The same was said of campaign finance reform from McCain and Feingold. It was signed. I have not seen it swatted down as unconstitutional. It's better to prevent bad legislation from being passed or signed into law.
Was a challenge made, in the Supreme Court?? I can't believe that the FIRST American citizen denied his Amendment II rights wouldn't bring this baloney to the Court, if it even lasted that long.
SCOTUS just heard another case on McCain - Feingold. I expect a 5 - 4 vote against it before the summer recess, if Kennedy votes as he did the first time it came before the SCOTUS. Say your prayers and keep your fingers crossed.