A brief summary of the various provisions of S 27, the McCain-Feingold campaign finance reform bill. (Full text and legislative updates on S. 27 are available from Thomas.)

1. Ban on Soft Money Contributions to Political Parties National parties, including congressional campaign committees, are banned from receiving soft money donations. State and local parties use of soft money is restricted when there is a federal candidate on the ballot.
2. Hard Money Contribution Limits for Federal Elections Increased Individual contributions to candidates increase from $1000 per election to $2000, and contributions to parties increase from $20,000 to $25,000. Both limits will be increased over time to reflect the consumer price index. The current $5000 contribution limit to PACs remains unchanged. The annual total individual limit is increased from $25,000 to $37,500, and indexed to inflation. These limits are increased when a candidate faces an opponent finances his or her campaign with personal funds.
3. Issue Advocacy Prohibitions Corporations, including nonprofits, and labor unions are banned from broadcasting messages that include a federal candidate's name or image within 60 days of a general election or 30 days of a primary, caucus or party convention. 501(c)(4) social welfare organizations and 527 political action committees can broadcast such ads if the audience is not made up primarily of residents of the state where the named candidate is running. Only donations from individuals can be used to pay for the ads. If over $10,000 is spent expenditures and donors must be disclosed to the FEC. An alternative provision provided if the 60/30 day ban is declared unconstitutional.
4. Coordination With Federal Candidates and Political Parties An expenditure becomes a prohibited contribution when made at the request of a candidate or party, or in cooperation with them. The FEC is directed to develop detailed regulations on coordination within 90 days of the bill taking effect.
5. Independent Expenditures Communications that expressly advocate election or defeat of a federal candidate are not subject to contribution limits if they are not coordinated with candidates or parties. The new, narrower definition of coordination will apply in defining what qualifies as an independent expenditure, and new reporting requirements are imposed. The bill also bans coordination with other groups if they have coordinated with a candidate or party.
6. Media Broadcast Time Broadcasters, including satellite and cable providers, are required to provide federal candidates and national political parties with the lowest rate charged for the same amount of time during the past year.
7. Fundraising 501(c) organizations are banned from receiving funds from political parties. Federal officeholders cannot raise funds for federal election activity for outside organizations unless the funds are subject to FEC regulation.
8. Clean Money Election Study The Comptroller General is directed to conduct a study of public financing of state elections in Arizona and Maine, to be completed within one year of the effective date of the act.