Twenty-five years ago, on February 29, 1988, Mayor Edward I. Koch signed the New York City Campaign Finance Act into law. The Act was a profound reform of the political process for a city that was, at the time, mired in government corruption scandals. The centerpiece of the Act is the public matching funds program. Candidates who qualify are eligible to receive matching funds for contributions from New York City residents. In exchange, participating candidates must abide by strict spending limits.
Since 1988, the Campaign Finance Act has been amended multiple times, ensuring that the law stays relevant. In 1989, contributions from NYC residents were matched $1-to-$1, up to $1000. Over time, the matching rate was changed to the current $6-to-$1 match, up to $175, increasing the importance of small donors in city campaigns. In 1997, a debate requirement was added for all citywide Program participants. In 1998, a ban on corporate contributions was enacted. In 2007, strict, low limits on "doing business" contributions were implemented for individuals engaged in business dealings in the City. In 2012, the Board enacted robust rules for the disclosure of independent expenditures. New York City's investment in the public financing program improves the electoral process and encourages more New Yorkers to be politically engaged.
Executive Director Amy Loprest said, "The Program has been improved and strengthened significantly over the past 25 years through the hard work and commitment of the Board, its staff and our partners in city government. Our rigorous enforcement has helped our Program survive and thrive. I want to thank all past and current Board members and past and present staff, particularly Board Chair Father Joseph A. O'Hare, S.J. and founding Executive Director Nicole A. Gordon, for their dedication in ensuring that the role of New York City residents is enhanced in city elections through our Program and voter education efforts. The result has been less potential for corruption and remarkable broadening of participation in the electoral process."
As we celebrate this 25th anniversary, we take it as a great sign of success that the City's Campaign Finance Program is seen as a model for reform in Albany and in state capitals around the country. For more information on the CFB's past twenty-five years, please check out @NYCCFB and www.nyccfb.info.