CED released a new policy statement concerning campaign finance, Building on Reform: A Business Proposal to Strengthen Election Finance. Senator John McCain (R-AZ) delivered the keynote address, which focused on the dangerous new 527 loophole and the ineffectiveness of the Federal Elections Commission (FEC) at enforcing the law. He went on to say: "By calling for the regulation of 527s and an overhaul of the FEC, CED is courageously leading the business community in speaking out against the corrupting influence of big money in federal elections, as it did during the fight to pass BCRA."
After working hard to help pass the Bipartisan Campaign Reform Act (BCRA), CED was happy to see the 2004 election cycle produce millions of new small donors, filling the coffers of candidates and parties without the appearance of corruption or influence peddling that only a few years earlier had dominated the process.
But, the BCRA was only a first step, not comprehensive reform. Party reliance on soft-money has been curbed. But so-called "527 committees" operated much like shadow parties in 2004, raising and spending hundreds of millions of un-regulated dollars in much the same way the Republican and Democratic national committees once did. Despite this avalanche of new spending, the FEC seemed both unwilling and unable to act effectively to curb these activities-- activities that ran contrary to both the spirit and letter of the new law. Also, 2004 was the first presidential primary cycle that saw both eventual nominees opt out of the public-funding system. CED continues to support a strong and vibrant public funding system for federal elections, but without additional reforms, the existing system is likely to continue its path toward into irrelevancy.
To address these important shortcomings in our current election finance law, CED makes three categories of recommendations: the FEC reform, strengthening the soft-money ban by closing the so-called '527 committee" loophole, and strengthening the presidential public funding system in both the primary and general election. These reforms are vital if we are to fashion a campaign finance system that protects free speech, encourages debate, and elects candidates based on ideas, not dollars.
The subcommittee that oversaw this project was co-chaired by Edward A. Kangas, Chairman, Global Board of Directors, Deloitte Touche Tohmatsu, and George Rupp, President, Columbia University. Professor Anthony Corrado of Colby College served as project director.
More Information
|
