Colorado voters get to weigh in on the value of money during an election, when the money comes from a candidate.
Amendment 75, the Campaign Contribution Limits Initiative, states that if a candidate in any race directs more than a million dollars to either their own campaign, or a campaign committee or other entity, then all candidates in that race would be allowed to receive contributions at five times the normal limit.
The amendment would only apply to statewide candidates, including: State House and Senate, Governor, Lieutenant Governor, Secretary of State, Attorney General, State Treasurer and State Board of Education.
Currently, candidates are subject to Amendment 27, which directs that candidates vying for statewide office can accept no more than $1,150 from any individual during each election cycle. However, those same candidates can donate an unlimited amount of funds to their own campaigns. The discrepancy has historically been referred to by critics as the “millionaire loophole,” as many of the richest candidates have used their enormous wealth to their advantage. Currently, both gubernatorial candidates have given their campaigns more than $1 million.
Other campaign restrictions are substantial. State legislature candidates are currently allowed to receive up to $400 in individual contributions — the lowest total in the country.
Amendment 75 would allow candidates to receive up to $5,750 if this new measure is triggered by big self-funding candidates.
Supporters of the amendment say it aims to neutralize the political playing field, looking out for “the little guy” who may not have as much capital as their wealthier opponents.
“The campaign finance reforms in Amendment 75 are aimed at leveling the field when a super-rich candidate attempts to buy elected office by contributing millions of dollars to his or her own campaign,” said former State Sen. Greg Brophy, who helped craft the measure. “Under current law, wealthy candidates have an unfair advantage in elections because current campaign finance provisions allow them to contribute vast sums of their personal resources to their own campaigns. Colorado’s current limits on individual contributions are among the lowest in the country, and candidates who rely on individual contributions from their friends and neighbors are at a significant disadvantage in communicating their message to voters. The campaign finance reforms in Amendment 75 offer an effective way to encourage competitive elections.”
The measure has met little resistance.
Initiative 27 was approved in November 2002 and limited the amounts and types of political contributions candidates could receive.
Campaign finance laws are also playing out on the national level. Supporters claim more restrictive campaign finance laws help limit corruption and the impact special interest groups can have. Opponents argue that stricter requirements and donation caps are a detriment to their rights to free expression and privacy.