Bipartisan Group Introduces Presidential Public Financing Fix

Press Release

BIPARTISAN GROUP INTRODUCES PRESIDENTIAL PUBLIC FINANCING FIX

Legislation by Senators Feingold, Collins and Representatives Price, Shays Would Protect Integrity of Electoral Process and Reduce Role of Big Contributors

U.S. Senators Russ Feingold (D-WI) and Susan Collins (R-ME) and U.S. Representatives David Price (D-NC) and Christopher Shays (R-CT) have introduced legislation to repair and strengthen the presidential public financing system. The Presidential Funding Act of 2007 addresses problems that have developed in the system, which was 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. Also cosponsoring the legislation in the Senate are Barack Obama (D-IL), Dick Durbin (D-IL), Hillary Clinton (D-NY), Joe Biden (D-DE), Chris Dodd (D-CT) and John Kerry (D-MA). Other House cosponsors include Representatives Chris Van Hollen (D-MD), Mike Castle (R-DE), Rahm Emanuel (D-IL), and Todd Platts (R-PA).

"In the two decades since Watergate, public financing made presidential elections more competitive and reduced the appearance of corruption that accompanies a wide-open money chase," Feingold said. "But the system clearly needs to be updated to increase voter confidence in the electoral process by making the candidates less dependent on wealthy contributors."

"Current estimates are that the 2008 contest for the presidency of the United States will cost more than one billion dollars. As a result of these skyrocketing costs, candidates are going to be spending more time holding exclusive, high-dollar fund-raisers than meeting the voters and discussing the issues. Clearly, the system is flawed. The Presidential Funding Act of 2007 would make important and sensible improvements to our nation's campaign-finance system. This legislation would go a long way in helping to eliminate special-interest money from the presidential campaigns and restoring the public's faith in the election process," said Collins.

"Neither party is immune from the current fundraising arms race, which is why we need a bipartisan solution that will return the system to sanity," Price said. "The voters win when all candidates can spend more time talking to the American people than raising money."

"The Presidential public financing system is worth preserving and improving," stated Shays. "Several factors -- including the front-loading of the primary process, the emergence of extremely wealthy candidates and the unpopularity of the tax check-off -- have combined to render the system of presidential public financing in serious need of repair. I am grateful for this bipartisan, bicameral legislation which makes several changes to the presidential public financing system to make the public financing system more attractive to candidates and more fair for those who choose to participate."

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. Both major party candidates accepted public financing for the 2004 general election, but candidates from both parties opted out of the primary election system. In the 2008 election, most of the leading candidates have declined to accept matching funds, and, for the first time since the system began, one or both major party nominees may refuse the general election grant in order to be able to spend unlimited money. The system will likely become even less attractive to candidates in the future if it is not revised and updated.

The bill is supported by a wide range of organizations supporting campaign reform including Americans for Campaign Reform, Campaign Legal Center, Common Cause, Committee for Economic Development, Democracy 21, League of Women Voters, Public Campaign, Public Citizen, and U.S. PIRG.