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 such decision failed to recognize: (1) that the unlimited spending of large amounts of money on elections corrupts the electoral process on a more fundamental level than direct transactions between big contributors and candidates and elected officials; and (2) other legitimate state interests justify limiting money in campaigns, including the need to preserve the integrity of our republican form of government, restore public confidence in government, and ensure all citizens a more equal opportunity to participate in the political process.