Robert Torricelli: “I state my regret over the position in which we find ourselves with Senator Warner. There is no one in this institution…”

“I state my regret over the position in which we find ourselves with Senator Warner. There is no one in this institution more committed to the Armed Forces. His legislation deserves being supported. I regret this amendment has become a complication. However, it is a necessity. This is an extraordinary moment in the national political process. Make no mistake, if this Senate fails to deal with the problem of 527 organizations and their influence in the American political process, what little remains of campaign finance laws in this Nation will collapse before our eyes. The Justice Department may be investigating foreign contributions and the media may be discussing soft money, but the Members of the Senate know that the newest and largest challenge to the integrity of the American political financial system are the 527 organizations. It would be difficult for most Americans to even believe the scale of the problem. It is not a new problem. In 1996, $67 million was introduced to the American political systems through these organizations; 2 years ago, it was $250 million. It could easily be hundreds of millions of dollars in the ensuing months if the Senate does not act. It is a contradiction with everything this Congress on a bipartisan basis has attempted to do to preserve some integrity in the American financial political system in the last 30 years. The donors to these organizations are secret. They are not necessarily American. They use tax deductions.”