07.01.15

Peters Cosponsors Bill Reforming Campaign Finance System

Legislation Would Promote Citizen-Funded Campaigns, Limit Influence of Billionaires on Elections

 

WASHINGTON, DC – U.S. Senator Gary Peters (MI) today announced he has cosponsored legislation to reform our campaign finance system by reducing the influence of special interests, corporations and mega-donors in Congressional elections. The Fair Elections Now Act would establish voluntary citizen-funded elections for Congressional campaigns and empower small-dollar donors and voters.

“The wallets of the few should never drown out the voices of the many when it comes to our democracy, and corporations and billionaires should never be able to determine who  represents the American people in Congress,” said Senator Peters. “Our campaign finance system is broken, but this legislation is an important step towards ensuring that every American has an equal say in our elections, regardless of their net worth.”

The Fair Elections Now Act amends the Federal Elections Campaign Act of 1971 to establish a voluntary method for financing Senate campaigns. The Fair Elections Now Act would provide qualified candidates for Congress with grants, matching funds, and vouchers from the Fair Elections Fund to replace campaign fundraising that largely relies on large donors and special interests. In return, participating candidates would agree to limit their campaign spending to the amounts raised from small-dollar donors plus the amounts provided from the Fund.

Peters has been an outspoken voice for reforming America’s broken campaign finance system. Earlier this year, Peters cosponsored a constitutional amendment that would give Congress the authority to regulate campaign finance laws, set limits on money raised and spent in federal elections and allow states to regulate campaign spending. Peters also cosponsored legislation that would improve transparency by requiring any covered organization, including corporations and “super PACs,” that spend $10,000 or more on election advertising to disclose their donors with the Federal Elections Commission (FEC) within 24 hours.

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