John Tierney (MA-06)

SUMMARY OF CLEAN MONEY, CLEAN ELECTIONS ACT

The Clean Money, Clean Elections Act, H.R. 3099

The Clean Money, Clean Elections Act would create a voluntary campaign finance system with incentives for a candidate to forgo the private money chase and become eligible to receive public financing, and it would include provisions for free and reduced-rate radio and TV air time in order to lower the cost of campaigns.  The bill would set an even playing field, where a candidate's message would matter more than the size of his or her campaign coffer.

The Clean Money, Clean Elections Act accomplishes five key objectives favored by most Americans, as it would:

1)      Eliminate the perceived and real conflicts of interest caused by the financing of campaigns by private interests;

2)      Limit campaign spending by requiring that candidates who choose to participate in the Clean Money, Clean Elections system spend no more than the fixed amount of Clean Money, Clean Elections funding they receive;

3)      Allow qualified individuals to run for office regardless of their economic status or access to large contributors;

4)      Free candidates and elected officials from the burden of continuous fundraising; and

5)      Shorten the effective length of campaigns (when the public is bombarded with broadcast ads and mass mailings) by defining the point at which candidates receive Clean Money, Clean Elections funding to pay for campaign expenditures.

Several states have passed into law a Clean Money initiative, and over 16 states have some system of public financing for state candidates.  Congressman Tierney’s Clean Money, Clean Elections Act would build upon the successes at the state level and apply the public financing system to federal campaigns.

The Process Under Clean Money, Clean Elections Act

The Clean Money, Clean Elections Bill creates a voluntary system that gives candidates an option to forego private funding without having to “unilaterally disarm.”  The bill does so by establishing voluntary campaign spending limits; any private funds raised by a candidate that exceed such limits are matched by public funds given to a “Clean Money” (CM) candidate. 

For a CM candidate:

·        Prior to qualification, for 180 days before the primary election, the only money that can be raised is "seed money" ($100 total per in state donor, to an aggregate of $35,000) for campaign-related expenses such as opening an office and grassroots organizing (not television or radio);

·        From that point until 30 days prior to the primary date, candidates seek to qualify for public funding of their campaigns.  A CM candidate qualifies by collecting a set number of $5 qualifying contributions from individual residents of the state, qualifying the candidate for the primary and - if successful - for the final election, as well;

·        Once qualified, a CM candidate is immediately eligible to receive Clean Money (CM) financing for the primary election (this can be on the first day of the 180 days, should the requirements be met);

·        The total amount of CM funds a major party candidate receives for the primary and the general election constitutes the CM spending limit.  The total available for both primary and final elections in a particular district will be 80% of the national average of campaign expenditures by all winning House candidates for the previous three election cycles.

·        In addition, significant free television and radio prime time/drive time allotments are enjoyed by CM candidates.  Any additional time over the allotment will be at reduced rates for CM candidates.  Non-CM candidates receive no allotments and do not receive discounts.

For a Privately Funded Candidate:

·        Full and immediate detailed disclosure of the privately-funded sources is required;

·        Television and radio expenses are paid at full-price by the privately-funded candidate;

·        If a privately funded candidate spends more than the CM candidates' limit, the CM candidate will immediately receive funds to match that overspending;

·        Independent expenditures used against a CM candidate can be considered in the privately-funded candidate's spending total.  The CM candidate receives matching funds immediately for any funds that exceed the CM limit.