Bill combating high court ruling on political contributions in the offing

Reps. Mike Castle (R-Del.) and Chris Van Hollen (D-Ma.) will soon introduce legislation that responds to the Supreme Court's ruling on Citizens United v. the Federal Election Commission. 

The Court ruling essentially said that corporations are entitled to free speech and, therefore, could contribute funds directly to a political candidate. Van Hollen and Castle view the ruling to mean that companies can spend unlimited amounts of money to either support or defeat a certain candidate. 

In a joint statement, the lawmakers said, "This decision enables larger financial interests to drown out the voices of ordinary citizens, allows foreign corporations to spend money through their domestic subsidiaries, and permits major recipients of taxpayer dollars to funnel these funds into political activities."

Van Hollen has already offered a framework for the legislation it appears he will soon introduce. It includes banning expenditures from foreign interests, Federal contractors, or TARP recipients, public disclosure of contributions, and requiring CEOs to approve ads funded by the company.