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For Immediate Release
January 30, 2007 |
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Feingold, Meehan, Shays,
Price Work to FixBroken Presidential Public Financing System
Washington, D.C. – Senator Russ Feingold
(WI) and Representatives Marty Meehan (MA), Christopher Shays
(CT) and David Price (NC) today introduced the Presidential
Funding Act of 2007 to strengthen the presidential public
financing system so it reflects the current reality of running
for the Presidency.
The legislation will enhance the viability of the system
put in place following the Watergate scandal. The presidential
public funding system is intended to protect the integrity
of the electoral process by allowing presidential candidates
to run competitive campaigns without becoming overly dependent
on private donors.
“This legislation is a small but necessary investment
to protect our democracy and preserve the integrity of our
presidential elections,” Feingold said. “The American
people do not want to see a return to the pre-Watergate days
of unlimited spending on presidential elections and candidates
entirely beholden to private donors. We must act now to ensure
the fairness of our elections and the confidence of our citizens
in the process by repairing the cornerstone of the Watergate
reforms.”
"The system that restored the nation's faith in presidential
elections following the dark days of Watergate has eroded
and become obsolete," said Meehan, "In the last
30 years, Presidential campaigns and the way they are financed
have changed drastically. Accordingly, a change in the Public
Financing System is vital. This bill updates the existing
system, creating incentives to accept public money, while
still allowing candidates to remain competitive."
“The Presidential public financing system as it stands
today is too little, too late,” Shays said. “Contrary
to past elections, candidates for Presidency who opt in to
the system today are simply not as competitive as those who
opt out. We want to reform the system so the funding provided
is an amount that is realistic, in a timeframe appropriate
for today’s campaigns and discourages reliance on influence-peddlers
who collect large sums of money.”
“There may be some out there who are already sounding
the death knell for the public financing system,” Price
said. “But for the sake of free and fair elections,
we can’t let it die on our watch. What it needs is a
shot in the arm, not a funeral.”
The legislation would put the new system into place in 2009,
making 2012 the first election to which it would apply.
From 1976 to 2000, the presidential public funding system
produced competitive elections in which Republicans were elected
four times and Democrats three times, while challengers managed
to be victorious in three of the five elections in which the
incumbent was a candidate. But the front-loading of decisive
primaries, and the emergence of candidates able to raise money
far in excess of the primary election spending limits, have
exposed the weaknesses of the current system. Both major party
candidates opted out of public financing for the 2004 primary
election, and the system will likely become even less attractive
to candidates in the future if it is not revised and updated.
Summary of Legislation to Fix the
Presidential Public Financing System
· The bill increases the amount of matching funds
for the presidential primaries from a 1:1 match for up to
$250 of an individual's aggregate contributions, to a 4:1
match for up to $200 of an individual's contribution.
- The bill increases the spending limit for candidates who
choose to participate in the presidential primary public
financing system from its current level of approximately
$45 million, to $150 million, with a sub-limit of no more
than $100 million to be spent by April 1. The bill increases
the spending limit for participating general election candidates
from its current level of $75 million, to $100 million.
The limits are indexed for inflation. The bill repeals the
primary state-by-state spending limits.
- To qualify for public financing in the primary election,
a candidate must raise $25,000 in each of 20 states, in
amounts of no more than $200 of each individual's aggregate
contribution. This increases the $5,000 per state requirement
in current law. A candidate also must commit to accept public
financing in both the primary and general election in order
to receive public funds for the primary election.
- The bill moves the starting date for the payment of matching
funds to primary candidates from January 1 of the election
year to six months before the first primary or caucus is
held by a party to select its presidential nominee.
- The bill provides that if one or more participating candidates
in the primary election are running against a non-participating
candidate of the same party who raises or spends more than
120 percent of the primary election spending limit, the
spending limit for the participating candidates is increased
to $150 million during the pre-April 1 period or $200 million
for the whole primary period.
- If a participating candidate in the general election is
running against a non-participating candidate in the general
election who has raised or spent more than $300 million
for the combined primary and general election, the amount
of the public funds provided to the participating candidate
for the general election is doubled from $100 million to
$200 million.
- The amount of the check-off on the tax form to fund the
public financing system is increased from $3 to $10 per
individual and indexed for inflation.
- The legislation would take effect on January 1, 2009 and
be effective for presidential elections following the 2008
election.
Contact: Sarah Moore, 202/225-5541
Contact:
Sarah Moore, 202/225-5541
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