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New York City's Campaign Finance Board was established 20 years ago. Because big donors frequently want favors later, the Board's system was designed to encourage candidates to seek out small donations. If a donor gives ten dollars, the Board matches it six-for-one with public money, so it becomes 70 dollars. Amy Loprest is the Board's Executive Director.
AX: (AMY LOPREST) (0:19)
What has happened is that you see a lot more people who otherwise would not be able to run for office, in addition a lot more individual New Yorkers being able to become part of the political process by giving small donations and have those donations be worth more than the $10 they would ordinarily be worth.
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Candidates who run under New York's system agree to spending limits, public disclosure of their donors and how they spend their money. In return, they get matching funds, which lets them focus more on the campaign than fundraising. Almost every politician needs money, so it's been a popular program.
AX: (AMY LOPREST) (0:15)
Up until last year, every single elected city official, except Mayor Bloomberg, had received public financing at some point in their political career. So it definitely shaped the city government that we've got right now.
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New York's system has changed, over the years. The federal system, on the other hand, hasn't been updated in decades. And while every presidential election since 1976 has been financed with public funding, there's a good chance this year that even the candidates who have been most interested in campaign finance reform won't use it. Dr. Tony Corrado is a senior fellow with the Brookings Institution, and professor of Government at Colby College. He says that it's not surprising that Senators Obama and McCain are leery of accepting public funding's limits this year .
AX: (TONY CORRADO) (0:14)
... nothing's been done for public funding now, since the 1970s, and now they're both looking at having to run under a very crippled system, which doesn't really match the demands of modern campaigns.
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This year's presidential campaigns demand more than 85 million dollars, and the three presidential frontrunners are on track to raise twice that during the primaries alone. With internet fundraising reaching record heights, the old system just can't compete.
AX: (TONY CORRADO) (0:14)
I think this election makes clear that the presidential public funding system is broken, and I think it unlikely that any candidate will be using public funding four years from now unless something is done.
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The three major candidates still running have all expressed strong support for campaign finance reform in the past. In 2002, Senator McCain angered many conservatives by cosponsoring a bill that restricted particular campaign contributions, and Senator Obama is a cosponsor on pending campaign legislation. Corrado thinks there's a good chance the next president will support changing the system.
AX: (TONY CORRADO) ( )
Given the fact that we're now looking at Senator McCain and either Senator Obama or Senator Clinton, the odds for considering reform of the public funding system have increased dramatically.
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The Fair Elections Now Act is currently before Congress, waiting to move on. Under its rules, potential candidates would have to prove they're competitive by getting a large number of small donations… and only after that would they receive public money.
AX: (TONY CORRADO) (0:18)
... which really amplifies the small donor, really gives candidates a strong incentive to increase participation by seeking as many small donations as a candidate can get. ... It's now the basis for the legislation that's been submitted before Congress.
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Corrado says that legislation follows New York City's proven system of matching funds for small donations:
AX: (TONY CORRADO)
You would have smaller donations matched at a 2 to 1 or 3 to 1 rate, as a way to promote more public funding in the system, so it's really become a model for how we might rethink the federal system.
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For any New Yorkers curious about who's donated to city politicians, and how the money got spent, the Campaign Finance Board keeps a searchable database of campaign donors and how the candidates spent their money at NYCCFB.info.
Adam Hirsch, Columbia Radio News