As Gop Seeks to Repeal Post-watergate Reforms, Price and Van Hollen Introduce Bill Mending Presidential Public Financing System

Press Release

Today, Reps. David Price (D-NC) and Chris Van Hollen (D-MD) introduced the Presidential Funding Act, a bill to modernize the public financing system for presidential campaigns and enhance the influence of small donors in U.S. elections. The move comes as Republicans plan to bring to the floor a bill to abolish the public financing system. Coming in the wake of the Supreme Court's Citizens United vs. FEC decision, the Republican legislation would further open the floodgates to special interest money in politics by eliminating one of the most significant campaign finance reforms in our nation's history.

"Dare we forget what Watergate was all about? President Nixon's Committee to Re-elect the President, fueled by huge quantities of corporate cash, paid for criminal acts and otherwise subverted the American electoral system," Rep. Price said. "Let's not return to the darkest days of our democracy. We should be mending the system, not ending it."

"There is no question that the deluge of outside spending -- especially in the wake of the Citizens United ruling -- has fundamentally changed our democratic process for the worse. Unfortunately, instead of voting to pass the DISCLOSE Act and increasing transparency for voters, our Republican colleagues stood on the side of secret special interest spending. Now, Washington Republicans want to dismantle the public financing system for Presidential campaigns and allow big money, special interests to have even more influence. That is why I'm joining my colleague David Price in introducing this important legislation -- it will ensure that voters continue to have a voice in our political process," said Congressman Chris Van Hollen (D-MD).

The presidential public financing system was enacted as part of the Federal Election Campaign Act of 1974, at a time when public confidence in government was at an all-time low. The system is funded through a voluntary income tax "check-off." It offers public matching funds to candidates who demonstrate their viability by raising small contributions. In exchange, they must abide by voluntary limits on private fundraising. The system has been credited with leveling the playing field by helping lesser-known candidates, such as then-Governor Ronald Reagan, run viable campaigns against better-funded opponents.

Because the program has not been updated since 1974, it has become increasingly inadequate for today's presidential campaigns, and in 2008 then-Senator Barack Obama became the first candidate to opt out of the system for the general election. The Price-Van Hollen proposal would modernize the system by increasing the public matching funds available to candidates, adjusting the program to today's front-loaded primary calendar, and further enhancing the role of donors who contribute $200 or less.

Instead of working to reform the system, however, the House Republican leadership has rushed to the floor legislation to repeal it altogether. This move comes in violation of their pledge run the House more transparently and with greater input from the minority party. Today, Rep. Price testified before the House Rules Committee opposing the Republican bill. Reps. Van Hollen and Price both plan to speak in opposition when the legislation comes to the floor. Video of Rep. Price's testimony is available here.

"The public financing system ensures politicians are accountable to voters instead of special interests, but our colleagues can't even be bothered to remain accountable to their own rules," Rep. Price said. "Forcing a vote on legislation undermining 30 years of post-Watergate limits on money in politics without the approval of a single committee, and without even a single hearing in the committee of jurisdiction, is exactly what the new majority promised not to do."

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