The Honest Ads Act would require digital platforms to archive in a publicly available file advertisements purchased around election content, according to Axios, who got a preview of the proposed bill.
"The file would contain a digital copy of the advertisement, a description of the audience the advertisement targets, the number of views generated, the dates and times of publication, the rates charged, and the contract information of the purchaser," the bill reportedly reads.
The bill would also amend the 2002 Bipartisan Campaign Reform Act to expand the definition of "electioneering communication" to include digital platforms and paid online advertisements — currently only broadcast television, radio, cable and satellite communications are included.
Speculation of greater internet regulation has loomed for weeks following disclosures by Facebook, Twitter and Google that Russian entities purchased politically motivated ads on the sites during the 2016 presidential election.
All three companies have been asked to testify before congressional intelligence committees in a broad review of foreign election interference.
The new bill is the first indication that regulation could actually come to fruition. It was introduced by Senators Mark Warner and Amy Klobuchar and co-sponsored by Senator John McCain.