Political advertising is subject to different rules than ads for commercial products and services. Because "political speech" is widely acknowledged as the core reason behind the free speech provisions of the First Amendment, the Supreme Court treats such speech as the most valuable (and, hence, most protected) form of speech. Political advertising is both advertising and political speech, but since it does not fall within the definition of "commercial speech" it is considered political speech and receives the highest degree of protection under the First Amendment.
Political advertising is not wholly unregulated, though. It is subject to some minor restraint under the Federal Communications Commission's Equal Access law, and under the Federal Election Act. Also, most states have some laws that apply to political advertising, though most of those restrictions never have been tested for constitutionality and they are largely unenforced.
At this point little information specifically dealing with political advertising has been posted on the Internet. However, feel free to look at Political Advertising quotes.
(c) 1997-2009, Jef I. Richards, Texas Advertising, The University of Texas at Austin