; and (B) the Clerk of the Senate or Clerk of the House, respectively, to consider the lobbying activity of businesses in each business category as an indicator in preparation of the report. (4) Timing The Committee on Ethics of the House of Representatives and the Select Committee on Ethics of the Senate shall each submit the first report for a Congress under this section not later than 90 days after the beginning of the Congress. (5) Updates The Committee on Ethics of the House of Representatives and the Select Committee on Ethics of the Senate shall each prepare and submit to the Federal Election Commission updates to reports required under this subsection on a regular and ongoing basis. 713. Corporate PAC ban (a) Limitation (1) In general Section 316(b)(2)(C) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30118(b)(2)(C) ) is amended by striking a corporation and inserting a nonprofit corporation . (2) Definition Section 316(b) of such Act ( 52 U.S.C. 30118(b) ) is amended by adding at the end the following new paragraph: (8) For purposes of this section, the term nonprofit corporation means a corporation described in section 501(c) of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code, other than a corporation which is ineligible to be exempt from taxation under section 501(a) of such Code if it establishes a separate segregated fund under this subsection. . (b) Permitting solicitation of contributions only from executive and administrative personnel Section 316(b) of such Act ( 52 U.S.C. 30118(b) ) is amended— (1) in paragraph (4)(A)(i), by striking its stockholders and their families and ; (2) in paragraph (4)(B)— (A) by striking a corporation the first place it appears and inserting a nonprofit corporation ; (B) by striking any stockholder, executive or administrative personnel, and inserting any executive or administrative personnel