Traditional media companies are required to include disclosures of who is sponsoring a political ad when the ad is broadcast or printed. They also are required to keep public files with copies of the ads, how much they cost and who paid for them.
That requirement would kick in for social media companies anytime a group or individual buys $500 or more worth of political ads. Violations of the rules would result in fines, which traditional media companies are already subject to. The rule would apply to large social media companies with at least 50 million monthly viewers.
So far, social media companies have opposed any effort at government regulation, but the senators said they hope to convince them to support their bill.
Warner, a former tech entrepreneur and vice chairman of the Senate intelligence panel, said he believes the legislation is "a light-touch approach" rather than heavy-handed government regulation.
"We don't want to slow down innovation on the Internet, but I think Americans deserve to know whether the ads they're seeing are generated by Americans or generated by foreign interests," Warner said.
Executives from Facebook, Twitter and Google are expected to appear at Nov. 1 public hearings before the House and Senate intelligence committees to talk about the Kremlin-linked ads. The panels are investigating Russian interference in the 2016 presidential election and possible collusion between the Trump campaign and Russian officials.
"In the wake of Russia’s attack on the 2016 election, it is more important than ever to strengthen our defenses against foreign interference in our elections," said McCain, who is chairman of the Senate Armed Services Committee. "I am confident this legislation will modernize existing law to safeguard the integrity of our election system."