Lawmakers contemplate ‘millionaire’s amendment’ for presidential campaigns

[babylonsister]

Lawmakers contemplate ‘millionaire’s amendment’ for presidential campaigns
By Nicole Brennan
November 02, 2007


With former Massachusetts Gov. Mitt Romney (R) spending millions on his White House bid, lawmakers on Capitol Hill are weighing the possibility of adding a “millionaire’s amendment” to presidential campaign finance reform measures.

Romney, whose wealth is estimated to be about $200 million, has pumped $17.5 million into his presidential bid through three quarters, leaving less wealthy candidates at a distinct disadvantage.

“It is a very sad thing that the system that worked so well for 40 years has fallen into disrepair,” Sen. Russ Feingold (D-Wis.) told The Hill. Feingold, whose name is linked to Sen. John McCain’s (R-Ariz.) for their work on the 2002 campaign finance reform bill, supports publicly funded White House campaigns.

McCain, running for president for the second time, told The Hill it would be interesting to consider adding a provision that would help White House candidates like himself, who run against wealthy opponents like Romney, to compete fairly.

“I think it’s clear that there’s going to be a lot of personal money spent not just by Gov. Romney, but by others in this race,” McCain said. “McCain-Feingold was aimed at congressional elections, but maybe something like the millionaire’s amendment should be applicable,” he added.

The millionaire’s amendment, as it applies to Senate races, states that if a candidate exceeds the statutory threshold by 10 times, then the cap on the amount of money other candidates can accept from a single donor can be raised.

more...

http://thehill.com/campaign-2008/lawmakers-contemplate-millionaires-amendment-for-presidential-campaigns-2007-11-02.html