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The Billion Dollar Campaign (Or I Was Told There Would Be No Math)
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ShareFebruary 22, 2007 6:34 PM
ABC News' Jake Tapper Reports: Federal rules distinguish between campaign contributions made for a primary campaign, and those for a general election campaign. Federal rules state that once a candidate accepts financial contributions for a general election run, he or she can no longer accept federal funds.
Sen. Hillary Clinton, D-N.Y., and former Sen. John Edwards, D-N.C., have already said they are collecting funding for the general election, and have therefore already decided to opt out of the public financing.
Sen. Barack Obama, D-Ill., has asked the Federal Election Commission to look into whether his campaign can collect campaign contributions for both the primaries and the general election but perhaps return the general election money later.
Basically, Obama wants to know whether -- if he wins the nomination and the GOP nominee were to join him in deciding they should both run within the public financing system -- he could then return the general election funds and then accept public financing.
The Federal Election Commission Thursday issued a draft opinion stating, essentially, "Yes," though its commissioners will meet on Thursday, March 1 to formally rule.
FEC conditions would require that these general election contributions be kept -- unused -- in a separate escrow account that only the campaign treasurer and chief operating officer would be able to access.
Moreover, if Obama were to win the nomination and decide to opt into the public financing system, he would need to refund all general election contributions within 60 days of certifying his eligibility for public funds.
Obama spokesman Dan Pfeiffer advises that this does NOT mean Obama is stating unequivocally that he would opt in to the public financing system if he wins the nomination and his GOP opponent agrees to do the same.
"He wants to keep his options open," Pfeiffer says. "This is all unprecedented."
To view the full FEC ruling click here.
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