Congressman Tom Cole (OK-04) released the following statement after the Committee on House Administration held markups on H.R. 94 and H.R. 95. Both pieces of legislation were authored by Cole to do away with taxpayer subsidization of presidential nominating conventions and eliminate the outdated system of the public financing of elections and presidential nominating conventions.
"I am pleased that the Chairman Miller and Ranking Member Brady have taken up this important legislation," said Cole. "When the Presidential Election Campaign Fund (PECF) was created in 1973, we lived in a world without social media or even widespread use of the Internet. Today individuals can easily learn about candidates and contribute directly to the campaign of their choosing online. The institution of inexpensive or free social media strategies certainly has increased the ability of candidates to raise money.
"History has proven that public assistance is no longer needed for presidential candidates to run a successful campaign. In fact, during the 2012 election cycle, the largest category of contributors totaled more $675 million to presidential candidates. Not surprisingly, both President Obama and Governor Romney opted out and raised hundreds of millions of dollars without a dime of public assistance.
"Given our mounting debt, this legislation would also terminate funding for political nominating conventions. As former RNC Chief of Staff who helped organize the Republican National Convention in 2000, I can speak firsthand to the fact that major parties are more than capable of funding their own national conventions.
"We must cut waste where and when possible, and both H.R. 94 and H.R. 95 point our country in the right direction," concluded Cole.