House to take up campaign finance legislation in early July

WASHINGTON (CNN) -- The House will take up campaign finance legislation immediately after returning from its Fourth of July recess, House Speaker Dennis Hastert, R-Illinois, announced Thursday.

Not yet determined is which version of the controversial legislation the House will move.

Two bills, known as McCain-Feingold and Shays-Meehan, ban unlimited "soft money" donations to political parties but are not popular with GOP leaders.

A third bill that is expected to be more to the liking of Republican leaders is now being written by the House Administration Committee.

Hastert called campaign finance reform "a very serious matter that deserves careful consideration" in a Wednesday letter to Rep. Christopher Shays, R-Connecticut, informing him of the schedule.

"While I would have preferred to take up campaign finance reform legislation sooner, I firmly believe we can make the timetable work, and work well for those who have long fought for reform," Shays said in a written statement. "And I know Speaker Hastert, Majority Leader Armey and Rules Committee Chairman Dreier will ensure the process will be fair for all sides."

The Senate recently passed its version of the bill. Many supporters would like the House to consider the same bill the Senate approved, so that competing bills would not have to be reconciled in a conference committee. It's feared the conference committee will be controlled by the bills' opponents.