Griego wants public financing for state campaigns
January 18, 2010
Sen. Eric Griego has introduced public financing legislation for the 30-day legislature that starts tomorrow in Santa Fe.
The bill — SB51 — would allow candidates for certain state offices to voluntarily opt into public financing of their campaigns.
The candidate who decides to accept public funds will be allowed to receive $100 donations from people registered to vote in his or her district, receiving money from no other sources. The state will then give the candidate “matching funds” of four times the amount he or she has received from those registered voters.
The bill also sets amounts to be distributed to each candidate based on the office the candidate is seeking.
A candidate who’s accepted more than $500 in contributions prior to opting in to public financing, however, would be ineligible for public funds.
If no one is running against the candidate, the candidate can’t get public funds. If the candidate has funds left over after the primary or general elections, the money is put back into the state’s public financing fund.