Jan. 30, 2007 -- House and Senate Bills to Update Presidential Public Funding System: Statement of Meredith McGehee, Campaign Legal Center Policy Director

The deafening noise you heard in Washington last week was the White House hitting the auction block. The legislation introduced today by Senator Russ Feingold (D-WI), Representatives Christopher Shays (R-CT), Marty Meehan (D-MA) and David Price (D-NC) is an important first step in taking the White House off the auction block by revitalizing the presidential public financing system. These bills would again make the contest for our nations' highest office a competition of ideas instead of one of donor lists. With leading 2008 presidential candidates already opting out of the system for both the primary and general elections, it is clear that the 30-year old system is in desperate need of renovation. The proposed legislation would update the public financing system to meet the needs of today's candidates and make public financing a viable option for even the best funded candidates.

While it is already too late for the 2008 presidential election, the effective date of 2009 on these new bills will restore the system in time for the 2012 contest. The presidential public financing system has played a vital role in our democracy in the post-Watergate era and should be restored for the good of the country.

Congressional opponents have starved the presidential public financing system of the necessary legislative maintenance to accommodate the changing presidential campaign cycle. Described as the "crown jewel" of campaign finance regulation in this country, the public funding system should not be allowed to wither away. The system has many positive effects on our presidential campaigns: it reduces the enormous fundraising burden on candidates; discourages massive fundraising and provides incentives for candidates to focus on small dollar donors; enables candidates who are not independently wealthy to participate effectively in the process; and encourages healthy competition in presidential campaigns. These characteristics open the presidential process up in a way that promotes a healthy democracy by in essence democratizing our selection of a president.

We applaud the efforts of Senator Feingold and Representative Shays, Meehan, and Price for their efforts to update the presidential public financing system. With the 2008 campaign expected to eclipse the one-billion dollar mark, it is essential to repair the presidential system to help curb the financial arms race that is hobbling our representative democracy. Even some of the candidates who will forgo public financing in the coming election continue to call for the system's repair, as well they should. Some of the most prodigious fundraisers in the current field of candidates are uncomfortable with the White House being put on the auction block. Although there is not enough time for 2008, it is necessary for Congress to muster the political will to fix the system for 2012 and beyond.

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