Thank the gods.
Brief summary:
(Sec. 101) Amends the Federal Election Campaign Act of 1971 (FECA) to prohibit: (1) independent expenditures and payments for electioneering communications by government contractors if the value of the contract is at least $10 million; (2) recipients of assistance under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 (EESA) from making any contribution to any political party, committee, or candidate for public office, or to any person for any political purpose or use, or from making any independent expenditure or disbursing any funds for an electioneering communication; and (3) persons who enter into negotiations for an oil or gas exploration, development, or production lease under the Outer Continental Shelf Lands Act from making any contribution to any political party, committee, or candidate for public office or to any person for any political purpose or use, or from making any independent expenditure or disbursing any funds for an electioneering communication.
It also has provisions for more disclosure about organizations involved in lobbying. In other words, if you gave $5 to the GOA to lobby against a new AWB, it'd end up on a government web site. With personally identifying information.
Additionally, this is basically an attempt to overrule the Supreme Court for granting too much freedom. President Obama took the unusual step of calling SCOTUS out and claiming they made a bad ruling.
