H.R. 2605

Let It Go Act

This bill establishes a time frame for the disposal of campaign contributions or donations. The bill also prohibits the donation of campaign funds to charitable organizations that are owned or controlled by the candidate or the candidate's immediate family members.

An individual must use contributions or donations before the individual becomes a registered lobbyist or within six years following the most recent federal election in which the individual was a candidate, whichever occurs first.

The remaining contributions or donations must be disposed of within 30 days following either occurrence, first by paying debts or obligations owed in connection with the campaign for that office. If funds are left over, the funds may only be disbursed in one or more of the following ways: (1) returning funds to donors; (2) making contributions to charitable organizations; and (3) transferring funds to a national, state, or local committee of a political party.

The bill prohibits the donation of campaign funds to a charitable organization if the candidate or the candidate's immediate family member (1) is an employee of the organization, (2) is a member of the board of directors, or (3) owns a majority of the voting shares.