Accelerating Charitable Efforts (ACE) Act Summary and Key Context

On June 9, 2021, Senators King (ME) and Grassley (IA) introduced the Accelerating Charitable Efforts (“ACE”) Act, which revises current laws dictating the pace and transparency of resources flowing from private foundations and donor advised funds. Proponents of the bill argue that the policies in the bill increase transparency necessary to build public trust and improve the timely flow of existing resources to working charities. Opponents argue that philanthropic resources already flow to working charities at rates higher than those proposed in the bill, and changes may negatively impact the administrative flexibility needed to invest thoughtfully in communities.