The U.S. Senate followed the House last week and adopted sweeping campaign finance reforms that will change - but not likely stop - the way money flows to political candidates and parties. President Bush was expected to sign the measure into law.

"With the stroke of the president's pen, we will eliminate hundreds of millions of dollars of unregulated soft money that has caused Americans to question the integrity of their elected representatives," said Sen. John McCain, R-Ariz., who championed the bill and guided it through a relatively easy 60-40 Senate victory on March 20.

Earlier this year, lawmakers expected a much closer vote, but reformers were buttressed by news of Enron executives giving millions in political contributions to both parties.

"The status quo is not acceptable and today it will end," said Senate Majority Leader Tom Daschle, D-S.D. The status quo will end for now, but lobbyists immediately began looking for loopholes in the law that would allow the continued movement of money to candidates and causes. In addition, the law may not stand up to review in the courts, under the argument that it would limit free speech.

The bill essentially would ban unlimited "soft money" donations to the national political parties, made by corporations, unions and individuals. State and local parties could donate up to $10,000 a year if the money is used to impact federal elections.

The bill would also ban the use of soft money to buy "issue ads" within 60 days of an election or 30 days of a primary. These ads may not expressly endorse a candidate - but they have often portrayed candidates in an extremely negative light.

The new law would allow individuals to donate up to $2,000 to presidential or congressional candidates, a doubling of the present $1,000 limit.

The changes would take effect on Nov. 6, meaning the parties can continue to raise hundreds of millions of dollars in soft money to support candidates in this fall's mid-term elections. It's unclear whether campaign finance reform will have a greater impact on the ability of unions or corporations to raise money. But most observers say interest groups for issues such as abortion, gun rights and the environment will get a bigger pulpit in Washington, at least in the short-term.

Opponents of campaign finance reform argue that fundraising restrictions on the major political parties "will create a political void and merely strengthen outside special interest groups - which are still able to raise soft money," said the Wall Street Journal. "Supporters of campaign finance reform counter that the change could revitalize parties by forcing them to broaden their base of support."