This paper uses a unique source of data about television commercials to examine some of the most important issues connected to this proposal. It is appropriate that we focus on television advertising since it is the largest—and most discussed—single category of expenditures by candidates, parties and interest groups in federal elections. McCain-Feingold's chief impact would surely be seen on the nation's airwaves, on the thousands of issue ads paid for with soft money. Indeed, many of the arguments for and against McCain-Feingold are rooted in different interpretations of those very ads.