MAYOR MICHAEL R. BLOOMBERG SIGNS LEGISLATION ENHANCING NYC CAMPAIGN FINANCE PROGRAM

Remarks by Mayor Bloomberg at a Public Hearing on Local Law

“The next bill before me is Introductory Number 171-A, sponsored by Council Member Moskowitz.  This bill amends the Campaign Finance Act to strengthen New York City’s campaign finance program and refine its compliance requirements.

“After each citywide election, the Campaign Finance Board reviews the program’s record of performance and makes recommendations for change.  In its own way, the City Council does the same thing.  Working together, the Campaign Finance Board and the City Council have collaborated to create a bill that makes several substantive improvements to the campaign finance program.  For instance, candidates who face only nominal opposition will no longer be able to qualify for the maximum in public funds; nor will candidates who run in primaries with only a few dozen voters.  These changes will enhance the integrity of the program and save the City money.

“The bill also includes a number of technical changes to the program, some of which reflect the Campaign Finance Board’s efforts to streamline the reporting process and improve the speed and accuracy of public disclosure.  For instance, all campaigns, except those that have raised little money, will be required to file their public disclosure statements electronically.  Other changes aim to reduce the burdens that candidates face in complying with the program’s rules.  For instance, candidates will no longer have to provide detailed documentation for expenditures that are exempt from the program’s spending limit, provided that they comprise less than 7.5% of the spending limit. 

“The Campaign Finance Board has expressed concerns about some of the technical changes contained in this bill.  On the whole, however, the Board supports the bill and is prepared to implement it in its entirety.  The Law represents a compromise between the City Council and Campaign Finance Board.  After the 2003 City Council elections, the Campaign Finance Board will assess the impact of the changes and their effect on the Board’s primary mandates: creating a level playing field and protecting the public fund from fraud and abuse.  I have every confidence that the Board, whose reputation for vigilant enforcement is unquestioned, will, in two years time, render a fair verdict on the changes we enact today and will recommend any other necessary changes at that time.”