On the recordSeptember 14, 1999
Opponents of campaign finance reform have told us that we must protect free speech. But when they say free speech, they mean big money, because the fact is that the Shays-Meehan bill does not ban any type of communication. It merely reins in those campaign advertisements that have been masquerading as so-called issue advocacy. According to the United States Supreme Court, communications that expressly advocate the election or defeat of a clearly identified candidate can be subject to regulation. So the question is not whether the Government should regulate campaign advertisement; it already does. The real question is whether or not the current test adequately identifies campaign advertisement; and for that, there is a simple answer: no, it does not. Let us pass Shays-Meehan.
Source
govinfo.gov




