Two U.S. senators say billions of dollars intended for charities are stuck in private foundations and donor-advised funds, and they’ve introduced a bill that aims to move that money more quickly into the hands of working charities.
Chuck Grassley, an Iowa Republican, and Angus King, a Maine independent, introduced this week the Accelerating Charitable Efforts Act, which would create new rules for private foundations and donor-advised funds, a popular but controversial giving tool.