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.

Increased Political Equality: The amendment aims to advance democratic self-government and political equality by ensuring the right to vote occurs within an electoral process subject to enforceable limits (Section 1).

Strict Contribution Limits: Individuals are restricted to spending or contributing no more than one hundred dollars to influence any other person's election for specific Federal offices (Section 2).

Aggregate Spending Caps: The bill limits a person's total aggregate spending or contributions for Federal offices to one thousand dollars (Section 2).

Prohibition of Corporate Influence: Corporations and other entities created by law are prohibited from spending or contributing any amount to influence Federal elections (Section 3).

Public Funding for Candidates: Congress is required to provide public funding for all candidates who qualify for any primary, general, or special election ballot, covering at least eighty percent of the amount that may be spent (Section 4).

State Empowerment: States are given the power to implement and enforce reasonable regulations regarding the raising and spending of money to influence State or local elections (Section 7).

Loss of Campaign Funds: Any campaign funds that are unspent after an election must be given to the Treasury without compensation (Section 4).

Impact on Congressional Pay: Senators and Representatives may lose their compensation or other emoluments from the United States if the legislation required in section 4 is not in effect (Section 5).