Specter, Schumer Propose Consitutional Amendment on Campaign Finance Regulation

Harkin, Cochran To Co-Sponsor Amendment Restoring Congress’ Power to Regulate Campaign Fundraising and Spending Limits

Washington, D.C.
Thursday, October 18, 2007 -

With new fundraising records being set nearly every quarter in this year’s presidential primary contests, Senators Charles E. Schumer (D-NY), Arlen Specter (R-Pa), Thad Cochran (R-MS) and Tom Harkin (D-IA) today introduced a joint resolution to overturn the 1976 Supreme Court decision in the case of Buckley v. Valeo and restore Congress’ power to regulate campaign finances.

In Buckley, the Supreme Court equated money with free speech, granting First Amendment protections to what it called “contributions” and “expenditures” associated with campaigns. This opinion has since limited Congress’ ability to make changes to the current system of campaign financing. Incongruously, the Supreme Court also held that Congress could, in fact, step in wherever the influence of money posed a significant threat to the “integrity of our system of representative democracy.” As a result, the current system of campaign finance regulations is complicated, fractured, and exceedingly confusing. Furthermore, while individual campaign donations are strictly limited by law, individuals are allowed to self-finance their own campaigns without limit, which severely undermines an opponent’s competitive capacity.

“The Buckley decision has undermined the integrity of the system and stripped Congress of its constitutional powers,” Schumer said. “We need to restore the public’s confidence in electoral politics. This simple, straightforward amendment will pave the way for true and meaningful campaign finance reform.”

“The people's faith in the integrity of the electoral system is essential to our form of government. A rational and comprehensive system of campaign finance regulation is a key component to maintaining that faith,” Specter stated. “Nothing in the constitution prohibits that regulation; this amendment will make that clear.”

“The cost of elections has spiraled out of control—and as the cost of running for office continues to rise, the integrity of the campaign process wanes. A perception that those with money have undue influence will continue to grow,” said Harkin. “We need to have a campaign finance structure which limits the influence of the special interests and restores confidence in our democracy.”

Recent Supreme Court opinions on campaign finance reform—such as in the Wisconsin Right to Life case—have reaffirmed Buckley, invalidated key tenets of the 2002 Bipartisan Campaign Reform Act, and further limited Congress’ ability to regulate campaign financing. This resolution would in fact allow for better First Amendment protection in situations where a candidate’s views might be dwarfed by a self-financing opponent. In addition to restoring Congress’ power to regulate campaign finances in federal elections, the resolution also authorizes similar power to each state for election to state or local office, ballot initiatives, and referenda.

October 2007 News Releases*