William Tauzin: “Let me point out two factors about this provision that I think require us to pass this amendment. The first is that the…”

“Let me point out two factors about this provision that I think require us to pass this amendment. The first is that the provision allows not only the keeping of this soft money for the building of a building, but the keeping of it so long as you never build that building. There is no time limits on how long this money can be kept. So if one decides just not to use it, one can simply put it in a CD and just keep it around. Now, why would one do that? Well, there are no provisions against using this money as collateral for other loans. So, therefore, this money could be kept in a CD, this soft money, this money that is supposed to be bad and corrupting, in a CD, collateralize loans. And then because the loans are made to the committee, the committee can use that loan money as hard money and spend it on ads or whatever other purposes for campaign money you want in effect. Because soft money like all money is fungible, it can be cleverly, and there are some accountants around to help you, and I assure you from the hearings we conducted, there are accountants around that can help one do it if one wants to do it, keep this soft money indefinitely. Use it as collateral. Every time one runs into trouble, just borrow against it, spend it for campaigns, spend it for ads. Do all the things my colleagues say they want to make outlawed.”