May 5th, 2009
06:45 PM ET
8 years ago

Deep-pocketed donors want campaign finance reform

[cnn-photo-caption image= caption="Democratic donors are seeking to limit campaign donations."]WASHINGTON (CNN) – After giving more than $16 million in political contributions, a group of Democratic donors is saying enough is enough – it's time for Congress to scrap the current campaign funding system and encourage a new hybrid model of small dollar donations and public financing.

The 58 deep-pocketed donors, under the umbrella of the Public Campaign Action Fund, will make their plea in a letter Wednesday to be delivered to every Democratic member of Congress, CNN has learned.

"With so much at stake in Washington today, we believe it is shortsighted to continue down the present unsustainable path of skyrocketing campaign spending," the donors write in the letter obtained by CNN. "The Fair Elections Now Act is a common sense idea whose time has come, a change that will set us on a better path in the years ahead."

The legislation would require candidates, who opt into this voluntary program, to collect contributions capped at $100 from a minimum number of in-state donors to prove viability. Once a candidate achieves viability, the candidate would receive a 4-to1 match – which varies from state to state – from the federal government. The candidate would still be able to raise money, but only in $100 or less increments.

Bottom line, a donor would only be allowed to contribute $300 per candidate, per election: $100 for candidate viability, $100 for the primary, and $100 for the general election.

In the Senate, Majority Whip Richard Durbin, D-Illinois, and Sen. Arlen Specter, D-Pennsylvania, are sponsoring the legislation, while Rep. John Larson, D-Connecticut, and Rep. Walter Jones, R-North Carolina, have a similar bill in the House.

List of Democratic donors who signed the letter after the jump

Naomi Aberly
Grant Abert
Elaine Attias
Amb. Elizabeth Bagley
Smith Bagley
Robert Bowditch
William Budinger
James Kimo Campbell
Peter Copen
Rosemary Faulkner
Ron Feldman
Christopher Findlater
Murray Galinson
James Gollin
Lee Halprin
Francis W. Hatch
Arnold Hiatt
John Hunting
Greg Jobin-Leeds
John S. Johnson
Wayne Jordan
Craig Kaplan
Michael Kieschnick
Steve Kirsch
Arthur D. Lipson
Henry Lord
Anna Hawken McKay
Rob McKay
Sally Minard
Alan Patricof
Susan Patricof
Doug Phelps
Steve Phillips
Drummond Pike
Rachel Pritzker
Abby Rockefeller
Charles Rodgers
Marsha Rosenbaum
Manny Rouvelas
Vin Ryan
Deborah Sagner
Guy T. Saperstein
Dick Senn
Steve Silberstein
Alison Smith
William Soskin
Martin Stevenson
Pat Stryker
Ellen Susman
Steve Susman
Margery Tabankin
Kate Villers
Philippe Villers
Scott Wallace
George Wallerstein
Marc Weiss
Al Yates
Joe Zimlich

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