The Senate and the First Amendment

I heard on the radio today that the Senate is advancing a Democratic bill to amend the Constitution so that Congress would have the authority to regulate political speech... I thought this must be wrong... until I Googled it... WTF? 

Are they smoking dope in the Senate? Why is anyone wasting time trying to change this:

"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances."