TCS Statement on Passage of Campaign Finance Reform Legislation

Mar 20, 2002 | 2 min read | Print Article

Washington, D.C. – Taxpayers for Common Sense, an independent budget watchdog, applauds the action of the U.S. Senate in passing and sending to President Bush legislation to reform the nation’s campaign finance system.

TCS congratulates Senators Russ Feingold (D-WI) and John McCain (R-AZ) for their efforts over the past few years, which culminated in today’s historic vote in the Senate. Without their bipartisan leadership and dogged determination, this important reform bill would not be on its way to the President for signature. Taxpayers for Common Sense salutes all Senators and their colleagues Representatives Chris Shays (R-CT) and Martin Meehan (D-MA) in the House of Representatives, who did the right thing despite the fact that it required standing up to party leaders and big campaign contributors.

There remains little doubt about the need for reform. During the 1999-2000 election cycle 980 organizations gave $100,000 or more to the Democratic and Republican parties. Countless other special interests hedged their bets by contributing equally to both parties. Enron, whose political influence has come under serious scrutiny, gave $532,565 to the Democrats and $1,138,990 to the Republicans. Northwest Airlines, contributed just short of $1 million dollars, splitting it evenly between the Democrats and Republicans. Without a doubt, these contributions buy special interests a disproportionate amount of influence in Washington.

Each year, industries benefit from billions of dollars in handouts from the federal government. The energy sector contributed nearly $65 million in individual, PAC and soft money donations to federal candidates and parties in 1999-2000. Coincidentally, energy legislation passed in the House in 2001 included $62 billion in subsidies to these same corporations that financed the campaigns of the lawmakers who wrote the subsidies into law. During the 2000 election cycle, agribusiness made over $20 million in soft money investments, and stood to receive more than $170 billion over 10 years from the Farm Bill passed by the House last year.

Reforming our campaign finance system to stop wealthy corporations and individuals from having a disproportionate amount of influence is long overdue. Taxpayers for Common Sense urges President Bush to quickly sign this historic legislation in law.