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18 N.C. Banking Inst. 83 (2013-2014)
Political Accountability, Campaign Finance, and Regulatory Reform

handle is hein.journals/ncbj18 and id is 101 raw text is: POLITICAL ACCOUNTABILITY, CAMPAIGN
FINANCE, AND REGULATORY REFORM
MICHAEL WALDMAN*
Michael Waldman argues that campaign finance laws are ripe
for reconsideration. First, the Supreme Court of the United States'
recent decision in Citizens United v. Federal Election Commission has
created numerous unexpected consequences, despite the case's young
age. Second, the advent of political action committees (PACs), non-
profit 501(c) (4)s, and other politically motivated entities poses a threat
to both Democrats and Republicans alike, opening the door for reform.
And, lastly, Waldman discusses plausible regulatory reforms, ultimately
recommending a reform measure that provides public funds to match,
by a set ratio, small donor contributions to participating political
candidates. Mr. Waldman asserts that this reform will boost the power
of the small donors, without seeking to reduce political spending overall
or pretending that it will end the power of big money contributions.
Ultimately, Waldman concludes by emphasizing the need for Citizens
United to be overturned.
I. INTRODUCTION
I come to this issue from at least two perspectives that I want to
lay out for you. The Brennan Center for Justice is affiliated with the
New York University School of Law, and we are deeply engaged in the
study of - and litigation around - campaign finance rules and the
constitutional dimensions thereof. Also, in my previous life, I served as
the policy aide in the White House working on campaign finance reform
in the 1990s. I have been throwing the bricks and ducking from them as
well; and, this underscores for me what I hope we can add to the
discussion. The financial deregulation of the past several decades took
place under a campaign finance rule regime that is no longer in
* Michael Waldman has served as President of the Brennan Center for Justice at New York
University School of Law since 2005, and is a leader in the fields of election law and
government reform. Waldman previously served as a top White House policy aide on
campaign finance reform as Assistant to the President for President Bill Clinton.

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