NBC Today Show - Transcript

NBC

SHOW: Today

HEADLINE: Senator John McCain discusses campaign finance reform

ANCHORS: MATT LAUER; KATIE COURIC

BODY:
MATT LAUER, co-host:

On CLOSE UP this morning, campaign cash. Senator John McCain is one of the primary authors of the campaign finance law just upheld by the US Supreme Court.

Senator, good morning to you.

Senator JOHN McCAIN (Republican, Arizona): Good morning, Matt.

LAUER: Congratulations.

Sen. McCAIN: Thank you.

LAUER: What was your reaction when you heard the justice's decision?

Sen. McCAIN: I was very pleased and very grateful for the partnership of Russ Feingold and Chris Shays and Marty Meehan who were with me as partners in the seven-year odyssey. I know we have a long way to go. There's a lot more reform that needs to be enacted, but this was--this was a victory for democracy and an affirmation that money is not free speech. Money is property and that's what it's all about.

LAUER: That's one side of it, obviously.

Let me read you what Justice Scalia said in writing the descending opinion. He said that this, quote, "is a sad day for the freedom of speech," end quote. And he went on to say that the ruling was, quote, "the second scene of act one of what promises to be a lengthy tragedy," end quote. How do you convince people this isn't the beginning of restricting freedom of speech?

Sen. McCAIN: Well, I can be--assure all Americans that no longer can a member of Congress or a senator pick up the phone, call a trial lawyer, a corporate head or a union leader and say, 'Write me a six- or seven-figure check. And, by the way, your legislation is coming up soon.' The majority opinion says there is reams of evidence that shows that this kind of big money has a corrupting--either actual corruption or appearance of corruption in the way we do business here in Washington.

LAUER: Let...

Sen. McCAIN: That's what a majority of the judges said.

LAUER: We are about a year out from the 2004 presidential elections, Senator. In real terms, how will this law impact the presidential race?

Sen. McCAIN: It won't, Matt. There were--the money restrictions. We have to fix the primary now because we're going to have to increase the amount of money so that people will still go for matching funds. We need to reform that. And I want to emphasize, we have a lot of other reforms to go. The Federal Elections Commission has become an enabler of those who want to destroy campaign finance reform. They have--they have tried to blow holes in our law before it was even held constitutional. They are--they are--they must be changed because they are trying to destroy campaign finance reform and there are other reforms that need to be made.

LAUER: Let--let me talk about some of the ways people have found around this. I mean, soft money, if that's gone, that was basically people giving unlimited cash to parties and then the parties could use that money at their own discretion off in a...

Sen. McCAIN: Not--not just people: Unions, trial lawyers, corporations.

LAUER: Right. And the parties could use that money at their own discretion, in campaigns for president or Senate. Now they have come up with something called a 527 group, where basically people can give huge amounts of money to these groups, and they can promote their own point of view as long as it's not shown that they are acting in direct coordination with a party or a candidate. Are you frustrated by this?

Sen. McCAIN: No. I would like to see some changes made, like more transparency. But that money cannot be spent in the last 30 days before a primary, 60 days before a general election on any broadcast advertisement that has to do with the campaign. The so-called Snow/Jeffords portion that prevents anything but hard money--in other words money raised in--in the required small amounts to be used.

LAUER: Right.

Sen. McCAIN: So that's--that's huge in inhibiting their ability to distort an election with big money.

LAUER: Let me ask you about some other news.

Sen. McCAIN: Sure.

LAUER: Al Gore, former vice president, endorsing Howard Dean for president. How much in your opinion does that change the playing field in the upcoming race?

Sen. McCAIN: I am not much of an expert on that, Matt, but I would have called Joe Lieberman first. And I think it obviously has a significant impact. But...

LAUER: Well, you are--you are an expert on being somewhat of the insurgent candidate. You were that in 2000. How--how might it have changed the playing field of someone like a Bob Dole had endorsed your campaign a year out?

Sen. McCAIN: I think it would have helped, but I--in my case I still think the overwhelming majority of the Republican Party apparatus would have not supported me. One reason being, campaign finance reform.

LAUER: Senator John McCain. Senator, as always...

Sen. McCAIN: Thanks, Matt.

LAUER: ...it's nice to talk to you.

Sen. McCAIN: Thank you.

LAUER: We appreciate it.