Legislation to limit the impact of political advertising by special interest groups during election campaigns will next Monday be put before the Senate by a cross-party group led by Senators John McCain (Republican, Arizona), Russ Feingold (Democrat, Wisconsin) and Thad Cochran (Republican, Mississippi).

The new legislation will not only ban ‘soft money’ contributions to fund party advertising, it will also outlaw corporate and union spending on ads mentioning federal candidates within sixty days of an election and thirty days of a primary.

It will also demand identification of donors to ads that don’t directly refer to a candidate by name.

News source: Advertising Age - Daily Deadline