Patsy T. Mink: “the politics of loopholes has angered the general public. We need to stop procrastinating about changes that need to be…”

“the politics of loopholes has angered the general public. We need to stop procrastinating about changes that need to be made in our campaign financing. There are some large loopholes you could run a truck through without violating the law. If we can't agree on all the changes and reforms that are on the table for discussion, at the very least we can close the loopholes. Today, candidates for Federal office may obtain unlimited, unsecured loans from banks to finance their campaigns. Banks are able to bankroll their chosen candidates by obtaining a mere signature on a loan form without obtaining security for repayment, as is customary in their normal course of business. I call upon this House to investigate how many unpaid, unsecured loans there are to Federal candidates. When do these unpaid loans, secured by no assets, become an illegal contribution by a bank? If a bank is not permitted by law to make a contribution to a Federal candidate, how is it allowed to make an unsecured loan? And what happens when this loan is not repaid? Who gets stuck? All the bank's depositors? I have introduced a bill, H.R. 783, that prohibits all Federal candidates from making an unsecured loan. This bill also requires that such unsecured loan be repaid within 90 days after the enactment of the bill, and in the interim, prohibits candidates who currently have an unsecured loan from accepting personal funds from a board member or officer of the bank who holds the loan.”