Mike Levin: “the section 527 loophole is driving elections and their financing deeper and deeper into the muck. We cannot stand by…”

“the section 527 loophole is driving elections and their financing deeper and deeper into the muck. We cannot stand by with the values we hold as Americans and watch elections driven deeper and deeper into the muck. That is what is happening with this 527 loophole. It is tearing this system to shreds. The soft money loophole has already cut a huge hole in the campaign finance system. This section 527 loophole just simply tears this system to shreds. It allows unlimited contributions and, even worse than the soft money loophole, it allows undisclosed unlimited contributions, stealth contributions, and the press reports already tens of millions of dollars of these contributions are totally off the campaign finance radar screen. The only way people can use this is by trying to take inconsistent positions on two laws. The Internal Revenue Code defines an organization subject to tax exemption under section 527 as an organization which influences or attempts to influence the election of any individual to any Federal office. That seems pretty clear. The Federal Election Campaign Act defines a political committee which is subject to regulation by the Federal Election Commission as an organization that spends or receives money for the purpose of influencing any election for Federal office. People are creating these 527 organizations because, and only because, they influence or attempt to influence an election.”