April 29th, 2010
07:35 PM ET

Campaign finance proposal targets corporations

Congressional Democrats unveiled legislation Thursday that would ban foreign-controlled companies and most firms receiving either government contracts or federal bailout funds from spending money on U.S. elections.

The bill also would require the head of any corporation running a political ad to appear in the commercial to say that he or she "approves this message," just as candidates themselves must do today.

The measure is designed to mitigate the impact of a controversial Supreme Court campaign finance ruling this year that overturned a longstanding ban on corporations and unions using their treasury funds to run presidential and congressional election ads.

The 5-4 decision - a victory for the high court's conservative majority - also rejected a prohibition on companies and unions running campaign ads 30 days before a primary election or 60 days before a general election.

Read the full CNN.com story

- From CNN's Molly Levinson

Filed under: Politics
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