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How Mitt Romney Avoided Campaign-Finance Rules
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Candidate
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| Contributor | *crickets chirp* |
| Last Edited | *crickets chirp* Jan 30, 2007 03:50pm |
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| Category | News |
| News Date | Tuesday, January 30, 2007 02:35:00 PM UTC0:0 |
| Description | Federal law limits how much money individuals can give to presidential candidates — $2,300 per election. But what about Compuware Inc. founder Peter Karmanos? Last year, he gave $250,000 to presidential aspirant and former Massachusetts Gov. Mitt Romney. Since 2004, 15 other Romney backers have sunk at least $100,000 each into the Republican’s coffers, sometimes with a series of checks issued on a single day.
Because he doesn’t hold federal office, Romney became subject to the federal rules only after he set up a presidential exploratory committee earlier this month. Until then, his team took advantage of a little-noticed gap between federal and state law. While most states limit political donations, about a dozen don’t. Romney’s political team set up fund-raising committees in three of those: Michigan, Iowa and Alabama. During that time, his political action committees raised $7 million.
As a result, Romney was able to hit the ground running, a big advantage in what has already become a feverish race. A week after announcing his possible bid, having already taken care of basic campaign logistics such as hiring and office space, the former governor held a Boston fund-raiser that netted $6.5 million in pledges. Romney also used the cash to build a broad network of financial backers and grass-roots allies.
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