Senate Bill Aims to Defund Political Slush Fund
Washington, D.C. – In a move to commemorate Presidents Day, Iowa Senator Joni Ernst has introduced legislation to eliminate a $400 million slush fund set up to support presidential candidates. The Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act seeks to redirect these funds to more pressing needs.
Background on the Slush Fund
The Presidential Election Campaign Fund was established in 1974 to provide financial assistance to presidential candidates. However, according to Senator Ernst, the fund has not been successfully utilized in decades. The last winning presidential candidate to draw from the fund was George W. Bush in 2000 and 2004.
Since then, a handful of unsuccessful candidates have accessed the funds, including former Vice President Mike Pence and Green Party candidate Jill Stein. Pence’s campaign reportedly received over $1 million from the fund during his GOP primary bid, while Stein utilized $380,000.
Rationale for Defunding
Senator Ernst argues that the fund is a waste of taxpayer money and should be eliminated to reduce the national debt. She believes that political campaigns should be funded through private donations rather than public funds.
Ernst also points out that the fund is not as effective as intended. Despite receiving millions of dollars, several candidates who utilized the fund were not successful in their campaigns.
Opposition to Defunding
Some argue that public funding of presidential elections is necessary to level the playing field and prevent wealthy candidates from having an unfair advantage. They also contend that the fund promotes transparency and accountability in campaign spending.
The Green Party’s Jill Stein opposes the defunding of the fund, calling it an "outrageous" attempt to stifle competition and deny voters the option to support candidates who refuse corporate donations.
Candidate Debt Considerations
IRS Code 9006 allows candidates to continue seeking public funds to cover campaign debt. However, candidates must first receive certification from the Federal Election Commission to be eligible for such funds.
Historical Context
Efforts to eliminate public funding of presidential elections have been ongoing for decades. In 2014, Congress redirected a portion of the fund to pediatric cancer research.
Conclusion
Senator Ernst’s ELECT Act represents a significant step towards eliminating a dormant slush fund that has failed to meet its intended purpose. While opponents argue for the importance of public funding in elections, proponents maintain that it is a waste of taxpayer money that can be better allocated elsewhere. The debate over the fund will likely continue as Congress considers the legislation.
