WASHINGTON – Rep. Benjamin L. Cardin has joined as an original co-sponsor of The Bipartisan Campaign Finance Reform Act, HR 380, sponsored in the House by Reps. Christopher Shays, R-CT and Rep. Martin Meehan, D-MA. During the 106th Congress, a similar version of campaign finance reform legislation passed the House of Representatives, but failed in the Senate. Rep. Cardin is a long-time supporter of the Shays/Meehan bill, which is similar to the Senate bill put forth by Sens. John McCain and Russell Feingold. It would close legal loopholes in current campaign finance law by which certain groups use vast sums of money to overly influence elections.

The measure, which has bipartisan support in both houses, would close the biggest loophole in campaign financing law that now exists by banning unregulated soft money contributions to political parties. Soft money is raised by national parties and spent on behalf of their candidates. By law, these candidates are forbidden to raise and spend this money themselves.

The campaign finance reform bill also would limit issue advocacy that targets specific candidates. Issue advocacy has been used by politically interested groups as a way to circumvent federal election laws. The legislation also would tighten disclosure requirements, providing additional information to the American people on the financing of campaigns for federal office. In addition, the measure would establish a bipartisan commission to research and recommend additional changes in election law.

"The American people want campaign finance reform legislation. They are sick and tired of an election system that is awash in money, undermines confidence in government, and that clearly circumvents the intent of current election law. It's time to put a stop to unregulated soft money and to put limits on issue advocacy," said Rep. Cardin.

Unregulated soft money has become an increasing part of the election process. A study by Common Cause showed that congressional campaign committees of the national parties raised more than $62 million in soft money in 1999 compared to $19 million in 1995.