Outside spending organizations reported $1.11 billion in spending to the FEC through the final reporting deadline in the 2012 cycle. That’s already a 200% increase over total 2008 outside spending.
In 2012, just 61 large donors to Super PACs giving an average of $4.7 million each matched the $285.2 million in grassroots contributions from more than 1,425,500 small donors to the major party presidential candidates.
I thank the committee for this opportunity to present testimony on the IDC’s campaign finance reform proposal. This testimony is submitted on behalf of myself and Miles Rapoport, President of Demos and former Secretary of the State of Connecticut.
The dominance of big money in our politics makes it far harder for people of color to exert political power and effectively advocate for their interests as both wealth and power are consolidated by a small, very white, share of the population.