A bill being floated by Sen. Ted Cruz and Rep. Mark Meadows would centralize the campaign finance system, increase transparency of donations, and effectively put an end to super PACs.

The bill, titled the SuperPAC Elimination Act of 2017, would remove caps on individual contributions, which are limited to $2,700, and require disclosure within 24 hours, creating, what Cruz believes would be, a more "simple" and direct system that makes campaigns more accountable and transparent.

"It follows principles of free speech and transparency. It is all about empowering citizens to speak and ensuring transparency," Cruz told the Washington Examiner. "Candidates should be defining their own messages rather than having their messages effectively subject to the whims of the campaign finance system and the super PACs that it has created."

The timing of the announcement is curious from Cruz, who finished second in the GOP primary and had his own issues concerning super PACs. Specifically, Cruz had issues due to his super PACs' messaging as he had a cadre of groups backing his campaign. One was bankrolled by Tony Neugebauer, a top Cruz donor who poured $10 million into Keep The Promise II, only to take back $9 million of those funds at the end of the campaign, leaving them unspent.

It comes in the wake of the presidential campaign and less than two months before President-elect Trump is set to assume the presidency after speaking out against super PACs throughout his campaign. Cruz, however, disputes the impact of the timing, noting that he introduced a similar measure in 2014.

The bill is not without its critics, including those who believe this would drown out the influence of small-dollar donors and give even more power to big donors now that they can contribute whatever they please directly to candidates. Cruz pushed back on this idea, arguing that while big-dollar donors are important — noting that they played a big role in his campaign — small-dollar donors will not be silenced no matter the system in place.

"You will find no greater champion of small dollar donations than I am," Cruz said, noting that his campaign raised $92 million, coming from 1.8 million contributions averaging $51 apiece. "The power of the grassroots speaking and acting and contributing is substantial, but nobody is going to silence the voices that are speaking in politics.

"Wealthy donors primarily contribute through super PACs where the messages are disconnected from what a given candidate believes or doesn't believe, and that's nonsensical," Cruz said, adding that it's "nonsensical" for both political parties. "It would be far better for the candidates themselves to be expressing their message. So if Hillary Clinton wants to convey why she wants to be president, it should be her campaign conveying that. Donald Trump wants to convey why he should be president, it should be his campaign conveying that rather than these third party groups that are unaccountable and disconnected from the candidates, and by requiring immediate disclosure, it ensures that there is transparency and accountability."

While Cruz's bill in 2014 didn't go far, this bill is buoyed by Republicans controlling the White House and Senate and could be open to discussion on the topic. The Texas senator said he remains "hopeful" that his proposal could bring Republicans, as well as Democrats, on board, adding that he has had "ongoing conversations" with the incoming administration about potential reform to the system.

"I am optimistic and hopeful," Cruz said about the bill's chances of passage. "President-elect Trump has vocally expressed his concerns about the proliferation of super PACs, and I am hopeful that at least some Democrats will recognize that the current system isn't working."