Democrats introduced legislation that would sharply limit the ability of foreign-connected companies to participate in U.S. politics and require greater transparency from corporations, unions and nonprofit groups that pay for political advertising.

Rep. Chris Van Hollen and Sen. Chuck Schumer introduced the Disclose Act to blunt the effect of the Supreme Court’s January ruling in the Citizens United case.

The House of Representatives passed a version of the bill in June but it has not been able to move forward in the Senate.

The Disclose Act would accomplish three important goals:

1. Increase transparency and disclosure of political spending:

The most important thing we can do in response to this ruling is ensure transparency and allow people to follow the money that is influencing elections and politicians in Washington. We will require heads of organizations to ‘stand by their ad’ in the same way candidates must. If outside groups spend their funds in campaigns, voters have a right to know who is delivering and paying for the message. Additionally, powerful special interests will not be able to hide behind sham organizations and dummy corporations.

Currently someone could set up “good government inc.” and spend millions on ads – no one would be the wiser of who was really funding the group. Under this bill, the top funder of the ad must also ‘stand by their ad’ and the top five contributors will be listed on the screen at the end of the ad.

2. Prevent foreign companies—including those owned by hostile foreign governments—from influencing America’s elections:

This bill bars U.S. corporations that are controlled by foreign interests from making political expenditures.

This will ensure that foreign corporations, who do not put our country first, are not able to impact our elections or buy our democracy.

3. Ensure that entities that receive taxpayer money can’t turn around and spend money in elections:

The legislation prevents federal contractors and TARP recipients from making political expenditures.

Wall Street banks, for example, should not be able to take taxpayer dollars and then turn around and spend millions to defeat lawmakers who are regulating them.