George H.W. Bush: “Campaign Spending Limit and Election Reform Act of 1992 May 9, 1992 To the Senate of the United States: I am returning…”

“Campaign Spending Limit and Election Reform Act of 1992 May 9, 1992 To the Senate of the United States: I am returning herewith without my approval S. 3, the ``Congressional Campaign Spending Limit and Election Reform Act of 1992.'' The current campaign finance system is seriously flawed. For 3 years I have called on the Congress to overhaul our campaign finance system in order to reduce the influence of special interests, to restore the influence of individuals and political parties, and to reduce the unfair advantages of incumbency. S. 3 would not accomplish any of these objectives. In addition to perpetuating the corrupting influence of special interests and the imbalance between challengers and incumbents, S. 3 would limit political speech protected by the First Amendment and inevitably lead to a raid on the Treasury to pay for the Act's elaborate scheme of public subsidies. In 1989, I proposed comprehensive campaign finance reform legislation to reduce the influence of special interests and the powers of incumbency. My proposal would abolish political action committees (PACs) subsidized by corporations, unions, and trade associations. It would protect statutorily the political rights of American workers, implementing the Supreme Court's decision in Communications Workers v. Beck. It would curtail leadership PACs. It would virtually prohibit the practice of bundling.…”