H.J.Res. 78: Proposing an amendment to the Constitution of the United States to set limits on Federal campaign contributions and spending, prohibit corporate spending in the political process, require Congress to develop a system of public campaign financing for all Federal candidates who qualify for the ballot, and allow the States to set reasonable limits on campaign contributions and spending in State and local elections, and for other purposes.

Not later than 60 days after ratification of the amendment, Congress shall enact legislation to

• limit the amounts that candidates, their campaigns for federal office, and political parties may spend on such candidacies;
• provide public funding for all federal candidates who qualify for the ballot;
• require disposition to the Treasury of any unspent campaign funds after each election, without compensation; and
• enforce, with civil and criminal penalties, the limits and prohibitions of the amendment.

States shall have the power to implement and enforce reasonable regulations on the raising and spending of money by candidates and others to influence state or local elections.