Assembly Announces Comprehensive Campaign Finance Reform Package

Assembly Speaker Sheldon Silver remarks taken from April 25, 2001 news conference

 
#1
To participate in our public campaign financing system, eligible candidates must agree to specific contribution and expenditure limits. They would be required to achieve a minimum level of contributions based upon the office they are seeking.

Candidates for the state Assembly for example would have to raise at least $5,000 in matching eligible contributions before they would be eligible for public campaign financing. Once those minimums are met participating candidates would be eligible for state matching funds of up to $500 for any one eligible contribution. Last year, we proposed a dollar for dollar match, this year we are proposing a match of two dollars for every dollar up to a maximum of $500.

 
#2
We require identification of the source of political communications, we limit the dollar amount of contributions of multi-candidate committees that political parties can accept. We limit the amount of money political parties can contribute or transfer to candidates.

 
#3
The other big change from our proposal previously is that we eliminate the soft money exemption. Political parties will no longer be allowed to accept unlimited contributions into housekeeping accounts. All party committees would be subject to the uniform seventy-five hundred dollar contribution limit.



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