The Shays-Meehan House bill, the equivalent of McCain-Feingold in the Senate, is that single piece of legislation for which former U.S. Congressman Chris Shays is likely to be remembered, just as former Senator Chris Dodd’s congressional legacy will be forever bound up with his massive regulatory scheme, the Dodd-Frank bill. Mr. Shays at the tail end of January announced his candidacy for U.S. Senator Joe Lieberman’s soon to be vacant seat. The consequences of the Dodd-Frank legislation – more importantly, the unintended consequences of the bill – are still in the pipeline. But some of the less anticipated consequences of Shays-Meehan have already been amply displayed. Initially, Shays-Meehan was designed to ban national parties from raising and spending “soft money.” The soft-money ban, upheld by the U.S. Supreme Court more than a year ago, limits individual contributions to political parties even if the money is to be spent on activities unrelated to federal elections. The bill a...
go home from us in peace. We seek not your counsel or your arms. Crouch down and lick the hand that feeds you;
may your chains set lightly upon you, and may posterity forget that ye were our countrymen!"
--Samuel Adams