Proposing an amendment to the Constitution of the United States waiving the application of the first article of amendment to the political speech of corporations and other business organizations with respect to the disbursement of funds in connection with public elections and granting Congress and the States the power to establish limits on contributions and expenditures in elections for public office.

Constitutional Amendment - Waives application of the First Amendment to the political speech of any corporation, partnership, business trust, association, or other business organization with respect to the making of contributions, expenditures, or other disbursements of funds in connection with public elections.

Grants Congress the power to set limits on the amounts of contributions and expenditures with respect to candidates in a federal election.

Grants a state the power to set limits on the amounts of contributions and expenditures with respect to candidates in a state or local election.