Robert Torricelli: “One can recognize why the networks are in this extraordinary hypocrisy. They are for campaign finance reform. They are…”

“One can recognize why the networks are in this extraordinary hypocrisy. They are for campaign finance reform. They are against spending in national political campaigns increasing. Indeed, we all share that concern, but they are also the principal beneficiaries. In 1998, automotive ads were 25 percent of all national advertising. Retail sales were 15 percent. Political advertising was 10 percent of all revenues. They are offended at the cost of national political campaigns, but it is the third largest source of their funding. Similarly, it is not a stable problem. Political ads are a rapidly rising, indeed, the largest increasing, source of network revenues, from 3 percent in 1990 to approaching 10 percent of all network revenues in the year 2000. What an extraordinary hypocrisy. But it gets worse. They are for campaign finance reform, but they want the advertising revenues. What could be worse? The National Association of Broadcasters last year spent $260,000 in PAC money and soft money, often supporting candidates who are against campaign finance reform, and hundreds of thousands of dollars lobbying to protect their right to use the public airwaves at retail costs for people who need to communicate with the American electorate. I applaud Senator McCain and Senator Feingold for coming to this floor and fighting for campaign finance reform. I applaud my colleagues who have the courage to stand for it and fight for it. I always will.”