ISSUES: Campaign Finance
Highlights of the campaign finance bill signed by President Bush
• Bans "soft money," unlimited contributions that unions, corporations and individuals donate to national political parties to use for purposes other than expressly advocating a candidate's election or defeat. State and local parties could use up to $10,000 in soft money for certain political activities.
• The limit for "hard money," individual contributions for candidates per election, was set at $1,000 in 1974 but would climb to $2,000 for both House and Senate candidates. Currently an individual can contribute up to $50,000 over a two-year election cycle to parties and candidates. The measure would allow $95,000 over two years to candidates and parties.
• Unions, corporations and some independent groups would be banned from broadcasting certain types of political advertising within 60 days of an election or 30 days of a primary. These commercials are generally known as "issue ads," because they refrain from advocating election or defeat of specific candidates, yet refer directly to them and can attack or defend them.
• Prohibits foreigners from making contributions to federal, state or local elections.
• Bans solicitation of campaign contributions on federal property, including the White House and the Capitol complex.
• Tells the Supreme Court it should judge each provision individually, and not view any legislation on an all-or-nothing basis.
• Requires television and radio stations to make public information relating to all broadcast political advertising, including ads paid for by independent organizations. Requires more frequent disclosure for various party fund-raising committees and orders the Federal Election Commission to put information on the Internet within 24 hours of receipt.
• Allows a candidate running against a wealthy opponent who spends more than a threshold amount of his or her own money to raise hard-money contributions at triple the usual amount and receive more party donations.
