From today’s AP News Online:
Steve Bullock will apply to be the first — and perhaps only — Democrat in the presidential primary who accepts public financing for his campaign, a potentially risky move that could give his struggling fundraising a boost but would also require the Montana governor to abide by a cap on the amount of money he can spend.
Top presidential contenders for years fueled their campaigns using the public financing system, which was established to reduce the influence of big donors in the wake of the Watergate scandal. But that’s waned ever since George W. Bush rejected the assistance in 2000. And the trend has become even more pronounced following a series of court rulings and regulatory changes that allowed even more cash to course through elections.
Bullock, who filed legal challenges to reverse those rulings when he was Montana’s attorney general, says his turn to public financing demonstrates that he is “walking the walk” at a time when rejecting big money in politics has become an animating issue for party activists. He will submit his application to the Federal Election Commission after the close of the third fundraising quarter, which ends Monday.
“As the only candidate for President who is choosing to participate in the public finance process, Governor Bullock is leading with his values and defending our shared belief that our democracy should never be for sale to the highest bidder,” campaign manager Jennifer Ridder says in a memo provided to The Associated Press that outlines his rationale.
Yet Bullock’s decision comes as he has trailed far behind the leading fundraisers in the race. While he is touting it as a demonstration of his commitment to campaign finance reform, he also has little to lose in doing so and would have to see a dramatic increase in fundraising to hit an estimated $60 million spending cap triggered by his acceptance of the money.
Read the complete article here.