From The Office of Congressman Charles Bass
For Immediate Release April 5, 2006
Contact: Tad Furtado
Washington , D.C. - Congressman Charles Bass (R-NH02) today applauded House passage of H.R. 513, the 527 Reform Act. The legislation would close federal campaign finance loopholes by requiring political groups known as 527s, named after the section of the US Tax Code that created them, to play by the same rules as other committees that aim to influence federal elections. The House voted 218 - 209 to pass the bill.
"Congress has taken important steps over the past couple of years to reduce the influence of big money and special interests in campaigns and to improve the public's faith in our political process," said Bass. "By requiring these 527 groups that represent both Republicans and Democrats alike to register with the Federal Elections Commission and abide by campaign finance laws, they are no longer able to influence elections from the shadows and play by their own set of rules".
The 527 Reform Act would require 527s to register as political committees with the Federal Elections Commission, set minimum allocation formulas for political committees which have both a federal and non-federal account, and limit contributions to non-federal (soft money) accounts of political committees to $25,000 annually per donor. In the 2004 federal elections, just 25 individual donors, supporting Democrats and Republicans, were responsible for contributing $142 million and made up more than half of all individual contributions to 527 groups.
"This legislation isn't about advantaging Republicans or Democrats. It is about eliminating big money in political campaigns, restoring the integrity of campaigns, and ensuring that everyone has the right to express their opinion and not just those with deep pocketbooks," concluded Bass.