A new bill in Congress by Senators Angus King (D-ME) and Chuck Grassley (R-IA), S. 1981, the Accelerating Charitable Efforts (ACE) Act, posits several sweeping policy changes for donor-advised funds (DAFs) and private foundations (PFs). The ACE Act has generated controversy in the philanthropic community. Supporters argue that it will ensure that funds earmarked for charitable purposes reach charitable beneficiaries quickly. They believe that the provisions of the
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