Fact
Sheet - Presidential Funding Act of 2006
July 27, 2006
Senator Feingold and Representatives
Shays and Meehan have introduced bills in the House and Senate
to reform the presidential public funding system. This bill
would take effect for the 2008 election.
Reforms of the Primary Elections
System
- Increases from 1:1 to 4:1 the public
funds match of the first $200 of an individual’s total
contribution to a primary candidate.
- Eliminates the state-by-state primary
spending limits and increases the overall primary spending
limit from its current level of approximately $45 million
to $150 million for candidates who choose to participate
in the presidential primary public financing system. Up
to $100 million of the new limit can be spent prior to April
1 of the election year. The limits are indexed for inflation.
- Requires that 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 an individual’s total contribution.
- Requires a candidate to commit to accepting
public financing for the general election in order to receive
public funds in the primary election.
- Moves the starting date for the payment
of public funds to primary candidates from January 1 of
the election year to July 1 of the year immediately preceding
the presidential election year.
- Provides that if a candidate who is
not participating in the public financing system raises
or spends more than 20% more than a primary spending limit,
the spending limit for all of the participating candidates
of that party is increased by $50 million, indexed for inflation.
An additional 1:1 match of eligible contributions will also
be made available to all participating candidates.
Reforms of the General Election
System
- Sets the spending limit for participating
general election candidates at $100 million, an increase
from the current level of approximately $75 million. The
limits are indexed for inflation.
- Requires a candidate to qualify for
and receive public financing in the primary election in
order to be eligible to receive it in the general election.
- Provides that if a non-participating
candidate in the general election raises or spends more
than 20% above the combined primary and general election
spending limits, the public funds grant provided to a participating
candidate in the general election is doubled, to a total
of $200 million, indexed for inflation.
- Increases the limit for coordinated
spending by a national party on behalf of its presidential
candidate from approximately $15 million to $25 million
between April 1 and the nominating convention and an additional
$25 million after a candidate is nominated, indexed for
inflation.
Additional Reforms
- Increases the amount of the check-off
on the tax form to fund the public financing system from
$3 to $10 for an individual and from $6 to $20 for a married
couple.
- Requires the Secretary of the Treasury
to issue regulations to ensure that electronic software
used in the preparation or filing of individual tax returns
not automatically accept or decline a check-off of taxpayer
funds to the Presidential Election Campaign Fund.
- Authorizes the Federal Election Commission
to spend up to $10 million from the Fund during a four--year
presidential election cycle to conduct a public education
program to inform the public about the Fund and its purposes.
- Requires presidential candidates to
disclose bundled contributions.
- Prohibits the political parties from
spending soft money on their conventions.
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