At stake are tens of millions of dollars in donations provided by corporations to trade associations and other not-for-profit groups that use the money for independent campaign expenditures. In the last election cycle, most of the money spent by the groups benefited GOP candidates. Democrats, worried about that advantage, sought to restrict this kind of undisclosed independent spending. When that effort failed, some prominent party members began forming their own not-for-profit organizations to compete with the GOP.

If Obama issued the draft executive order, he would effectively discourage previously undisclosed donations to groups like the U.S. Chamber of Commerce, which — with some exceptions — have been generally helping Republican candidates. It would also give the president a chance to quiet critics who want him to be more outspoken in demanding disclosure of large contributors.

But business interests are trying to quash the measure.

The chamber is pressing top White House officials, including Chief of Staff William Daley, who worked closely with the group when he was an executive at JPMorgan Chase, to push Obama to drop the executive order.