This joint resolution proposes a constitutional amendment to overhaul federal campaign finance by setting strict limits on political contributions and spending, banning corporate spending in elections, and establishing a system of public financing for federal candidates. Specifically, the amendment would cap individual contributions at $100 per candidate per year and $1,000 total annually across all federal races, while completely prohibiting corporations and other entities from spending money to influence federal elections. Congress would have 60 days after ratification to pass legislation providing public funding to qualified candidates at a level covering at least 80 percent of allowable spending, along with rules requiring unspent campaign funds to be returned to the Treasury and enforcement mechanisms with civil and criminal penalties. The amendment would also allow states to set their own reasonable campaign finance limits for state and local elections. If Congress fails to enact the required legislation within one year of ratification, sitting members of Congress would lose their compensation until the laws are in place.