[Weekly Compilation of Presidential Documents Volume 36, Number 27 (Monday, July 10, 2000)]
[Pages 1579-1580]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks on Departure for Camp David, Maryland, and an Exchange With 
Reporters

July 1, 2000

Campaign Finance Disclosure Legislation

    The President.  Good morning. Just a few moments ago, I signed into 
law the first new campaign finance restrictions in more than two 
decades. This legislation closes a special interest loophole that 
allowed so-called 527 organizations to raise unlimited funds to 
influence elections without disclosing where the money came from or 
where it was going. Anonymous donors could simply pour millions of 
dollars into these efforts, while keeping citizens in the dark.
    Today's actions will stop special interests from using 527 status to 
hide their political spending behind a tax-exempt front group. It will 
help clean up the system by forcing

[[Page 1580]]

organizations to come clean about their donors. This is good news for 
the American people, and I want to commend Congress for passing this 
legislation with broad bipartisan support. Especially, of course, I want 
to thank Senator McCain, Senator Lieberman, and Senator Feingold in the 
Senate; and Representatives Doggett and Houghton, who worked hard on 
this legislation in the House.
    Let me give you an example of why this disclosure is important. 
We're fighting hard here for voluntary, dependable, affordable Medicare 
prescription drug coverage for all seniors and people with disabilities. 
Three in five Medicare beneficiaries don't have such coverage now, and 
many seniors aren't getting the drugs they need.
    Now, over the past few months, a so-called 527 group calling itself 
Citizens for Better Medicare has flooded the airwaves with negative ads 
against our plan. They spent tens of millions of dollars to mislead the 
public, confuse seniors, target Members of Congress, and distort the 
debate, all to the benefit of the drug companies.
    The American people have no earthly idea who Citizens for Better 
Medicare is, who is paying for the ads. The bill I just signed lifts the 
curtain. It makes groups like this reveal the sources of all future 
funding. Of course, in a case like this, the damage may already be done. 
The special interest money is already in the bank. The attack ads are 
already on the air.
    So in the spirit of this law which I have signed, which clearly has 
broad bipartisan support, I think that Citizens for Better Medicare 
ought to respect the legislation, open their books, and disclose the 
sources of the funds which have paid for these ads. Let the American 
people judge if this organization truly is for better Medicare.
    This law will make a difference, but it's just a step, not a 
substitute, for comprehensive campaign finance reform. Again, I ask 
Congress to pass the bipartisan legislation sponsored by Senators McCain 
and Feingold and Representatives Shays and Meehan, to limit spending, 
end soft money, and give candidates free or reduced rate TV air time.
    As we celebrate this first Independence Day of the 21st century, 
let's do more to strengthen our majority. I ask Congress to join the 
Vice President and me to build on today's progress, to put public 
interest over special interests, and pass real campaign finance reform.
    But let me say, this is a good day, and this is a good law. And I 
thank everyone for voting for it, and I wish you a happy Fourth of July 
weekend.

Arkansas Supreme Court

    Q.  Mr. President, what is your reaction to the Arkansas Supreme 
Court?
    The President.  I'm sorry, but I've got to go back; I've got an 
important phone call, and I can't delay it.
    Thank you.

 Note:  The President spoke at 10:30 a.m. on the South Lawn at the White 
House. H.R. 4762, To amend the Internal Revenue Code of 1986 to require 
527 organizations to disclose their political activities, approved July 
1, was assigned Public Law No. 106-230.