The bill targets leaders of labor unions, advocacy organizations and corporations that run campaign ads by requiring them to appear at the end of the commercial and announced that they sponsored the ad.
"Though it comes wrapped in language of 'transparency,' the plain intent of the Schumer and Van Hollen legislation is to discourage people from exercising their constitutional right to free speech," said Theodore Olson, the Chamber's counsel.
"Stifling free speech is an abuse of the legislative process and is unconstitutional," Donohue said. "It will not stand. Free speech does not corrupt our politics, but efforts to limit it do."
The Committee on House Administration has jurisdiction over the bill and a hearing is planned for next week.
This story was updated with the comment from Van Hollen's office at 6:35 p.m.