Sen. Tom Udall (D-N.M.), seconded the motion and said he planned to introduce legislation calling for a complete overhaul of the campaign finance system.

In a 5-4 decision, the Supreme Court threw out the prohibition on corporate use of treasury funds for political speech — specifically for broadcast and cable spots in federal elections — taking a big bite out of campaign finance reform law, B&C writes. “No sufficient governmental interest justifies limits on the political speech of nonprofit or for-profit corporations,” said the court in an opinion written by Justice Anthony Kennedy and joined in part by Chief Justice John Roberts and Justices Antonin Scalia, Samuel Alito and Clarence Thomas.

Adoption of a Constitutional amendment is a long process and, in fact, Kerry said it would take some time even to craft the amendment.

Once a bill is written, to actually become part of the Constitution it must pass both houses of Congress by a two-thirds majority in each. Then it goes to the states, where it must be ratified by three-fourths of the states. Or, according to U.S. Constitution Online, two-thirds of the states could call for a Constitutional Convention, which would return any amendments it proposed to the states for ratification by three-fourths of the states.

Meanwhile, Kerry and others suggested the committee should pass various bills that have been introduced to tighten up disclosure and disclaimer rules and give shareholders more say in corporate campaign speech.