Dianne Feinstein: “this bill has three simple provisions. First of all, it bans soft money. Second, it raises hard money contributions to…”

“this bill has three simple provisions. First of all, it bans soft money. Second, it raises hard money contributions to candidates from $1,000 to $3,000. Third, it requires the disclosure of those parties who pay for the so-called issue ads, who contribute to the soft money which at present is undisclosed. So it would require disclosure of any expenditure of $10,000 or more of an independent campaign within 48 hours, and it would require disclosure of any individual who contributes more than $3,000 to an independent campaign. That is all this bill would do. I think, any way you look at it, looking at campaign spending reform, one has to look at the unregulated nature of soft money and the appearance--and I use the word ``appearance''--of corruption that it brings to campaigns. Clearly, when in the same session of Congress you have tobacco legislation in front of this body and you have a tobacco company that contributes $1 million in soft money at the same time, you can draw a conclusion--perhaps falsely, but nonetheless draw it--that that money is contributed in large amounts with hopes of gaining votes in support of the company. I think the numbers, the size of soft money contributions, really, are what ought to concern this body. The Republican Party raised $131 million in soft money during the 1998 election cycle. That is a 150- percent increase over the last midterm election, in 1994.”