Mike Levin: “this Congress faces no more important task in these first few months than passing legislation to reform the campaign…”

“this Congress faces no more important task in these first few months than passing legislation to reform the campaign finance system. We just witnessed the most expensive campaign in the history of our country. According to the Washington Post, both major political party committees raised over $880 million in 1995 and 1996. That is estimated to be a 73 percent increase since the last Presidential election cycle. The increase in ``soft'' money raised by the parties during that same period was threefold--a 300 percent increase in ``soft'' money raised by the parties. The Washington Post again estimates that ``soft'' money contributions for 1995 and 1996 for Democrats was about $122 million, ``soft'' money contributions for Republicans was about $141 million. For a system that was supposed to eliminate contributions from corporations and unions, we have seen corporations and unions contribute or spend millions of dollars to aid in the election or defeat of congressional and Presidential candidates. For a system that was supposed to cap contributions from individuals at no more than $25,000 a year to national political parties and individual campaigns combined, we have seen hundreds of contributions from individuals to both parties that equal or exceed $100,000.”