Under the measure, laws could be passed that prohibit or limit how much an individual or entity can give to a candidate for state or local (but not federal) office or other political campaign and how much an individual, entity, candidate or other political campaign can spend to influence the outcome of any state or local election.

Under this measure, the Oregon legislature or voters by initiative would have had the authority to restrict or limit political campaign contributions and expenditures, subject to federal law.

Supporters argued that measures 46 and 47 were campaign finance reform that would drive out mostly out-of-state contributions that they felt had corrupted the political system.

The coalition included: Numerous groups organized in opposition to the measure, even while many supported the overall goal of campaign finance reform.

Limits: candidate's spending to own candidacy; "independent expenditures" (defined) by individuals, political entities, organizations.

Establishes: new disclosure, reporting requirements; procedure for increasing measure's limits to comply with state and federal constitutions.

The Oregon Secretary of State and Attorney General have refused to enforce Measure 47, event though no court has found any of it to be unconstitutional.