Democrats rush to curb corporate election spending before Nov. vote

Democrats are hoping to fast-track a set of sweeping new campaign finance regulations to prevent the Supreme Court's landmark Citizens United decision from affecting the November midterm elections.

Sen Charles Schumer (D-NY) and Rep Chris Van Hollen (D-MD) on Thursday unveiled the majority party's legislative response to the Citizens United case, which they and other Democrats -- including President Barack Obama -- have sharply criticized as one that will "open the floodgates" to corporate financing of federal elections. Opting against a constitutional amendment to undo the court's rejection of existing laws that ban certain political spending by corporations, Democrats are proposing to ban donations by foreign-influenced and taxpayer-assisted corporations, as well as a series of tough new disclosure requirements on corporations that would still be allowed to steer money toward political action groups.