This is what the ACLU has to say:
McCain-Feingold, the most popular version of campaign finance reform pending in Congress, would unconstitutionally limit robust, political speech in the following manner:
*Issue advocacy would be restricted year-round. Under current law, issue advocacy is defined as ads which do not contain an express directive to vote for or against a candidate. Under campaign finance reform this bright line test would be removed. The new vague standard being proposed could be used to restrict labor unions from airing ads concerning health care or even ACLU Nebraska from placing ads criticizing Lincoln’s mayor for signing a March for Jesus Day Proclamation, if the law were to be applied or copied on a local level.
*A two-month blackout on all television and radio ads before primary and general elections. The only individuals and groups that would be able to characterize a candidate’s record on radio or T.V. during this sixty-day period would be the candidates, PACs and the media. Thus, a group of concerned citizens could not place an ad during this period.
*The voting records that would be permitted under this new statute would be stripped of any advocacy-like commentary. For example, the ACLU might be banned from distributing a voting guide that highlights members of Congress who have voted with the ACLU 100 percent of the time.
*Redefining "expenditure," "contribution," and "coordination with a candidate" so that constitutionally protected activities of issue-advocacy groups would be barred. Thus, if the ACLU decided to take out an ad lauding by name certain Senators for their effective advocacy of constitutional campaign finance reform, this ad would be considered as express advocacy on behalf of a named Senator and therefore prohibited.
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