The bill, H.R. 2788, would amend the Federal Election Campaign Act of 1971 to generally prohibit candidates from making any expenditure of campaign funds that were not used during the current election cycle.
Woodall said he sees his bill as an alternative to term limits, as it would make races more competitive.
"Rather than amend our Constitution with term limits that protect incumbents for three, six or twelve terms, my bill restores power and choices to voters each and every term," he said. "America works best when American voters are in full control."