A joint resolution proposing an amendment to the Constitution of the United States relative to contributions and expenditures intended to affect congressional, Presidential, and State elections.

Constitutional Amendment - Declares that the Congress may enact laws regulating the amounts of expenditures a candidate may make from personal funds or the personal funds of the candidate's immediate family or may incur with personal loans. Declares that the Congress may enact laws regulating the amounts of independent expenditures by any person, other than by a political committee of a political party, which can be made to expressly advocate the election or defeat of a clearly identified candidate for Federal office.

Declares that the States may enact such laws with respect to State and local offices.