Assembly Elections Committee to Consider Public Financing Legislation

Last week, Assembly Speaker Sheldon Silver introduced legislation (A.9885-A), which would establish an optional partial public financing system for the offices of Governor, Lt. Governor, Attorney General, state legislators and delegates to a constitutional convention. (Read the Speaker’s press release on the bill.)

The 2012 Campaign Finance Reform Act would establish a matching funds program similar to that in place in New York City.  Participating candidates who meet a certain level of small-dollar donors would be eligible for state-provided matching funds – at a ratio of 6 to 1 – for each individual donation received from within the state up to $250. The total amount of public dollars that can be received by each candidate would be capped.

The bill creates a Campaign Finance Board within the state Board of Elections to oversee the program.  Participating candidates would have to agree to participate in a post-election audit, and would also have to agree to participate in at least one debate.

The bill includes two funding mechanisms —  a $5 income tax check-off and a 10% surcharge on recoveries from fraudulent practices relating to stocks, bonds and other securities.

The bill will be considered at this coming Thursday’s meeting of the Assembly Election Law Committee.  It has no Senate counterpart.

Read more about this effort to make New York State the national model in terms of campaign finance in this prior post.