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McCain et al introduce bill to regulate 527s

AP reports: The sponsors of the nation's campaign finance law introduced legislation Wednesday that they said would end the millions spent by outside groups in the presidential race.

Sen. John McCain, R-Ariz., one of the sponsors, said it was unlikely Congress would act in the remaining days of the session and six weeks before the election. McCain was hopeful about the bill's prospect next year in a new Congress.

The sponsors - McCain, Sen. Russell Feingold, D-Wis., and Reps. Christopher Shays, R-Conn., and Martin Meehan, D-Mass. - said the legislation would require that all groups that register with the IRS as partisan political organizations accept only limited donations from individuals and disclose their donations and spending to the Federal Election Commission.

The proposal exempts groups that raise less than $25,000 or spend only in nonfederal elections, on state or local ballot initiatives or on the nomination or confirmation of people to non-elective offices such as judgeships. -- Campaign Finance Legislation Introduced (AP via TheState.com)

Here are the statements of Sen. Feingold and Sen. Lieberman about the bill. I cannot find the bill yet.