[Congressional Record Volume 152, Number 44 (Friday, April 7, 2006)]
[Extensions of Remarks]
[Page E555]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         527 REFORM ACT OF 2005

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                               speech of

                           HON. DEBORAH PRYCE

                                of ohio

                    in the house of representatives

                        Wednesday, April 5, 2006

  Ms. PRYCE of Ohio. Mr. Speaker, in 2002, after six years of debate, 
Congress passed the Bipartisan Campaign Finance Reform Act, better 
known as the McCain-Feingold bill.
  Supporters of the bill claimed it would rectify the perception that 
there is too much money in politics, and that tightening reporting 
requirements would create full transparency in donor information.
  But while their intentions were noble, 4 years later politics is more 
awash in money than ever before, only thanks to McCain-Feingold, we now 
know less about where it's coming from.
  According to the bill's proponents, the crown jewel of McCain-
Feingold was a ban on large, unregulated contributions to political 
parties, known as ``soft money.''
  In theory, this prohibition was supposed to prevent billionaires from 
donating enormous and largely unreported sums of cash to influence 
federal elections. In reality, it spawned a new, unaccountable funnel 
for millionaire money--527s.
  Although 527s can run political ads, mobilize voters, donate to 
Federal campaigns through an affiliated PAC, and perform virtually 
every other function of a political party, 527s--unlike candidate 
campaigns, political parties, and political action committees--are not 
regulated by the Federal Elections Commission. Nor are 527s accountable 
to voters.
  527s have carried their message into the homes of millions of 
Americans without having to adhere to the numerous regulations 
governing political parties and campaigns.
  The bill before us today--the 527 Reform Act--will close this 
loophole in McCain-Feingold, preventing 527s from having an unfair 
financial advantage over political parties and individual candidates.
  At bottom, this is simply a matter of fairness: everyone who seeks to 
influence a federal election should be playing by the same rules.
  Mr. Speaker, when we passed the Bipartisan Campaign Finance Reform 
Act, the other side said millionaires were playing too big of a role in 
federal elections.
  If they truly believe that, I challenge them to support this 
legislation and restore fairness to campaign finance laws.

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