Corporations and unions would have to identify themselves on political ads they bankroll, and the CEO or top official would have to make "I approve this message" statements under legislation being introduced in Congress Thursday.
The measures are a direct response to a 5-4 ruling by the Supreme Court in January that upheld the First Amendment rights of such groups to spend money on campaign ads – a decision that greatly enhances their ability to influence federal elections.
"At a time when the public's fears about the influence of special interests were already high, this decision stacks the deck against the average American even more," Sen. Charles Schumer told a news conference on the steps of the Supreme Court building.
The New York Democrat was joined by other Democrats, including Russ Feingold of Wisconsin, a campaign finance legislation veteran. He said the ruling in the Citizens United case was "one of the worst decisions in the history of this distinguished body."
The bill had no Republican sponsors, but Schumer said Democrats were talking to GOP lawmakers and "a good number" were favorably disposed.
A House group led by Rep. Chris Van Hollen of Maryland, a member of the Democratic leadership, and two Republicans, will hold a similar news conference later in the day.
Opponents of the ruling say it overturned established law and that it dangerously tilted the power balance away from individual candidates and voters and in the direction of deep-pocketed corporations and unions. Supporters argue that in addition to abridging the freedom of speech, those seeking to limit campaign spending are serving the interests of better-funded incumbents.
President Barack Obama, in his State of the Union address last February, said the ruling "reversed a century of law to open the floodgates for special interests – including foreign corporations – to spend without limit in our elections."
Saying "sunlight is the best disinfectant," Obama urged Congress in a statement Thursday to act quickly "so the American people can follow the money and see clearly which special interests are funding political campaign activity and trying to buy representation in our government."
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