- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on AdministrationCommittee on Energy and CommerceCommunications and TechnologyCommittee on Ways and MeansIntroducedFebruary 5th, 2014
- house Committees
What is House Bill H.R. 20?
Cost of House Bill H.R. 20
“The more pervasive and corrosive practice (in politics) is the legalized bribery that goes on every day… The whole campaign-finance system feeds this beast. Special interests provide the money. Laws that affect the special interests get passed — or killed. Maybe some day, a scandal will trigger a move toward public financing, which — for obvious reasons — faces stiff resistance.” – USA Today Editorial Board, 1/23/14
“The real reason lawmakers resist public financing has less to do with taxes than self-preservation. As New York City’s experience shows, public financing of candidates would almost certainly invite more competition and require incumbents to fight harder to keep their jobs.” – The New York Times Editorial Board, 2/4/14
Under the legislation:
-When politicians receive donations of $150 or less, that money would be matched at a 6-to-1 ratio, with the matching funds paid for by closing corporate tax loopholes;
-Individual contributors would be eligible for a $25 tax credit;
-Political candidates must agree to accept no more than $1,000 per donor and raise at least 50% of their donations from in-state contributors;
-Contributions would be matched at a 9-to-1 ratio if a candidate agrees to fund his or her campaign exclusively with donations of $150 or less;
-Candidates could also receive an additional $500,000 matching gift in the final 60-day home stretch of a campaign if they raise at least $50,000 from small-dollar donors during that period.