WASHINGTON – Democrats are ready to introduce legislation next week that would sharply limit the ability of foreign-connected companies to participate in U.S. politics and would require sweeping disclosures by corporations, unions and nonprofit groups that pay for political advertising, according to a summary of the bill.

The proposal is aimed at blunting the effect of a Supreme Court ruling this year that permits companies and unions to spend unlimited amounts of money for or against political candidates.

According to a summary, the legislation would require corporate chief executives or group leaders to attach their approval of ads, much like political candidates are required to do.