Washington (CNN) - Rep. Chris Van Hollen, D-Maryland, and Rep. Mike Castle, R-Delaware, announced Monday that they will introduce bipartisan legislation in response to a January ruling by the Supreme Court that altered long-standing rules governing how corporations fund political campaigns.

"The Supreme Court's ruling on Citizens United v. FEC overturned two decades of precedents that prohibited corporate and union expenditures in political campaigns," the congressmen wrote in a joint statement. "This decision enables larger financial interests to drown out the voices of ordinary citizens, allows foreign corporations to spend money through their domestic subsidiaries, and permits major recipients of taxpayer dollars to funnel these funds into political activities."

"The Court's ruling in this case demonstrates a blatant disregard for its own precedents and ignores the clear intent of Congress to reduce the influence of powerful special interests," they added.

The legislators plan on introducing the legislation on Thursday, a Democratic source close to the negotiations tells CNN.

Van Hollen is the chairman of the Democratic Congressional Campaign Committee; Castle is making a bid for the Senate seat formerly held by Vice President Joe Biden.