The GOP presents a project to prohibit foreign financing in elections

Americans For Public Trust announced that Swiss magnate Hansjörg Wyss invested almost $250 million in several progressive electoral committees.

Several Republican senators, led by Bill Hagerty, introduced a bill to end undue foreign influence in US elections. The initiative was announced at the same time that the influence of Swiss billionaire Hansjörg Wyss in the latest electoral processes was revealed.

According to an investigation by Americans For Public Trust, the Swiss businessman directed nearly $250 million to an intermediary organization that in turn invested approximately $100 million in progressive campaigns across the country.

"Swiss billionaire Hansjörg Wyss' influence on our elections begins with the $243 million he funneled to the dark money group Sixteen Thirty Fund. Then, Sixteen Thirty Fund turned around and invested nearly $100 million to fund ballot issue campaigns in 25 states over the last decade," Americans For Public Trust explained.

Likewise, Americans For Public Trust argued that elections should be for Americans, not foreign billionaires who influence politics. "That’s why we’ve released our new report detailing how foreign nationals use dark money to influence our elections and what can be done to STOP them," Americans For Public Trust highlighted.

If state and federal laws permit a Swiss billionaire to fund ballot initiative campaigns, there is nothing stopping U.S. adversaries from Communist China, Russia, or North Korea from doing the same.

According to the report, funding is often concentrated in presidential battleground states, such as Arizona, Michigan and Ohio, or in states with competitive U.S. Senate races, such as Colorado, Missouri and Nevada.

In that sense, Americans For Public Trust pointed out that despite the prohibition on foreigners from donating to political candidates and PACs, there is currently no federal law that prevents foreigners from donating to electoral committees, which is why - it noted - Closing the foreign influence loophole is important.

"Closing this loophole is of utmost importance to maintain the security of American elections. Without such a ban, foreign billionaires like Hansjörg Wyss will continue to use their foreign dark money to influence politics," they noted.