Two key U.S. senators introduced legislation Wednesday designed to spur faster payouts from donor-advised funds and foundations, giving new momentum to an effort that has deeply divided philanthropy.
Sen. Chuck Grassley, Republican of Iowa, a former chairman of the Finance Committee who still sits on that panel, and Sen. Angus King, an independent from Maine who caucuses with the Democrats, have teamed up on legislation that closely tracks a plan put forward by the Initiative to Accelerate Charitable Giving, a group of prominent wealthy donors, foundations, and scholars of charitable giving.