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PROPOSED AMENDMENT

1. To advance the fundamental principle
of political equality for all, and to protect the integrity
of the legislative and electoral processes, Congress shall
have power to regulate the raising and spending of money
and in-kind equivalents with respect to Federal elections,
including through setting limits on—
the amount of contributions to candidates
for nomination for election to, or for election to,
Federal office; and
the amount of funds that may be spent by,
in support of, or in opposition to such candidates.
2. To advance the fundamental principle
of political equality for all, and to protect the integrity
of the legislative and electoral processes, each State shall
have power to regulate the raising and spending of money
and in-kind equivalents with respect to State elections, in-
cluding through setting limits on—
‘‘(1) the amount of contributions to candidates
for nomination for election to, or for election to,
State office; and
‘‘(2) the amount of funds that may be spent by,
in support of, or in opposition to such candidates.
3. Nothing in this article shall be con-
strued to grant Congress the power to abridge the freedom
of the press.
4. Congress and the States shall have
power to implement and enforce this article by appropriate
legislation.’

Think about what this says... I think Sen Cruz is onto something.

In the Senate Judiciary Committee S.J. Res. 19 was rewritten; here's the current text:

Section 1. To advance democratic self-government and political equality, and to protect the integrity of government and the electoral process, Congress and the States may regulate and set reasonable limits on the raising and spending of money by candidates and others to influence elections.

Section 2. Congress and the States shall have power to implement and enforce this article by appropriate legislation, and may distinguish between natural persons and corporations or other artificial entities created by law, including by prohibiting such entities from spending money to influence elections.

Section 3. Nothing in this article shall be construed to grant Congress or the States the power to abridge the freedom of the press.