From Common Cause:"
Constitutional Convention
Big money's plan to shred the Constitution
This report sounds the alarm about a dangerous proposal bubbling up in state legislatures throughout the country. Sidebar
The threat is a constitutional convention, convened on the petitions of at least 34 state legislatures as specified under an Article V of the Constitution and empowered to rewrite or propose new amendments to that document. Its advocates span the ideological spectrum, including right-of-center supporters of new limits on federal power, from a constitutional requirement that the federal budget be balanced, to backers on the left of a constitutional amendment to overturn the Supreme Courts decision in Citizens United, a ruling that reversed decades of well-settled law limiting corporate political spending.
Common Cause strongly opposes an Article V convention, even as we strongly support a constitutional amendment to reverse Citizens United. We oppose a constitutional convention because we believe there is too much legal ambiguity that leads to too great a risk that it could be hijacked by wealthy special interests pushing a radical agenda that poses a very real threat to American democracy.
A convention of states drafted our Constitution in 1787, including Article V as one of several mechanisms for future amendments. Article V itself has never been used but would be triggered once 34 state legislatures submit applications for a new constitutional convention; it then requires Congress to convene a new convention to draft and submit new constitutional amendments to the states for ratification.
There are no settled rules or procedures to govern an Article V convention and it cannot be limited in scope. Though some constitutional convention proponents say they intend to pass a single amendment to balance the federal budget or reverse Citizens United there is nothing to prevent the convention, once convened, from proposing additional changes that could limit or eliminate fundamental rights or upend our entire system of government.
http://www.commoncause.org/issues/more-democracy-reforms/constitutional-convention/executive-summary.html