Listen: Senate, Senator Mitch Mcconnell, Bloomberg Interactive Brokers discussed on Politics, Policy, Power and Law
"Live from the Bloomberg interactive brokers studio, we've been telling you about House Democrats and their plans to vote on legislation to provide a public campaign finance bonanza for their congressional candidates for more on this. Now, we're joined by Ken Doyle, Bloomberg government, senior editor for money and politics. And can we talk about this? This proposal before Democrats are supposed to be opposed to big money in politics. But apparently, not this kind of big money. What's the latest? The idea is that that they're opposed to big donors not necessarily big big money. Because this would this would make candidates who take public financing eligible for a lot of money, maybe even up to five million dollars. So, but the idea is to sort of counter the influence of big private donors by providing public funding for candidates who volunteer to to limit their private contributions. They would have to limit. Contributions to no more than two hundred dollars that would be eligible for this matching funds. So it's basically changing the mix, but there's so much money involved in campaigns right now, it's impossible. And under this the supreme court decisions that have come down in this area. It's very difficult. If not impossible to limit the overall amount. So it really is about changing the mix and they've they've introduced this Bill. It's really the centerpieces. It's designated as HR number one. It's it's really the centerpiece of what Democrats have said that they wanted to with their house majority. They've started the hearing process on it. They had the first hearing this week and are more hearing scheduled, and they hope to bring it. I think to the house floor and get it passed through the democratic controlled house in the coming weeks and make it really a central part of their argument for why Democrats ought to be in charge of the government. So can it looks like no matter how you slice it. If you are running for a high political office of any kind year gonna be having to somehow get into a multimillion dollar up. I mean, this is a lot of money. What difference is changing the mix do the differences influence, right? I mean that if you the system that we have. Now is very heavily influenced by big morning money donors, special interest, corporations unions lobbyists and individuals with with millions of dollars to to provide two campaigns. And the thought here is that that limits the influence of ordinary voters and participation of before voters a problem with just getting people to be interested in politics because they feel like they can't make a difference. And what happened in the last election was Democrats won a majority in the house with a lot of small donors support. They were able to to. Attract donors who could give limited small amounts over over the internet online, and they are trying to kind of encourage that trend by boosting with a big six to one match of of federal dollars. Which would be if that happened. It would really change the system. Okay. This is gonna be dead on arrival over in the Republican controlled Senate. Yeah. So this is about the issue of campaign finance actually about well. It's about getting deal over to the Senate for that will be talked about for the next couple of years as we run up to a presidential election in twenty twenty. It's about talk know, it's about saying Democrats are in favour of changing the system Republicans in that first hearing in the House Judiciary committee, the Republicans on the committee wind up very solidly against the Bill. Senator Mitch McConnell who's the Republican leader who said a very long term opponent. Of campaign finance reform. He made a statement on the Senate floor on the same day as the first hearing saying this is dead on arrival in in the Senate Republicans will oppose it, and it sets up a debate that I think the Democrats really wanna have you know, where they're they're saying. We're in favor of changing the system McConnell saying nobody cares about this. This is not an issue that people vote on and and the people the candidates don't really want it either. And so, you know, nothing's going to change. And that's that's the question. I think going forward is if the Democrats get through this through the house will anything happen in the Senate will there even be pressure on the Senate tacked on it is this sort of the Democrats answer to citizens United. Exactly, I mean, the citizens United supreme court decision in two thousand ten completely really changed. The the way that we financed campaigns and made outside spending groups that are funded by very large owners really essential to competitive campaigns. And this is why we see in the last. Campaign last midterm election campaign cost more than five billion dollars. It was more than a third higher than the than the largest than the previous midterm campaign by far the highest amount of money ever spending. And there's really no limit incite to what to wear cams campaigns will go after that. While we have you Mr. door. We have a whole bunch of people announcing their candidacies for the democratic nomination for president. When will we find out about their finances and their filings at the the first filings for those who have announced will be in April the first guy, so it is a while to see how things are do the campaigns themselves are going to announce things if they think they're doing. Well, they're really interesting example was kind of Harris who said, you know, that she raised a million and a half dollars the day after she announced, but that just comes from the campaign at self and the other campaigns Warren and some of these other people who have. Announced have not said anything about how much they're raising. So that may indicate that they're not doing as well. But Warren has just a I think something like ten million leftover Senate campaign, which he can roll over. Exactly, and she can do that. And she's you know, but the the other thing that's going to be interesting as sort of the mix of where the money comes from. And whether they are able to get the small donor support, and because all of these candidates so far have said they're going to reject money from corporate PACS, they want to reject the support of super PACS. They really want to rely on small donors when that's going to be an awful lot of candidates competing."