The plan, written by Senators Chuck Schumer (NY) and Chris Van Hollen (MD) has a few key components. The two parts most likely to stir up debate are a requirement that corporate CEO’s and union leaders appear in each ad, approving its contents, as is already required of candidates, and a requirement that in any market where a corporate purchased ad is run on television, the network offer reasonable air time and the lowest advertising rate offered by the network to candidates in the race.
The Schumer/Van Hollen plan also requires public disclosure of corporate expenditures with a clear link to such advocacy on corporate web pages and quarterly disclosures to shareholders.