Perhaps more important will be the support of Fed Chairman Alan Greenspan, who testifies before Gramm's committee later this week. Supporters of campaign finance reform wasted no time in re-introducing their legislation in a changed political atmosphere in Washington. As in previous years, the reformers want to ban soft money, the unregulated contributions that are supposed to be used only for generic political party building activities, and to put restrictions on issue advocacy advertising by outside interest groups. As Marketplace's John Dimsdale reports from Washington, advocates of change see advantages in moving quickly. The sides have reversed from the last eight years, when the White House welcomed reforms and the Senate was reluctant.
Supporters now figure they have a filibuster-proof sixty votes on their side.
Aides to President Bush say he is not totally opposed to McCain's bill, but would prefer not to take up such a contentious issue this early. He wants a few easier wins under his belt, on education, and health care for example. He knows the financing issue highlights the fact that, as one Democrat put it, Bush holds the world record for campaign fundraising during the course of the last election. But McCain insists his only motive for moving now is to take advantage of current support. The American people have chosen the President of the United States.