Examining Financial Aspects of Political Campaigns
In the world of politics, understanding campaign finance is crucial for any journalist. Here's a breakdown of the key players, rules, and resources to help you navigate this complex landscape.
Political Action Committees (PACs) take money and have limits on the amounts they can give to candidates, with all donations fully disclosed in FEC filings. Super PACs, on the other hand, cannot give directly to candidates or national parties and can only engage in independent expenditures, often known as issue ads.
The power of big money has been evident in recent presidential races, with just 158 families contributing over half of the money. To shed light on this, resources such as the Center for Responsive Politics, the FEC website, OpenSecrets, and the Sunlight Foundation are invaluable. The Sunlight Foundation's Party Time tool can help find information about fundraisers and lavish excess.
However, the landscape of campaign finance has become more complex since the Citizens United supreme court decision. For instance, 527s are issue groups that came into being in 2007-2008 and are tax exempt under IRS rules, allowing them to raise unlimited amounts of money from corporations, unions, and individuals for issue ads. Similarly, 501-C4s, 501-C6s, and 501-C5s (social welfare organizations, business and chambers of commerce, and labor and agriculture groups, respectively) can engage in a certain amount of politics.
When covering campaign finance, it's important to look for stories on who's giving to the campaigns (donors, their motivation, and the type of money they're giving), where the money is being spent (who's spending it, giving patterns, industries, regions, issue groups, outliers, and oddities), and to check periodic reports for fundraising and spending information.
Leadership PACs, used by incumbent politicians to support other political candidates, especially in contested races, are another aspect to consider. Covering campaign finance can be a rewarding experience that allows reporters to stand out from other political reporters.
For those looking to deepen their knowledge in this area, the Donald W. Reynolds National Center for Business Journalism offers training opportunities, articles, self-guided training, free eBooks, and a monthly newsletter. The How to Cover Money podcast, available on iTunes, Stitcher, SoundCloud, and the Reynolds Center's website, provides insights every two weeks.
Leslie Wayne, adjunct faculty at the Arthur L. Carter Journalism Institute at New York University, discussed tips for covering campaign finance during Reynolds Week 2016. However, it's worth noting that the current address and website of the Sunlight Foundation, cited by Leslie Wayne for campaign finance reporting, could not be found within the provided search results.
In conclusion, understanding campaign finance is essential for any journalist. By familiarising yourself with the key players, rules, and resources, you'll be well-equipped to uncover the stories that matter.
