March 05, 2008 02:45 AM UTC

Millionaire's Amendment Tripped in CO-2

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• by: Colorado Pols

UPDATE: Today’s reports clarify that only one candidate benefits from Polis’ triggering the “Millionaire’s Amendment.” Joan Fitz-Gerald, who sent out the release below blasting Polis, actually raised too much money to qualify for the exemption.

Will Shafroth can now circle back with his maxed-out donors for more money, but at this point Fitz-Gerald can’t. We did a quick (and very sloppy) count of donors who had maxed out to Shafroth, and we came up with well more than 100. Even if Shafroth only gets 50 of them to up their donations to the new max, he’ll quickly raise more than $200,000.

According to a press release from the campaign of Democrat Joan Fitz-Gerald, fellow Democrat Jared Polis has contributed enough money to his own congressional campaign to trigger the “Millionaire’s Amendment.” From the press release:

Despite signing a pledge on May 25, 2007, on FEC Form 2 not to exceed $350,000 in personal contributions to his campaign, today the campaign of Senator Joan Fitz-Gerald received notice from Jared Polis that he has broken that pledge. As of today he has contributed a total of $398,106.87 of his own personal funds to his campaign tripping the ‘Millionaires Amendment.’

All rhetoric aside, this is a big – if not entirely unexpected – development in a three-way primary that is already the most expensive in the country. Polis is spending money faster than he can raise it, which may be why he has been forced to contribute so much of his own money so soon. The ramifications of this benefit both Fitz-Gerald and Will Shafroth, who can now go back to their maxed-out donors and ask for more money, mitigating any advantage of Polis’ vast personal wealth.

It was not unexpected for Polis to contribute this much of his own money, but to be forced to do so in March gives his opponents plenty of time to capitalize on the Millionaire’s Amendment. Polis’ campaign is spending considerably more money than his opponents, but they probably should have held back if they weren’t raising the money to cover their expenditures.

Full press release from Fitz-Gerald’s campaign follows:

Despite signing a pledge on May 25, 2007, on FEC Form 2 not to exceed $350,000 in personal contributions to his campaign, today the campaign of Senator Joan Fitz-Gerald received notice from Jared Polis that he has broken that pledge. As of today he has contributed a total of $398,106.87 of his own personal funds to his campaign tripping the ‘Millionaires Amendment.’

Fitz-Gerald for Congress campaign manager, Mary Alice Mandarich, made the following statement:  

Voters are not looking for someone to buy this election. Voters want a voice for change like Joan Fitz-Gerald. They are looking for someone who understands their struggles for health care, a good job and education for their kids.

How can voters trust Jared after he has broken a pledge on his signature issue of campaign finance? He purports to believe in a level playing field and fairness in funding elections, but now we know this is not the case.

Jared owes the voters of this district the truth: I challenge Jared Polis to tell the voters how much of his own money does he intend to use to try to buy this election?

           To review the FEC Form 2 where Polis pledged not to exceed the $350,000 limit:

https://query.nictusa.com/cgi-b…

To review the FEC Form 10: “24 hour notice of expenditure from candidates personal funds,” see attachment.

In 2002, Congress passed the “Millionaires’ Amendment” as part of the Bipartisan Campaign Reform Act.