On the recordMarch 27, 2000
As I read this short and very simple proposal from the Senators from South Carolina and Arizona with respect to political speech, it does not amend the first amendment. It repeals it. It states that the Congress of the United States has the power reasonably to limit contributions or expenditures with respect to elections for Federal and State offices. That is exactly the power the Congress of the United States would have were there no first amendment to the Constitution of the United States. Our actions in that respect would have to meet some test of reasonableness under the 14th amendment in that field as they do in every other. But for all practical purposes, the first amendment to the Constitution of the United States, ratified by the States 209 years ago, would be repealed with respect to political speech.
Source
govinfo.gov
