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By sharply limiting the contributions Americans may make to traditional political parties, the McCain-Feingold campaign finance law of 2002 gave disproportionate power over election-year debates to billionaires such as George Soros, who remain free to provide unlimited funds to 527 groups such as MoveOn.org. House Republican Study Committee Chairman Mike Pence (R.-Ind.) has introduced legislation to establish a balance of power between 527s and political parties by promoting-not restricting-speech. He explained his proposal to HUMAN EVENTS Editor Terence P. Jeffrey.

Last year, we had 527 groups such as Swift Boat Veterans for Truth on the right and MoveOn.org on the left spending …