MAYOR MICHAEL R. BLOOMBERG SIGNS LEGISLATION MODIFYING
 CAMPAIGN FINANCE PROGRAM

Remarks by Mayor Bloomberg at a Public Hearing on Local Law

“The next bill before me is Introductory Number 313-A, sponsored by Council Member Perkins.  This bill amends the Campaign Finance Act to allow a candidate who has participated in the City’s campaign finance program in a covered election and has incurred debt from that campaign, to receive post-election contributions from previous contributors for purposes of debt repayment.  This bill is intended to address the financial difficulties of campaigning by ensuring that people are paid for their services and that candidates pay off their campaign debts.

“To qualify under this new provision, a candidate must have participated in the campaign finance program in a covered election eight or more years ago, has not participated in a subsequent election and is not fundraising for his or her candidacy for any election and has incurred campaign debt.  The candidate is required to establish a committee to receive the new contributions.  The committee may then raise the money for debt repayment from previous contributors who reached their contribution limits during the campaign.  The same pre-election contribution limitations set forth in the Campaign Finance Act that were applicable to the covered election are applicable to this post-election fundraising for debt repayment. 

“This amendment to the Campaign Finance Act will sunset on June 30, 2005.  In the interim, the Campaign Finance Board may study its application and make any recommendations it deems necessary.”