Expressing the sense of Congress that the Supreme Court misinterpreted the First Amendment to the Constitution in the case of Buckley v. Valeo.

Expresses the sense of Congress that the Supreme Court misinterpreted the First amendment to the Constitution in its decision in the 1976 case of Buckley v. Valeo because: (1) such decision failed to recognize that the unlimited spending of large amounts of money on elections has a corrosive effect on the electoral process; and (2) such decision failed to recognize other legitimate state interests which justify limiting money in campaigns.