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Washington Outlook: CAPITAL WRAPUP

CAMPAIGN FINANCE

The Senate is always boldest when it knows that the bill it's working on won't become law. That was the case on May 21, when senators voted to bar speaking fees and cap most other outside income, including investment earnings. The provisions are part of a campaign-finance bill that would ban contributions by political-action committees and limit campaign spending in exchange for reduced TV ad rates. Fortunately for the senators, who don't really want to enact such a draconian measure, the bill faces dim prospects in the House--and an almost-certain veto should it emerge from Congress.EDITED BY STEPHEN H. WILDSTROM


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