[Weekly Compilation of Presidential Documents Volume 33, Number 23 (Monday, June 9, 1997)]
[Page 835]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the Petition to the Federal Election Commission To End the 
Soft Money System in Domestic Politics

June 5, 1997

    Today I have asked the Federal Election Commission to act, within 
its current legal authority, to end the soft money system. Currently, 
both parties compete to raise large sums from corporations, individuals, 
and labor unions. There is too much money in politics, and the problem 
worsens with every election. This escalating arms race must stop, and I 
am determined that we will reform campaign finances, by every means we 
can.
    Such an action by the FEC cannot be a substitute for comprehensive 
campaign finance reform legislation, which is currently before the 
Congress. In my State of the Union Address, I challenged Congress to act 
by July 4th and pass bipartisan reform. That deadline is now one month 
away, and there is still time for Congress to move forward on this 
priority. I call on Congress to pass legislation that institutes 
voluntary spending limits, provides free broadcast time to candidates 
who abide by those limits, restricts special interest contributions, 
addresses independent expenditures, and bans soft money.
    It is clear that the current campaign finance system has been 
overwhelmed by an unprecedented volume of money. If we are to restore 
the public's faith in our institutions and the political system, we must 
reform the campaign finance system. This request to the FEC makes clear 
my determination that, one way or another, we will see reform, and we 
will end the soft money. I want to work in the coming days with Members 
of Congress to pass bipartisan and comprehensive campaign finance 
reform.