DFL Sen. Al Franken is one of a group of Democratic senators pushing for new campaign finance laws as a result of the Supreme Court's 2010 Citizens United decision.
That ruling cleared the way for unlimited donations to "Super PACs" and has raised concerns about the flood of anonymous money skewing election results.
At a briefing for reporters Wednesday, Franken said the legislation would require that any donations to Super PACs above $10,000 be disclosed within 24 hours.
"It just makes sense that the American people get to know who's paying under this system that was created by the Supreme Court," Franken said. "That's all we're asking for."
The bill also requires corporate CEOs to personally stand by any political ads their company pays for. So far, the legislation has no Republican backers in the Senate.