After two weeks of debate and a string of defeated amendments, the US Senate has passed a campaign finance reform bill that opponents say will weaken the political process and might even be unconstitutional.

The Senate today by a 59-41 vote, passed S. 27 the Campaign Finance Reform Act, sponsored by Republican Sen. John McCain and Democratic Sen. Russell Feingold.

The McCain-Feingold bill bans unregulated "soft-money" donations to political parties, restricts the use of political ads and increases political contribution limits for private individuals. 

Individuals, currently limited to donating $1,000 per year, or $2,000 per election cycle to political campaigns, would be allowed to donate $2,000 per year, or $4,000 per election cycle under the McCain-Feingold bill.

Specific sections of the Campaign Finance Reform Act accomplish the following:

Reduction of Special Interest Influence - Title I: The bill as introduced would completely ban some and place strict limitations on other donations of "soft-money." Soft-money is money donated to political parties rather than to specific candidates. Most soft-money donations come from wealthy individuals, corporations and organized labor unions. In the last election, soft-money donations to political parties amounted to more than $500 million. This section also doubles the limits on donations by individuals.

Campaign Advertising - Title II: The bill also places limitations "issues-based" campaign advertisements paid for by independent groups or organizations. An example would be a campaign TV ad paid for by a private industry or company, rather than from funds raised by the candidate or political party.

Miscellaneous Provisions - Title III: The bill also prohibits campaign fundraising on property belonging to the federal government and strengthens existing laws against campaign contributions by foreign nationals.

The bill also makes several other amendments to the Federal Election Campaign Act of 1971 (FECA), summarized by the Congressional Research Service as follows:

• Establishes an individual annual limit of $10,000 for State committee contributions. Increases the aggregate individual contribution limit to $30,000.
• Requires national and State committees to report all receipts and disbursements. Repeals the building fund exception to the definition of contribution.
• Requires the filing of additional statements on electioneering communications with the Federal Elections Commission (FEC).
• Sets out provisions with regard to electioneering communications, including rules prohibiting corporate and labor disbursements for such communications.
• Adds requirements for reporting certain independent expenditures to the FEC.
• Prohibits a committee of a political party from making both independent and coordinated expenditures for a nominee.
• Requires coordinated activities to be considered as contributions to and expenditures by a candidate.
• Lists the permitted and prohibited uses of amounts contributed by a candidate or an incumbent.
• Amends the Federal criminal code to prohibit campaign fundraising on Federal property.
• Amends FECA concerning contributions and donations by foreign nationals in connection with Federal, State, or local elections.
  
  [Source: Congressional Research Service]

The bill now travels to the House where its fate is questionable at best.

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