On March 27, 2002, the bi-partisan Campaign Finance Reform Act was signed into law. It bans "soft money" or unregulated and unlimited contributions to political parties that account for the huge sums spent to influence political campaigns. The new law was passed to eliminate the undue influence that unlimited campaign-related contributions could have by prohibiting federal candidates, officeholders and national parties, from soliciting, receiving, or spending soft money. State parties, too, are banned from spending unlimited soft money donations on activities related to a general election.
The FEC recently promulgated regulations designed to implement the soft money provisions of the new law. These rules contain numerous loopholes, however, that will have the effect of continuing the flow of soft money into the political system. "Soft money has been a corrupting influence in federal elections for a long time; the law Congress recently passed takes this undue influence out of elections and goes a long way to leveling the playing field for candidates for public office." said Senator Collins, a long-time supporter of campaign finance reform. "Unfortunately, the FEC regulations on soft money have severely weakened the law Congress passed, and we cannot let it stand."
The Joint Resolution, if passed by Congress and signed by the President, will prevent the FEC rule from taking effect.