Ban Corporate PACs Act

HR 5941, the Ban Corporate PACs Act, prohibits for-profit corporations from establishing or operating political action committees (PACs). It amends federal election law to restrict separate segregated funds for political purposes to nonprofit organizations (like 501(c) groups), not for-profit companies. The bill also limits contributions to these funds to only executive and administrative personnel - not shareholders - and requires existing corporate PACs to dissolve within one year of enactment. This directly affects for-profit corporations that currently run PACs and their shareholders, shifting political fundraising authority to nonprofits.