To legislate or not to legislate — UPDATED

With a bill framework now titled the DISCLOSE Act, the Democrats, led by DCCC chair Rep. Chris Van Hollen and Sen. Charles Schumer, are pushing ahead on a legislative response to Citizens United. DISCLOSE is an acronym for “Democracy is Strengthened by Casting Light on Spending in Elections.”

As reported previously when the framework was first announced, the two legislators seek to set stricter limits on foreign entities’ ability to participate in American elections, and requires disclosures of donors to entities’ major ad buys. A “stand by your ad” provision, requiring top execs of corporations is also in the bill.

A Republican, Rep. Mike Castle (R-Del.) was announced as having signed on to the bill. The Democrats had been searching for some Republican support on the framework, which is sure to be contentious. Rep. Van Hollen and Sen. Schumer have been unsuccessful in finding a Senate Republican co-sponsor so far.

Democrats have declared that their money in politics bill should be passed in time to “blunt the impact” of Citizens United for the 2010 elections. The bill is expected to be introduced within the next week. Democrats’ self-imposed deadline for passage is July 4.

The Chamber, not known for supporting Democratic proposals across the board, announced that it would oppose the DISCLOSE Act as well.

A Roll Call story is here:

UPDATE: The bill text is now available here. (H/T SkepticsEye 2.0 Blog)

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