|
A NOTE FROM FRED
The presidential public financing system served the nation well for more than two decades. Almost all of the major party candidates used the system, which gave them the opportunity to run for president without becoming indebted to influence-seeking funders. As the system became outmoded, however, with the dramatic increases in the costs of running for president, Congress never took any action to modernize it and President Obama never carried out his campaign commitment to try to fix it. The unprecedented role played by billionaires and millionaires in this election is making a powerful case for repairing the system before the next election.
The Empower Act introduced by Reps. Price and Van Hollen (H.R. 2143) and Senator Udall (S.1176) would revise the current system so it can function effectively in today’s post-Citizens United world. Republican leaders are likely to try to attach a rider to an Appropriations bill to repeal the presidential system. Reform groups working with congressional Democrats and Obama have blocked numerous past attempts to end the system. It's important to preserve it as it is a lot easier to repair the system than to enact a new one from scratch. This battle is unlikely to be resolved until the expected post-November session of Congress and the final Omnibus Appropriations bill enacted for FY17.
|
|
|
|
"Poison pill riders have no part in any budget bill." Reform groups including Democracy 21 sent a letter to Congress today urging members to oppose all poison pill riders, including campaign finance riders, to the fiscal year 2017 Financial Services and General Government Appropriations bill. "Any effort to rewrite the Nation’s campaign finance laws and related measures should be done by regular order and through the legislative process." Last year four “poison pill” campaign finance riders were added to the House and Senate FSGG bills. Two were ultimately enacted. Read more
Clinton wins latest fundraising battle. As of April, the Clinton campaign has raised nearly $300 million compared to the $59 million raised by the Trump campaign. "Clinton’s contribution total includes $81.4 million raised by "independent" groups supporting her candidacy, with most of the money coming from one super PAC, Priorities USA Action." Read more
Sanders is burning through his campaign's bank account. In the beginning of May, the Sanders campaign had $5.8 million cash on hand compared to the $30 million that the Clinton campaign has. Read more
“Unless you are raising hundreds of thousands of dollars, it seems like a wasted effort from a lobbying point of view. You don’t get on anybody’s radar screen," said a Republican lobbyist as lobbyist donations reach record levels. Roll Call reports that new arrangements like joint fundraising committees have driven up requests for K Street money. Read more
Top Republican donors remain "deeply resistant" to Trump. The New York Times contacted more than 50 top Republican donors and found that many have "contempt and distrust" towards Trump and that more than a dozen indicated that they wouldn't give or raise money for him. These donors have given a combined $90 million in the last three federal elections. Big donor Foster Friess, a Trump supporter, said that many contributors viewed Trump with "the same enthusiasm as a root canal." Read more
Would Clinton Foundation be a conflict if Clinton is elected? Columnist Albert Hunt writing in The New York Times raises the question that the Foundation may be an inherent conflict of interest should Clinton become president. Clinton has suggested that if she is elected, the foundation would continue as is. However a legal ethics expert says, "If Bill seeks to raise large sums of money from donors who also have an interest in U.S. policy, the public will rightly question whether the grants affected United States foreign policy." Read more
Hedge fund billionaires form new lobbying group. Paul Singer, Carl Icahn and other hedge fund operators founded a new lobbying trade group called CIRCA to push back against efforts to reform shareholder rules. "The policy fight they enter with their new lobbying muscle is one over who will hold power at big corporations — individual wealthy investors or corporate managers." Singer is one of the largest donors to the Republican party. Read more
|
|
2016 FACT OF THE DAY
$9,659,100: Amount Trump raised in April. Of that, about 78 percent came from his own funds, including another $7.5 million in loans to his campaign. To date, Trump has now loaned his campaign more than $43 million, according to the Center for Public Integrity. Read more
|
|
|
NJ: Gov. Chris Christie's presidential campaign committee earned $27,000 last month by renting out its fundraising list to two Republican committees to help pay off its debt. The Republican National Committee and National Republican Congressional Committee each paid $13,500, according to FEC reports. Read more
TX: Oil tycoon T. Boone Pickens is postponing a Trump fundraiser that was scheduled to take place next month at Pickens' Texas ranch. Pickens' spokesperson blamed scheduling for the cancellation. The article notes that,"The news comes amid reports, however, of turmoil within the Trump campaign and fundraising network." Read more
WA: President Obama is attending a fundraiser in Seattle next month for Gov. Jay Inslee. Read more
By: Fred Wertheimer (@FredWertheimer) & Kathryn Beard (@KathrynBeard)
|
|
|
|
|
