Perdue's campaign finance reform plan for gubernatorial elections

Today Bev Perdue announced a campaign finance reform plan to eliminate special interest financing of gubernatorial campaigns. The centerpiece of the idea is the Endowment for Positive Gubernatorial Campaigns.

The plan is based on former Senator Wib Gulley’s 1995 legislation. Nationally, Russ Feingold and Al Gore made similar proposals in 2000 for congressional campaigns.

Here is how it works:

-A $50 million endowment will generate $4-5 million annually in income or $16-20 million per gubernatorial election. An initial $16-20 million would be needed for the 2012 cycle. Money would come from philanthropic organizations. Contributions for individuals would also be welcome, including a $5 check-off on state tax forms.

-Half the money available would go towards qualifying candidates in the primary and half to the general election.

-The Endowment will be managed by a bipartisan board of 12 individuals appointed by the four top legislative leaders of both parties. Each legislative leader would have to appoint at least one “unaffiliated” or independent board member.

-Gubernatorial primary candidates will have to meet a high qualifying bar by either collecting a substantial number of small private contributions or a large number of petition signatures throughout the state.

-All qualifying candidates will have to pledge that:

-their advertising will not name or otherwise refer to another candidate;
-their advertising will address questions on a menu of major-issues developed by the Endowment; and
-they will not spend any other monies on paid advertising (including television, radio, mail, telephone, and internet) beyond that provided by the Endowment.

-All qualifying candidates will have to agree to a series of statewide television debates in contested primary and general elections.

-Endowment candidates will not be able to contribute any of their own personal or family wealth. They will be able to raise and spend money from small private contributions in an overall amount equal to the total amount provided by the Endowment. This additional money will be used to cover other campaign expenses including grassroots field activities.

-The maximum amount that can be contributed by an individual or political committee directly to an Endowment or non-Endowment gubernatorial candidate will be $250. The prohibition in current law against lobbyist “bundling” of contributions shall be extended across-the-board in gubernatorial campaigns and a total ban on bundling by anyone in gubernatorial elections will be imposed.

-Gubernatorial candidates will have to decide whether to accept money from and follow the rules established by the Endowment when they first register their political committee with the State Board of Elections for the purposes of raising money.

-An exception will be made in the case of Endowment candidates competing in a primary or general election where an opponent has refused to opt into the Endowment and its positive campaign. Endowment candidates will be able to raise additional private funding at a maximum level of $2,000 per contribution without an overall spending limitation and use that additional money as they see fit on advertising or any other aspect of their campaign. They will also be able to contribute up to $500,000 of their own personal wealth.

-In order to qualify for Endowment support, a party nominee must obtain and present a binding legal agreement from the nominee’s state party not to do media advertising in the governor’s race. An Endowment candidate must also agree to publicly request that no independent expenditures take place and to publicly disavow such assistance.

-Violations of the conditions established for Endowment-funded candidates will result in significant money penalties against the offending campaign and/or political party, plus the candidate personally.