Feingold, Meehan, Shays, Price Work to Fix Broken Presidential
Public Financing System
Legislation to protect integrity of electoral process and reduce
role of big contributors in Presidential elections
January 30, 2007
Washington, D.C. – Senator Russ Feingold (D-WI) and Representatives
Marty Meehan (D-MA), Christopher Shays (R-CT) and David Price (D-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 2004,
the presidential public funding system produced competitive elections
in which Republicans were elected five times and Democrats three times,
while challengers managed to be victorious in three of the six 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. The legislation improves the system
by increasing matching funds, increasing spending limits for candidates
who participate in the system, raising the amount individuals can
contribute via the tax form check-off, among other provisions.
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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.
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