 6: Privacy Protections

  • All disclosures will have personal identifiers redacted in public records, with full details only accessible to authorized oversight bodies under strict confidentiality.

Section 7: Enforcement and Incentives

  • A Transparency Oversight Commission will:

    • Oversee compliance with AI-assisted monitoring for efficiency.
    • Offer incentives such as tax credits for entities exceeding compliance standards.

  • Penalties for non-compliance include:

    • Fines up to $10,000 per instance for non-disclosure or misleading disclosure, focusing on intentional violations.
    • Requirement for public correction.

Section 8: Government Data Usage Limitation

  • The use of disclosed information by government entities is strictly limited to oversight for corruption prevention, with severe penalties for misuse.

Section 9: State Flexibility

  • States may implement stricter transparency regulations, but this Act sets the minimum federal standard.

Section 10: Sunset Clause

  • This Act shall expire 10 years after enactment unless Congress votes to extend it.

Section 11: Implementation

  • Effective 180 days post-passage, with establishment of:
    • The Transparency Oversight Commission.
    • Guidelines for what constitutes “significant influence” on policy or public opinion, ensuring no duplication with CTA requirements.

Section 12: Severability

  • If any provision of this Act is invalidated, the remainder shall remain in effect.
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I also want to add to this the disclosure of short positions against stocks. The idea is disclosing incentives for speaking for or against ideas, people, and companies in an attempt to sway opinion for personal gain.

Again, you can have ownership. You can short. You can promote or speak against. But your incentives must be transparent so people can make an informed decision.