A proposed amendment to the Constitution is designed, in the proponent’s words, to “in fact allow for better First Amendment protection in situations where a candidate’s views might be dwarfed by a self-financing opponent. In addition to restoring Congress’ power to regulate campaign finances in federal elections, the resolution also authorizes similar power to each state for election to state or local office, ballot initiatives, and referenda.”  The Center for Competititve Politics covers the issue here.

The First Amendment would become: 

‘Section 1. Congress shall have power to regulate the raising and spending of money, including through setting limits, for campaigns for nomination for election to, or for election to, Federal office.

`Section 2. A State shall have power to regulate the raising and spending of money, including through setting limits, for–

`(1) State or local ballot initiatives, referenda, plebiscites, or other similar ballot measures; and

`(2) campaigns for nomination for election to, or for election to, State or local office.

`Section 3. Congress shall have power to implement and enforce this article by appropriate legislation.’.