On the recordJuly 16, 2012
I too echo the comments of the Senator from Colorado, and I thank the Senator from Rhode Island for bringing this bill forward and for putting together what the American people expect from people who donate to campaigns. Today, I join my colleagues, as I did 2 years ago, to discuss the state of campaign finance and reflect on what I think is a dark cloud that has been cast over our Nation's election system. The Supreme Court's decision in Citizens United created a watershed effect in our elections process. The decision eviscerated decades of campaign finance law that was in place for the purpose of making sure the American people, not special interests, decided our elections. It was 2 years ago that I expressed my deep concern that this ruling would weaken the voice of the American people in elections, and I am afraid my fear and the fears of many others have come true. Since the ruling, many political operatives have established nonprofit proposed social welfare organizations under 501(c)(4) of the Tax Code. These groups utilize a loophole in the Tax Code to receive huge, secret donations intended solely to influence political campaigns rather than promote the social welfare of our citizens. In 2006, outside groups spent $69 million on political campaigns. Only 1 percent, $690,000 in 2006, of that funding came from undisclosed sources.…
