Sens. Dick Durbin (D-IL) and Arlen Specter (R-PA) have introduced the Fair Elections Now Act, legislation that would implement a system of public financing for candidates running for a seat in the U.S. Senate. Co-Sponsors include Sens. Barbara Boxer (D-CA), Ben Cardin (D-MD), Tom Carper (D-DE), Russ Feingold (D-WI), Tom Harkin (D-IA), Ted Kennedy (D-MA), Claire McCaskill (D-MO), and Barack Obama (D-IL).

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You can read the full bill by clicking here.

WHY THE SENATE SHOULD IMPLEMENT FAIR ELECTIONS

The Fair Elections Now Act would restore public confidence in the election process by allowing qualified candidates to receive campaign funds from the Senate Fair Elections Fund instead of asking for money from private interests. In return, participating candidates would voluntarily agree to limit their campaign spending to the amount allocated to them. This voluntary alternative to traditional privately financed campaigns would free candidates from the incessant, time-consuming money chase that has tainted public perceptions of elected officials and fostered abuses that undermine our democracy. Candidates could instead devote their time and energy to talking with their constituents about the issues that are important to them.

HOW FAIR ELECTIONS WOULD WORK: AN OVERVIEW

The legislation would create a voluntary system that provides candidates for the U.S. Senate the option to forego private funding of their election campaigns without having to unilaterally disarm. It would establish guidelines for raising "seed money" to finance campaign start-up expenses in increments of up to $100 per individual. It would also specify the minimum number of "qualifying contributions" of exactly $5 per individual that a Senate candidate desiring to participate in the Fair Elections system would be required to raise in order to demonstrate viability as a candidate and be eligible to receive public funds.

The proposal would then establish a formula (varying by state population) for determining the baseline level of public funding provided to the qualified candidates for the primary and general cycles, with the primary allocation equaling 2/3 of the general allocation. The system would provide higher funding for participating candidates if a non-participating privately-funded opponent raises funds in excess of the allocation provided by the Fair Elections system or if a participating candidate is targeted by outside independent expenditures. The system would also provide for a media market adjustment to address variations among states. Participants would receive vouchers for purchasing broadcast airtime and would receive a 20% discount beneath the lowest unit cost on all advertising purchased near the end of the primary and general campaigns.

HOW FAIR ELECTIONS WOULD WORK: BY STAGE

STAGE ONE: SEED MONEY

Before declaring an intent to run and qualifying as a "Fair Elections" candidate, a U.S. Senate candidate may solicit, accept, and spend seed money contributions of up to $100 from individual contributors (but not from PACs or other special interests) living in any state. The cap for seed money expenditures that a participating candidate can raise without needing to later refund upon entering the system is determined by the following formula: $75,000 + ($7,500 x (# of Congressional districts minus 1)). Senate candidates may spend seed money for any election campaign-related expense.

STAGE TWO: QUALIFYING CONTRIBUTIONS

To demonstrate viability as a publicly financed candidate, a major party candidate must gather a specified minimum number of qualifying contributions (QCs) of exactly $5 each. The minimum number of QCs required for any particular state is determined by the following formula: 2,000 + 500(# of Congressional districts minus 1). Qualifying contributions must be collected from residents in the candidate's state, and these contributions must be donated to the Senate Fair Elections Fund. Minor party and independent candidates would have to raise at least 150% of the number of qualifying contributions that a major party candidate must raise in the same election.

STAGE THREE: ALLOCATION OF FUNDS TO QUALIFIED CANDIDATES

The amount of funding that a candidate would be eligible to receive for the general election is based on the following formula: $750,000 + ($150,000 x (# of Congressional districts minus 1)). The funds available for the primary would equal 67% of general election allocation. Participants facing privately funded opponents would be eligible for increased dollar-for-dollar "fair fight funds" up to 200% above the base general election allocation.