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Senate rules committee approves campaign finance bill

The Washington Post reports: The Senate rules committee approved legislation yesterday to prohibit "527" organizations such as Swift Vets and POWs for Truth and the Media Fund from using unlimited contributions to run political commercials. ...

The legislation, which may go to the Senate floor next month, would prohibit 527 advocacy organizations buying television time in federal elections from accepting unlimited contributions. If the bill becomes law, for example, financier George Soros, who gave more than $6 million to the Media Fund in 2003-2004, and developer Bob J. Perry, who gave the Swift boat group $4.5 million, would be allowed to give no more than $32,500 to such groups.

Other major provisions include:

A ban on federal campaign finance regulation of political activities on the Internet, including the political Web logs that have become increasingly significant players in elections.

An increase from $5,000 to $7,500 in maximum contributions to political action committees. The amount that PACS could give to candidates would rise from $5,000 to $7,500, and the amount they could give to political parties would jump from $15,000 to $25,000.

Allowing trade association and corporate PACs to solicit employees, including non-supervisory workers. -- Panel Backs Bill To Rein In '527' Advocacy Groups