Governor Proposes Campaign Finance Reform Bill
Earlier today, Gov. Cuomo released the Campaign Finance Reform Act of 2013 (Governor’s Program Bill #12). The bill is the third of his three-part reform package. (Read blog posts about the first and second parts of his package.)
The most significant aspect of the bill would put into place an optional system of public campaign financing with the state matching eligible donations up to $175 at a rate of 6 to 1.
Other provisions of the bill include:
- greater disclosure of who is making independent expenditures;
- disclosure of campaign contributions over $1,000 within 48 hours of their receipt;
- reducing contribution limits for all state-level candidates;
- limiting party committees raising “housekeeping” funds and transferring funds to candidates;
- lowering the amount that corporations can contribute to candidates;
- closing the “LLC loophole”; and
- limiting the personal use of campaign contributions by candidates and elected officials.
The Governor’s memorandum in support indicates that the matching funds program would cost approximately $166 million over a four-year election cycle, plus some $17.3 million in start-up and administrative costs.
The program would be paid for through an income tax check-off, abandoned property funds, a 10% surcharge on civil lawsuits in which the state is a plaintiff. If these sources are inadequate, the remainder would be paid for through the general fund.
The public finding program would take effect in 2015 – the beginning of the next four year election cycle. Most of the bill’s other provisions would take effect on June 1, 2014.
Read the bill and the sponsor’s memo.