Facebook Twitter Email
MARCH 20, 2001

Senator John McCain (R-Ariz.) on Monday opened floor debate on his attempt to change how American politics is funded.

The so-called McCain-Feingold bill would ban "soft money," or large dollar contributions made by corporations, organizations, labor unions, and wealthy individuals to political parties. It also institutes some limits on how money can be spent on political issue advertisements.

Senator Pete Domenici (R-N.M.), who says the bill in its current form has too many ways to "get around the law," introduced an amendment to the bill that would eliminate direct party contribution limits for candidates running against wealthy opponents who put at least $1 million of their own money into a campaign. But it was defeated 51-48 after three Democrats were persuaded to change their minds about the issue.

A rival bill sponsored by Senator Chuck Hagel (R-Neb.) would limit soft-money gifts to political parties to $60,000 a year, require disclosure of spending on political advertising and increase limits on direct "hard money" contributions to candidates.

Get Senate Debate:
VIDEO: McCain, others discuss reform | TEXT: McCain's floor statement | TEXT: Feingold's floor statement

Get the Story:
Senate Starts Freewheeling Finance Tussle (The Washington Post 3/20)
Campaign finance debate begins with close vote (AP 3/20)
Campaign Finance Debate Kicks Off (The Washington Post 3/19)

Relevant Links:
Open Secrets, the Center for Responsible Politics - http://www.opensecrets.org

Related Stories:
Senate gears up for historic debate (3/19)