As in the last two Congresses, campaign finance reform will be a major issue in the 107th Congress, with attention again centered on the Senate McCain-Feingold and House Shays-Meehan bills. S. 27 (Bipartisan Campaign Reform Act of 2001), introduced on January 22, 2001, will be considered by the Senate in March 2001; H.R. 380 (Bipartisan Campaign Finance Reform Act of 2001) was introduced January 31. Both bills ban the raising of soft money by national parties and the spending of it by state and local parties on federal election-related activities (as defined). But on the other key provision–issue advocacy–they differ notably. H.R. 380 offers a broad new definition of express advocacy, subjecting activity meeting that standard to all aspects of federal election law regulation. S. 27 classifies some messages as electioneering communications, requiring their disclosure and banning their funding by unions or for-profit corporations. This report summarizes and compares these two measures, according to various categories.

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