You can find the bill itself here. News coverage in The New York Times; Bloomberg News; A.P.; BNA (subscription required); Roll Call (subscription required); NPR. Bob Bauer also offers this critical analysis of the bill. (In somewhat related analysis, David Broder writes this column praising McCain-Feingold.)
Roll Call reports that the bill may be on the fast track. I certainly hope that when hearings are held on the bill, members of Congress will seriously consider and debate the constitutional question whether it is permissible to limit contributions to 527s that engage only in independent spending. As readers of this blog know, I believe there is a serious constitutional question lurking in this kind of legislation.
Those interested in the question of this bill and incumbent protection should listen to Senator McCain’s statement to Peter Overby not in the NPR story linked above but in today’s hourly newscast: “Some billionaire decided he or she doesn’t like you in office, and they decide to form up a 527 and contribute 10, 20 million dollars and dive bomb into your district.”