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The bill would require the leaders of corporations, unions and other groups to put their names on television ads and would ban election spending by government contractors, companies with more than 20 percent foreign ownership and recipients of taxpayer-funded bailout money.
"It is about restoring the proper balance. Certainly special interests have a right to be heard. The problem is when special interest voices drown out the voices of average Americans," a senior White House official told Reuters.
Despite Republican leaders having expressed support for the court's decision, the White House official said the administration was confident "there will be multiple Republicans who will embrace this" proposed legislation.