Opening the campaign finance floodgates? – POLITICO – POLITICO

Good Friday morning!

There was so much stuff crammed into the Elections Transparency Act that the massive increases in campaign contribution limits felt like more of an afterthought as it was being rammed through the Legislature. And so far, it hasnt had such a massive effect.

Previously, individuals and companies used to be allowed to give a maximum of $25,000 to state and county political parties and legislative leadership committees. Now, they can give $75,000 to each and, in the case of the political parties, an additional $112,500 to legislative leadership accounts.

ELEC yesterday released an analysis of the last quarters fundraising for the Big Six committees the first quarter under the new law and found that the Big Six the state party committees and legislative leadership PACS raised $3,610,199, or about 12 percent above the average for the last 10 years. But if you compare it to 2011, which was the last year with a similar election in which the Senate and Assembly topped the ballot together, youll find that at this point in that cycle those committees had raised $3,684,467, or $4,980,303.39 adjusted for inflation.

Of course, 2011 was just a year after Citizens United, and super PACs flooded New Jersey politics with millions of dollars, much of which likely would have gone to the Big Six. Thats why ELEC actually supported higher contribution limits. And were just seeing the implementation of the new limits this year, so its just getting started. Well see whether it actually reduces the amount of dark money and super PAC spending in New Jersey politics.

One interesting thing ELECs analysis brought to light: A handful of people and organizations mostly labor unions gave the maximum donations to the committees. But just one person gave a state political party both the maximum $75,000 donation as well as the $37,500 for its housekeeping account. You may not be surprised to learn that was Bob Hugin, the chair of the Republican State Committee who made a fortune as a pharmaceutical executive. There were a handful of $75,000 donations, mostly from labor unions to Democrats. All in all, the committees have gotten $671,200 in contributions over the previous limits.

Read ELECs analysis here.

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Opening the campaign finance floodgates? - POLITICO - POLITICO

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