[Congressional Record Volume 148, Number 39 (Thursday, April 11, 2002)]
[Extensions of Remarks]
[Page E504]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         TAXPAYER PROTECTION AND IRS ACCOUNTABILITY ACT OF 2002

                                 ______
                                 

                               speech of

                         HON. CAROLYN McCARTHY

                              of new york

                    in the house of representatives

                         Tuesday, April 9, 2002

  Mrs. McCARTHY of New York. Mr. Speaker, I rise to express my concern 
with H.R. 3991, the Taxpayer Protection and IRS Accountability Act, 
because of the ``527'' provision hidden inside of it. This provision is 
a feeble attempt by the GOP leadership to gut campaign finance reform 
by attaching a controversial provision to a popular and passable 
taxpayer protection bill.
  The ``527'' provision would have opened a loophole in the recently 
passed campaign finance bill by permitting thousands of dollars of 
campaign contributions to escape public disclosure. The problem lies in 
the bill's provisions to exempt state and local 527s from Federal 
reporting as long as they are required to report ``substantially 
similar'' information at the state level. My problem with that is who 
would be the judge of what ``substantially similar'' means? The bill 
makes it easier for federal candidates and party officials to solicit 
funds and coordinate campaigns with 527s. The bottom line is that this 
provision would make it extremely difficult to track these groups and 
their activities.
  I want a real solution that would ease the federal filing 
requirements while closing all loopholes. I cannot allow all of our 
progress made from passing the campaign finance bill to be underscored 
by voting for a bill with a poison pill inserted into it. The amount of 
hard work and support put into the campaign finance reform bill cannot 
be allowed to be undone by passing H.R. 3991.

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