Christopher Shays: “They can set up a political action committee and they can advertise and their members can also contribute as…”

“They can set up a political action committee and they can advertise and their members can also contribute as individuals. But the 1974 law made it illegal for foreign individuals, not citizens of the United States, not residents of the country, made it illegal for them to contribute, but they too can contribute soft money. It is the gigantic loophole. Let me just back up and give a little more detail. In 1907, Theodore Roosevelt got elected, he actually got elected before then, but he got elected using corporate treasury money. The public was outraged by it, and Theodore Roosevelt and Congress decided to ban any corporate treasury money from being contributed to campaigns. They did not mind individuals contributing. They thought it was wrong for corporations to contribute. In 1947, actually earlier during World War II, it was illegal for union dues money to be used in campaigns. And then Congress codified this executive order in 1947 in the Taft-Hartley law, making it illegal for union dues money to be contributed to campaigns. And in 1974, Congress and the President made it illegal for foreign money to be contributed to campaigns. Now, the amazing thing is it is illegal and yet all three things are happening.”