A bill that would limit campaign contributions and overhaul other financing laws was approved by the House Judiciary Committee on a party line vote Wednesday evening, and now heads to the full House.
House Bill 821, sponsored by Rep. Mimi Stewart, D-Albuquerque, would create a number of new campaign finance reporting requirements for candidates and political action committees designed to increase the ability of the public to know about the money involved in elections. It would also limit campaign contributions to $2,300 for state races during each election cycle.
Primary and general elections are considered separate cycles under the proposal.
The vote was 7-3, with all Democrats voting for the proposal and all Republicans voting against it. The bill is part of a package of ethics reform proposals from House Democrats.
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In addition to better reporting and contribution limits, the bill requires disclosure of every occupation and employer or business of a contributor of $100 or more.
The bill closes a loophole in current campaign reporting requirements that applies to out-of-state political entities. Currently, out-of-state donor organizations have no reporting requirements.
It also grants subpoena power to the secretary of state for investigations into possible violations of campaign finance reporting laws.
“This bill represents a balanced approach to campaign financing that everyone can abide by. It limits the ability of extremely wealthy interests to underwrite campaigns,” Stewart said.
“These are reasonable limits that will allow more people to be involved in the electoral process,” said Matt Brix, executive director of New Mexico Common Cause. “It beefs up reporting requirements so that citizens know where the money that influences
Organizations supporting the bill include the Albuquerque Chamber of Commerce and the New Mexico Association of Commerce and Industry.