Finance Plan

Some Suggestions for Hillary Clinton’s Campaign Finance Plan

By Adam Smith

Hillary Clinton said addressing money in politics would be a “pillar” of her 2016 presidential campaign in Iowa today, noting, “We need to fix our dysfunctional political system and get unaccountable money out of it once and for all — even if it takes a constitutional amendment.”

In a follow-up interview with the Washington Post, when asked for details on that pillar, Clinton said, “We do have a plan. We have a plan for my plan.”

If she still needs some ideas for her plan, here are some principles and policies she could endorse:

1. We need to encourage everyone to participate in the political process. One way to do this is by encouraging small donors to give and give more regularly. When she served in the Senate, Clinton sponsored a bill by then. Sen. John Kerry and the late Sen. Paul Wellstone that would have provided public financing for Senate candidates. A modernized version of that bill, the Fair Elections Now Act, will be introduced soon in the Senate. It’s companion in the House, the Government By the People Act, already has 146 cosponsors this Congress. Through public matching funds and tax rebates on small contributions, we can replace the reliance on large donors and super PACs.

2. She’s right about the constitution. As long as decisions like Citizens United allow the wealthy to speak louder than everyone else, it’ll be hard for politicians to hear the voices of everyday people. We must change the constitution or the Courts’ interpretation of it.

3. Everyone should know who’s spending what in our politics. We need more transparency and better disclosure mechanisms. This could include an executive order requiring government contractors to disclose their political spending, an SEC rule on shareholder disclosure, or a real no-brainer like Sen. Jon Tester’s bill to require Senate candidates to file fundraising reports electronically.

4. Everyone should play by common sense rules. We must adopt common sense rules to stop the improper influence of big money on our government. To start, Clinton could offer suggestions to overcome partisan gridlock at the Federal Election Commission (FEC).

5. Everyone must be held accountable. Federal regulators and state agencies must enforce our laws so those who break them face real consequences that deter bad behavior.

As Warren Buffett himself says about tax policy, his secretary should matter as much in our political system as her boss does. Our suggestions above will help Clinton—and every elected official—fight for the “everyday people” she talked about in her campaign launch.