1/8/10:Where does all of the money go now?
January 8, 2010 by admin
Filed under All Campaign News
The story below is from USA TODAY, and helps explain why insiders of both parties do not want real campaign finance reform! As a candidate and a voter, I find it repulsive that this is allowed to happen and I specifically pledge if I were to be in this same position at any point in the future, any leftover campaign money would not be used to “BUY’ another job as a lobbyist or gain favor with party bosses!
The Democrats are losing two senior senators with the retirements of Chris Dodd and Byron Dorgan, but they could gain some campaign cash if the departing lawmakers are in a generous mood.
Dodd, a five-term veteran from Connecticut, had nearly $2.1 million in the bank at the end of September and no debts. North Dakota’s Dorgan was in even better shape with a debt-free kitty of $3.9 million. (Updated campaign reports that detail fundraising during the last three months of 2009 aren’t due to the Federal Election Commission until the end of this month.)
While they are subject to strict limits on what they can donate to federal candidates, federal law allows unlimited transfers to national, state and local party committees, according to the Federal Election Commission. Other allowable uses of leftover money include donating to charity and paying costs related to shutting down their Senate offices. None of the money can be converted to personal use.
Former members of Congress also can hold on to their leftover campaign money indefinitely. As we recently reported, that option gives ex-lawmakers who start second careers as lobbyists a ready source of cash to donate to their former colleagues.
