|You might favor this bill if:
► If you believe the Presidential Election Campaign Fund, which allows taxpayer's to donate $3 out of their income tax out to be utilized towards Presidential campaigns, should be eliminated. Presidential candidates should finance their campaigns by themselves and not subsidized by the taxpayer.
|You might oppose this bill if:
► You believe the current public financing system does not work because Congress has never modernized the current system to account for the greatly increased costs of presidential campaigns. The current public financing system needs meaningful reform, not repeal.
H.R.133 would eliminate the Presidential Election Campaign Fund (PECF), ending the taxpayer’s option to designate a portion of their federal income tax to the PECF, eliminating the authority to spend balances in the PECF on presidential campaigns, and transfer a portion of the remaining balances to the 10-Year Pediatric Research Initiative fund and the general fund of the Treasury.
Taxpayers have the option to designate $3 of their income tax liability towards financing of presidential election campaigns. This bill would eliminate such fund.
After termination of the PECF, the Department of the Treasury must transfer some funds to the Pediatric Research Initiative Fund, and add the remainder of the funds to the general fund of the Treasury for deficit reduction.
The Congressional Budget Office (CBO) estimates that enacting this bill:
1) Would save $63 million over the 2017-2022 (5-year) period;
2) Would reduce spending by $4 million over the 2017-2027 (10-year) period; and
3) Would create any revenues.
In the 2016 elections, none of the two major party candidates accepted any PECF money, and other candidates received a total of only about $1.5 million.
Opposers argue that, on a post Citizens United era, the bill destroys an important check on special interest money.
Sponsored by: Rep. Cole, Tom [R-OK-4].
Cosponsored by: 0 Rep / 0 Dem.