FEC eases political campaign fundraising rules

WASHINGTON – Republican presidential candidate John McCain, a longtime advocate of limiting the influence of money in political campaigns, will opt out of the post-Watergate presidential public financing system unless the Democratic nominee agrees to campaign under the same financial restrictions, his campaign said Thursday.

The McCain camp’s decision came after the Federal Election Commission eased some political fundraising rules in hopes of salvaging the presidential financing system in the 2008 campaign.

By a 5-0 vote, the commission said presidential candidates may solicit private contributions for the general election now and still be eligible for public financing if they become their party’s nominee.

The decision – a response to a request for advice from Democratic presidential candidate Barack Obama – would permit the two major party nominees to strike a deal and limit their campaigns to the public money available in a presidential campaign fund. In return, the candidates would have to return any private contributions they raised for the general election to their donors.

FEC commissioners hailed their decision Thursday as one way to help preserve a public financing system that is in danger of becoming obsolete.

“We all know the public financing system rests on a very fragile base,” said one commissioner, Hans A. von Spakovsky.

The FEC action comes as front-runners from both parties have decided to forgo public funds in primaries because acceptance of the money would require candidates to abide by spending limits. Several candidates also have said they will bypass public money in the general election, believing they could raise far more than the $85 million available for each party’s nominee.

Such a development would be the first time a presidential election would operate entirely outside the public financing system created in the wake of the Watergate scandal more than 30 years ago.

In addition to Obama, Democrats Hillary Clinton and John Edwards have also said they will raise general election contributions now. The decision by McCain, however, was especially significant because he has been a champion of legislation to restrict the role of money in elections. The 2002 law that bans wealthy donors, unions and corporations from giving unlimited contributions to the national parties bears his name.