Proposing an amendment to the Constitution of the United States to set limits on Federal campaign contributions and spending, prohibit corporate spending in the political process, require Congress to develop a system of public campaign financing for all Federal candidates who qualify for the ballot, and allow the States to set reasonable limits on campaign contributions and spending in State and local elections, and for other purposes.

This bill proposes a constitutional amendment aimed at dramatically reforming campaign finance for federal elections and giving states authority to regulate state and local elections. It would (1) impose hard per-person limits on money spent or contributed to influence federal elections, (2) ban corporate or other legally created entities from spending to influence federal elections, (3) require Congress to implement a public financing system for all federal candidates who qualify for the ballot (with at least 80% of the allowed spending amount), and (4) allow states to enact reasonable limits on money in state and local elections. It also includes enforcement mechanisms, a plan to send unspent campaign funds to the Treasury, and a penalty-based framework, plus a provision that would affect congressional pay if the necessary public-financing legislation is not in place after ratification. The amendment would supersede existing federal campaign-finance rules once ratified by the states.