Sen. John McCain (R-Ariz.), one of the Senate's longtime leading proponents of campaign finance reform, on Thursday took a cautionary approach to a bill announced earlier in the day to counter a recent Supreme Court decision allowing corporate money in political campaigns.

McCain was responding to a bill by Sen. Chuck Schumer (D-N.Y.) and Rep. Chris Van Hollen (D-Md.) that would ban foreign contributions and attempt to restrict corporations from unlimited spending on political candidates.

"I'd have to look at it and see what he has in mind," McCain said. "The fact was, this was a constitutional ruling by the United States Supreme Court. I strongly disagreed with it as we know, but I would certainly have to look at it before I would want to sign on to any provisions."