Statement from Russ Feingold on Decision of Obama, McCain to Support the Presidential Funding System

[flpoljunkie]

Statement of U.S. Senator Russ Feingold
On the Decision by Senators Obama and McCain to Support the Presidential Public Funding System

March 2, 2007

http://feingold.senate.gov/~feingold/statements/07/03/20070302.htm

“I commend Senators Obama and McCain for pledging that, if nominated, they will participate in the presidential public funding system in the 2008 general election, as long as their eventual opponent also participates. This is good news for the American people, who, thanks to this system, for over 30 years have chosen between two major party candidates competing on a level financial playing field in the general election. All candidates for President should take a similar pledge.”

“I also urge all the presidential candidates to follow Sen. Obama’s lead in endorsing my bill to fix the matching funds system in the primaries. Several candidates have announced they will not participate in that system, which is clearly broken. My legislation will update and repair the system for the 2012 election. All candidates ought to support my bill, and reassure the American people that should they become President they will not use the advantages of incumbency to raise far more private money than any challenger could possibly raise.”

On January 30th, Senator Feingold introduced the Presidential Funding Act of 2007. Companion legislation was introduced in the House of Representatives by Congressmen Marty Meehan (D-MA), Chris Shays (R-CT), and David Price (D-NC). More information regarding Senator Feingold’s bill is available here.

http://www.feingold.senate.gov/%7Efeingold/releases/07/01/20070130.html

[flpoljunkie]

1. Summary of Feingold Legislation to Fix the Presidential Public Financing System

Too bad, it can't be done for the '08 election, but no way Bush would let this become law!

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.

http://www.feingold.senate.gov/%7Efeingold/releases/07/01/20070130.html