Again, Congress debates campaign finance reform proposals, focusing on voluntary spending limits in return for public financing, free TV time, and constitutional amendments that would overturn the Buckley decision and allow limits on personal wealth, campaign spending, and out of state contributions. A reform bill with voluntary spending limits, public financing, and discounted TV passes both houses of Congress, yet is vetoed by President George Bush. Both bills fail to include public financing of campaigns. They do contain a ban on soft money contributions to political parties, free TV, in-state contribution requirements, and voluntary spending limits that would cap high spending at current levels. The House bill includes provisions to lower the amount of money raised by large donors and out of state interests.
Proposals now focus primarily on soft money and sham issue ads.
The House passes a bill, yet debate is stalled in the Senate - despite elimination of regulations on sham issue ads from the bill. Soft money contributions, while growing, still only make up 15 percent of the total money raised by candidates and parties combined. At this stage the bills do nothing to reform fundraising by congressional candidates, despite record breaking sums raised in the previous election cycle. Current contribution limits have not prevented candidates from raising money at a faster rate than inflation. The future of campaign finance reform remains to be seen.