Fight Looms On 527s

Ways and Means Chairman Bill Thomas (R-Calif.)is working to move a bill in the next few weeks that would amend legislation passed in 2000 that forced disclosure by so-called stealth PACs,but his efforts are likely to face strong opposition in the Senate.
In both the House and Senate, reform-minded lawmakers are balking at some aspects of Thomas' bill aimed at changing disclosure requirements for the political committees (dubbed "527s"because they are governed by that section of the tax code), arguing that the changes would gut the law's original intent.

"I am happy with the law the way it is - full disclosure," Sen. John McCain (R-Ariz.), an original co-sponsor of the 527 reform bill in the Senate, said yesterday.

"And they are trying to cut out full disclosure," he added, referring to Thomas and others interested in making significant changes to the current law.

Anything less than leaving the law as it is, he said, results in "secrecy, and I don't want that."