WASHINGTON, March 27 (UPI) -- President George W. Bush on Wednesday signed campaign finance reform legislation that would ban unregulated donations to political parties.
"I believe that this legislation, although far from perfect, will improve the current financing system for federal campaigns," Bush said in a statement.
The measure immediately drew legal challenges. Within a short time of Bush's signing, Sen. Mitch McConnell, R-Ky., had filed suit as had the National Rifle Association. Both claim the campaign reforms infringe on freedom of speech.
Bush signed the bill as he traveled to Greenville, S.C., and Atlanta to talk with emergency workers and on campaign fundraising jaunts for a pair of U.S. representatives: Lindsey Graham, R-S.C., and Saxby Chamblis, R-Ga.
The U.S. Senate approved the legislation on March 20 on a 60-40 vote that came hours after a last-ditch attempt to filibuster the bill. It was an identical version of the measure passed in February by the U.S. House of Representatives, avoiding a conference committee that could have been used to kill the bill.
The campaign finance reform bill was sponsored by Sens. Russ Feingold, D-Wis., and John McCain, R-Ariz. Upon learning Bush signed the bill, McCain issued a statement that said: "I'm pleased that President Bush has signed campaign finance reform legislation into law."
While traveling through El Salvador on Sunday, Bush joked with reporters about placing his name on the bill once it arrived at the White House: "It will probably take about three seconds to get to the W, I may hesitate on the period, and then rip through the Bush."
The law bans unlimited contributions also known as "soft money" to national political parties and restricts so-called issue ads aired by special interest groups before elections. Bush had called the measure "flawed" but had said he would sign it.
"I wouldn't have signed it if I was really unhappy with it. I think it improves the system," Bush told reporters during a stop at Greenville firehouse. "And it improves the system because it enables an individual to give more money. And I want to do is have a system that encourages more individual participation, as well as more disclosure."
Still, he said, he had been concerned about a system where money was given to entities and stakeholders had no say. He said he was concerned mostly about corporate shareholders and labor union members not having the ability to object to how their money was being spent.
Opponents of the bill, such as McConnell complain the new law represents an unconstitutional limit to political speech. They argue that limiting political advertising by non-affiliated groups will protect incumbents and remove the ability of citizens to band together over common political causes.
McCain said last week the scandal surrounding bankrupt Enron Corp., and revelations that the energy trader had donated money to 72 of 100 senators and had pushed electric supply and commodities deregulation though the U.S. Capitol and lower state houses, helped the cause.
(With reporting by Mitchell Prothero in Washington.)
