Amends the Federal Election Campaign Act of 1971 to redefine the term "independent expenditure" as an expenditure that expressly advocates the election or defeat of a clearly identified candidate, or is the functional equivalent of express advocacy because it can be interpreted only as advocating the election or defeat of a candidate, taking into account whether the communication involved mentions a candidacy, a political party, or a challenger to a candidate, or takes a position on a candidates, qualifications, or fitness for office.

Expands the period during which certain communications are treated as electioneering communications.

Requires any communication transmitted through radio or television to include an individual or organizational
disclosure statement, together with:

the Top Two Funders List of the persons providing the largest and second largest aggregate payments of $10,000 or more for a radio communication, and

the Top Five Funders List of the five persons providing the largest aggregate payments of $10,000 or more for a television communication.

Repeals the prohibition against political contributions by individuals age 17 or younger.

Requires a covered organization which submits regular, periodic reports to its shareholders, members, or donors on its finances or activities to include in each report, in a clear and conspicuous manner, the information included in the statements it has filed about campaign-related disbursements the organization has made during the period covered by the report.

Requires semiannual reports on election campaign contributions by registered lobbyists for any independent expenditure of $1,000 or more, including electioneering communication.