[Congressional Record Volume 144, Number 63 (Monday, May 18, 1998)]
[Extensions of Remarks]
[Page E876]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




FACT SHEET ON THE ``LET THE PUBLIC DECIDE CAMPAIGN FINANCE REFORM ACT''

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                           HON. DAVID R. OBEY

                              of wisconsin

                    in the house of representatives

                          Monday, May 18, 1998

  Mr. OBEY. Mr. Speaker, I submit the following for the Record:

                         Campaign Contributions

       Congressional candidates would not be funded with private 
     money in the general elections. Instead, the citizen-funded 
     Grassroots Good Citizenship Fund would equally provide money 
     to the major party's nominees and provide funds for third 
     party and independent candidates.


                               Soft Money

       The use of soft money is prohibited with respect to any 
     House of Representatives election.


                  The Grassroots Good Citizenship Fund

       Money for the Grassroots Good Citizenship Fund will be 
     provided by voluntary additional payments from public 
     spirited citizens and a .1% tax on corporate income of 
     $10,000,000 or above.
       Major party candidates' funds will be based on the median 
     household income of each district. The maximum amount 
     allocated will be $500,000 per candidate for the districts 
     with the highest median household income and all other 
     districts will be equal to that amount minus \2/3\ percentage 
     difference between the median household income in that 
     district and the highest district.
       Independent candidates will receive funds based on the 
     corresponding number of signatures collected and verified by 
     the commission.
       Third party candidates will receive a proportional amount 
     based on that party's vote in the last five elections.


       ``Independent Expenditures'' and ``Express Advocacy'' Ads

       Independent expenditures and express advocacy activities 
     relating to the election of Members the House of 
     Representatives are prohibited during the 90 days prior to 
     the general election.


                   Changes in primary election funds

       The maximum expenditure in a primary will be capped to \1/
     3\ of the amount allocated in the primary election. Large 
     donor PACs will be limited to 20% of this amount.


  What if these provisions are found unconstitutional by the Supreme 
                                 Court?

       If the Supreme Court rules against provisions in this bill, 
     the House will consider under expedited procedures, a 
     constitutional amendment empowering Congress to make 
     reasonable restrictions on contributions and expenditures.

     

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