Presidential Financing
System | Bipartisan Campaign
Finance Reform Act | 527s
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Senate Campaign Disclosure
Parity | Campaign
Finance Reform Main | Timeline
Issues
Campaign
Finance Reform 527s
As we saw in the 2004 presidential
election, some groups heavily involved in trying to influence
elections did not register as federal political committees
and, therefore, did not have to comply with the contribution
limits applicable to such committees. These groups, commonly
referred to as 527s, a reference to their designation in
the tax code, have become the destination of choice for
unlimited contributions from wealthy donors trying to influence
an election. Unfortunately, the Federal Election Commission
(FEC) has largely failed to enforce the original 1974 election
laws which prohibit this type of campaign spending.
If 527s want to spend money to influence federal elections
by promoting or attacking federal candidates, their right
to do so is protected under the First Amendment. But they
should have to play by the same rules as everyone else,
becoming federal political committees and abiding by the
same contribution limits that apply to other groups that
seek to influence federal elections. By allowing 527s to
funnel massive contributions from wealthy interests into
federal elections, the FEC has undermined the campaign finance
system.
For this reason, I have joined Senator John McCain (R-AZ)
to introduce the 527 Reform Act, which will require all
527s to register as political committees.
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