What the Finance Law Would Do

Key provisions of the McCain-Feingold campaign finance legislation:

* Bans so-called soft money, the unlimited contributions that unions, corporations and individuals may donate to political parties but that cannot be used to expressly advocate a candidate’s election or defeat. State parties could accept soft money donations but could not spend them on federal election activity.

* Increases the limit for individual contributions to candidates per election, set at $1,000 in 1974, to $2,000. Individual contribution limits per year to state and local parties would be doubled to $10,000; the limit for contributions to national parties would rise from $20,000 to $25,000. A person could contribute $75,000 to candidates and parties over a two-year election cycle.

* Allows the donation limits to rise for candidates facing rivals who spend large amounts of their own money on their campaigns. The limit would rise on a sliding scale, based on a state’s population.

* Bans candidates from converting donations to personal use.

* Allows the bill’s remaining provisions to stay in force even if some parts are declared unconstitutional.

* Prohibits unions, corporations and special interest groups from running certain types of broadcast political advertising within 60 days of an election or 30 days of a primary. These so-called issue ads do not advocate the election or defeat of candidates, yet often directly attack or defend them.

* Requires broadcasters to comply with existing law that they charge candidates the lowest advertising rate available during the year and cease the practice of bumping political commercials if other advertisers offer to pay more for a time slot.