FEC eases some campaign financing rules

updated 3:45 p.m. ET March 1, 2007

WASHINGTON - The Federal Election Commission eased some political fundraising rules Thursday in hopes of salvaging a tattered presidential financing system in the 2008 campaign.

By a 5-0 vote, the commission said presidential candidates may solicit private contributions for the general election now and still be eligible for public financing if they become their party’s nominee.

The decision—a response to a request for advice from Democratic presidential candidate Barack Obama—would permit the two major party nominees to strike a deal and limit their campaigns to the public money available in a presidential campaign fund. In return, the candidates would have to return any private contributions they raised for the general election to their donors.

Commissioners hailed the decision as one way to help preserve a public financing system that is in danger of becoming obsolete.

“We all know the public financing system rests on a very fragile base,” said commissioner Hans A. von Spakovsky

The FEC action comes as front-runners from both parties have decided to forgo public funds in primaries because acceptance of the money would require candidates to abide by spending limits. Several candidates also have said they will bypass public money in the general election, believing they could raise far more than the $85 million available for each party’s nominee.

Such a development would be the first time a presidential election would operate entirely outside the public financing system created in the wake of the Watergate scandal more than 30 years ago. Campaign strategists and election money experts predict the two party nominees could end up spending $500 million each in the primary and general elections, far more than would be available if they simply took public financing.

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