Congressional Dems Propose Campaign Financing Bill
February 12, 2010 at 4:27 AM (PT)
Congressional Democrats have unveiled their response to the Supreme Court's CITIZENS UNITED v. FCC ruling on corporate and union political donations, a set of new regulations that would attempt to restore some restrictions on corporate political spending without taking the constitutional amendment route.
Sen. CHARLES SCHUMER (D-NY) and Rep. CHRIS VAN HOLLEN (D-MD) announced the proposals at a THURSDAY press conference, with SCHUMER calling the bill "Congress' best remedy," but admitting that the Democrats have not yet lined up any Republican support for the proposals.
The bill would ban companies which have received and not yet repaid government bailout funds, as well as companies with more than 20% foreign investment and government contractors, from funding political advertisements. Companies permitted to donate would be subject to strict disclosure laws.
The bill will be introduced when the Congress returns from PRESIDENTS DAY recess.