[JURIST] Senator John McCain [official Senate website] announced Wednesday that he was launching a new initiative to tighten campaign finance laws [press release] to curb big interest-group donations to congressional and presidential campaigns. McCain appears to have gained an ally in Senator Trent Lott [official Senate website], chairman of the Senate Rules Committee. Lott voted against campaign finance reform in 2002, but changed his opinion after the recent Presidential election. McCain's latest proposal would limit tax-exempt partisan organizations, also known as 527s [Center for Public Integrity FAQ], by requiring registration with the Federal Election Commission [official website] if they raise more than $25,000 a year. The proposal [PDF] known as the 527 Reform Act, must be approved by Lott's committee before it goes to the Senate floor for a vote. AP has more.