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Economics Daily Digest: Buying influence, workforce training, understanding the Fed

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By Rachel Goldfarb, originally published on Next New Deal

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Big Money Can’t Buy Elections – Influence is Something Else (Reuters)

Roosevelt Institute Senior Fellow Jonathan Soros suggests stronger small-donor matching funds and reforms to the Federal Election Commission to work around Citizens United.

To make citizen-funding work, rules must be implemented and enforced effectively enough to keep up with the lawyers and political operatives who will inevitably seek to skirt them. At the federal level, that means redesigning the Federal Election Commission.

The commission is now composed of three Democrats and three Republicans, with the consent of four members required to take any action. Experts offer a laundry list of reforms, but just changing it to a seven-member panel with no more than two of them affiliated with a political party, would dramatically alter its function.

The selective secrecy in election spending also must end. This could be easily accomplished under existing statutory authority by either the Federal Election Commission or the Internal Revenue Service. They could ensure that the sources of all political funds were disclosed to the public — not just to the politicians who benefit. Obviously, congressional legislation could help.

Follow below the fold for more.


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