The D.C. Council unanimously backed publicly financed campaigns Tuesday, a move lauded by clean-government advocates in a city long plagued by its association with a pay-to-play culture.[...]
Simply put, black families in the District overall have less wealth and income than white families — and therefore have less ability to give to political candidates. This helps explain why black D.C. residents are underrepresented year after year in political donations.
D.C. Mayor Muriel E. Bowser (D) has signed a law that will create publicly financed elections, reversing her previous opposition to a plan that advocates say will help curb money’s influence in District politics.
Bowser announced that she was throwing her support behind the Fair Elections Act, which was approved unanimously by the D.C. Council in February. The law, which will first affect elections in 2020, will steer millions annually toward the campaigns of local candidates and is aimed at reducing their reliance on deep-pocketed donors. [...]
While no law prevents outside donors, for example, from investing in the campaign of a low-income person, the likelihood that they’ll do so is low. The problem is social capital: Low-income people lack it, and so their personal networks do not often contain millionaires with open pocketbooks.
Chiraag Bains, Director of Legal Strategies for Demos
“Do you believe that the Constitution requires that we allow corporations and wealthy individuals the unfettered ability to translate their economic might into political power through campaign contributions and expenditures—even if it drowns out the voices of working-class Americans and erects barriers to candidates of color who lack access to big money and the mostly white donor class?”
The Supreme Court’s Citizens United decision has made it even more difficult for minorities to affect politics with money, said Adam Lioz, political director for the left-leaning advocacy group Demos.
New York City’s system has enabled candidates ― especially those from less affluent neighborhoods ― to more consistently rely on small donors in their districts.
In answer to the question, "why, after 200 years, [...] do we need an amendment to say that we are equal citizens?," Demos Senior Advisor for Legal Strategies Brenda Wright lays ou
On a new survey which finds that hedge funds and traders of stocks and bonds are predicted to see bonuses drop by as much as 10 percent from last year.
The children of the New Economy have responded to the economic disparity and social insecurities in our schools, neighborhoods and workplaces with a backlash against government bashing.
This is very different than a CD, which comes from a bank with Federal Deposit Insurance Corp. protection up to $250,000. And it's different than a U.S. Treasury bond, backed entirely by the U.S. government.
Rob Brunhild trusted his broker when he was sold principal-protected notes underwritten by Lehman Brothers, noting that the broker implied that the notes were like Treasuries. His expectations for a solid return were dashed when Lehman went under, wiping out his investment. He said his family lost $275,000 on the notes.
“I had to tell my mother,” Brunhild said. “Mom lived off of this money.”
David Callahan, a senior fellow at the think tank Demos, contends the tax code should differentiate between charities and overtly partisan advocacy organizations. Now neither type of group must reveal the names of its supporters.