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Portland weighs tweaking public campaign finance program to allow larger donations

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Portland weighs tweaking public campaign finance program to allow larger donations

Less than five months from a historic election, Portland may tweak campaign finance rules to stretch the city’s cash-strapped public financing program.

On Friday, city candidates were emailed a survey asking whether the city’s Small Donor Elections program should loosen its rules around the amount and type of in-kind donations nonprofits and other political organizations can give candidates.

The proposal, first reported by Willamette Week, has drawn both praise and alarm from those involved in city campaigns.

“We don’t need more money in politics,” said Marie Glickman, a candidate running to represent Portland’s new District 2, which spans North and Northeast Portland. “The ideas being discussed are anti-democratic.”

The small donor program rewards candidates who don’t accept individual donations over $350 by matching those contributions with public funds 9-to-1. The program was created to level the playing field for candidates who may have fewer deep-pocketed supporters than others — potentially hampering their ability to fund a competitive campaign.

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This year’s general election has attracted a uniquely large pool of candidates, due to voter-approved changes that scrapped primary elections and set the stage for 14 city elected offices to be open all at once. Nearly 80 candidates have applied to participate in the program so far.

Due to the large number of participants and limited amount of available funding, the Portland Elections Commission in January chose to lower the amount of total funds council candidates can receive from the city through the program to $120,000 from the previous $300,000 cap.

Through the program, candidates are limited to receiving no more than $10,000 worth of in-kind donations from political committees and non-profits. Those organizations must receive at least 90% of their annual funds from contributions of $250 or less per donor, a rule meant to exclude committees fueled by wealthy donors. Those donations are limited to paying staff to canvas or run a phone bank, sharing donor lists, and assisting with general campaign planning.

The Friday survey asked candidates if contributing organizations should be able to spend more than $10,000 on in-kind donations and to broaden the donations included — like allowing organizations to donate space to host campaign events, fundraisers, and print and distribute for campaigns. It also asked whether organizations can still participate in the small donor program if they receive 90% of their funding from contributions of $350 or less — instead of $250.

Jake Weigler, a political consultant with Praxis Political, said this would allow political committees with wealthier donors to contribute.

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“If your goal was to reduce the influence of large organizations in the campaign process, this undercuts that by giving them a larger role,” said Weigler, who is working on several City Council campaigns.

Susan Mottet oversees the Small Donor Election program and distributed the survey on behalf of the Portland Elections Commission, which makes recommendations on city election rules. She said these proposed changes could help campaigns stretch limited funds a bit further.

“With no ability to increase campaign matching caps, we have to look at options,” she said. “The Portland Elections Commission is trying to figure out if there is anything they have power to do to get candidates more support without making changes that undercut the intent of the program.”

She knows the spotlight is on her office this election.

“Obviously, the program succeeds or fails based on if a campaign is viable,” Mottet said.

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Weigler said the proposed changes to the program reflect this pressure.

“I get the urgency that they don’t don’t want to fumble this, during such a critical election,” he said. “But it creates inherent tension. It makes it much easier for organizations to put their thumb on the scale and elevate a class of candidates they prefer.”

Some political insiders say these changes are vital for upholding the program’s intent.

“The theory of the original program is to limit the amount of money that organizations can give, and to mitigate that shortfall with city funding,” said Laurie Wimmer, the head of NW Oregon Labor Council, who has convened a group of labor leaders to endorse council candidates this year. “But if that money wanes, like it has this year, it’s only fair that something has to give on the other side of the equation to run a credible campaign.”

Wimmer, who led an unsuccessful campaign for state representative in 2020, said that the cost of sending out one piece of campaign mail could cost over $10,000, the current in-kind limit.

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Doug Moore, the former head of the Oregon League of Conservation Voters, now leads United for Portland, a political action committee that represents business and industry groups. He called the current small donor program “disingenuous” because it potentially limits candidates from running what he considers successful campaigns.

“Not being able to fully match funds — that’s bad for democracy in general,” Moore said. “I appreciate the effort to try and help candidates be a little more flexible and able to run campaigns.”

He does worry that the more complex the election’s rules are, the more at-risk candidates are for breaking them, especially if the rules change in the middle of campaign season.

“It’s like they’re trying to build the plane as they’re flying it,” Moore said.

Council candidate Glickman said her campaign hasn’t been hampered by the limited public matching caps. She agrees that the timing of the proposed change is a problem.

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“We shouldn’t change rules mid-game,” said Glickman, who is one of more than 20 candidates for District 2 who are participating in the small donor program thus far.

She said that allowing wealthier organizations to support low-cost campaigns is an even bigger concern. The fact that these possible tweaks may be needed, she said, is entirely the city’s fault.

“The city of Portland needs to be more consistent in its planning its programs, funding its programs, and implementing its programs in a responsible and transparent way,” Glickman said.

Not all candidates agree. Steph Routh, a candidate in East Portland’s District 1, was one of the first candidates to qualify for the small donor program. She said she’s been impressed with the level of transparency from the city’s elections program. However, she is cautious to fully endorse the proposed funding changes to the small donor program.

“We created a budget early on assuming we would have limited resources, and we’ve made it work,” Routh said. “I think the fundamental question before us is, ‘How do we create pathways to support a grassroots-based campaign to ensure no single actor or donor creates an advantage after election?’”

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The Portland Elections Commission will discuss the survey responses at its Wednesday meeting and potentially propose a policy change. Any new administration policy requires four weeks of public feedback before going into effect, but they don’t require a sign-off from the City Council.

That means the earliest any changes could come to the small donor program could be late July, less than four months from election day.

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Finance

Cornell Administrator Warren Petrofsky Named FAS Finance Dean | News | The Harvard Crimson

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Cornell Administrator Warren Petrofsky Named FAS Finance Dean | News | The Harvard Crimson

Cornell University administrator Warren Petrofsky will serve as the Faculty of Arts and Sciences’ new dean of administration and finance, charged with spearheading efforts to shore up the school’s finances as it faces a hefty budget deficit.

Petrofsky’s appointment, announced in a Friday email from FAS Dean Hopi E. Hoekstra to FAS affiliates, will begin April 20 — nearly a year after former FAS dean of administration and finance Scott A. Jordan stepped down. Petrofsky will replace interim dean Mary Ann Bradley, who helped shape the early stages of FAS cost-cutting initiatives.

Petrofsky currently serves as associate dean of administration at Cornell University’s College of Arts and Sciences.

As dean, he oversaw a budget cut of nearly $11 million to the institution’s College of Arts and Sciences after the federal government slashed at least $250 million in stop-work orders and frozen grants, according to the Cornell Daily Sun.

He also serves on a work group established in November 2025 to streamline the school’s administrative systems.

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Earlier, at the University of Pennsylvania, Petrofsky managed capital initiatives and organizational redesigns in a number of administrative roles.

Petrofsky is poised to lead similar efforts at the FAS, which relaunched its Resources Committee in spring 2025 and created a committee to consolidate staff positions amid massive federal funding cuts.

As part of its planning process, the committee has quietly brought on external help. Over several months, consultants from McKinsey & Company have been interviewing dozens of administrators and staff across the FAS.

Petrofsky will also likely have a hand in other cost-cutting measures across the FAS, which is facing a $365 million budget deficit. The school has already announced it will keep spending flat for the 2026 fiscal year, and it has dramatically reduced Ph.D. admissions.

In her email, Hoekstra praised Petrofsky’s performance across his career.

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“Warren has emphasized transparency, clarity in communication, and investment in staff development,” she wrote. “He approaches change with steadiness and purpose, and with deep respect for the mission that unites our faculty, researchers, staff, and students. I am confident that he will be a strong partner to me and to our community.”

—Staff writer Amann S. Mahajan can be reached at [email protected] and on Signal at amannsm.38. Follow her on X @amannmahajan.

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Finance

Where in California are people feeling the most financial distress?

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Where in California are people feeling the most financial distress?

Inland California’s relative affordability cannot always relieve financial stress.

My spreadsheet reviewed a WalletHub ranking of financial distress for the residents of 100 U.S. cities, including 17 in California. The analysis compared local credit scores, late bill payments, bankruptcy filings and online searches for debt or loans to quantify where individuals had the largest money challenges.

When California cities were divided into three geographic regions – Southern California, the Bay Area, and anything inland – the most challenges were often found far from the coast.

The average national ranking of the six inland cities was 39th worst for distress, the most troubled grade among the state’s slices.

Bakersfield received the inland region’s worst score, ranking No. 24 highest nationally for financial distress. That was followed by Sacramento (30th), San Bernardino (39th), Stockton (43rd), Fresno (45th), and Riverside (52nd).

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Southern California’s seven cities overall fared better, with an average national ranking of 56th largest financial problems.

However, Los Angeles had the state’s ugliest grade, ranking fifth-worst nationally for monetary distress. Then came San Diego at 22nd-worst, then Long Beach (48th), Irvine (70th), Anaheim (71st), Santa Ana (85th), and Chula Vista (89th).

Monetary challenges were limited in the Bay Area. Its four cities average rank was 69th worst nationally.

San Jose had the region’s most distressed finances, with a No. 50 worst ranking. That was followed by Oakland (69th), San Francisco (72nd), and Fremont (83rd).

The results remind us that inland California’s affordability – it’s home to the state’s cheapest housing, for example – doesn’t fully compensate for wages that typically decline the farther one works from the Pacific Ocean.

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A peek inside the scorecard’s grades shows where trouble exists within California.

Credit scores were the lowest inland, with little difference elsewhere. Late payments were also more common inland. Tardy bills were most difficult to find in Northern California.

Bankruptcy problems also were bubbling inland, but grew the slowest in Southern California. And worrisome online searches were more frequent inland, while varying only slightly closer to the Pacific.

Note: Across the state’s 17 cities in the study, the No. 53 average rank is a middle-of-the-pack grade on the 100-city national scale for monetary woes.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com

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Finance

Why Chime Financial Stock Surged Nearly 14% Higher Today | The Motley Fool

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Why Chime Financial Stock Surged Nearly 14% Higher Today | The Motley Fool

The up-and-coming fintech scored a pair of fourth-quarter beats.

Diversified fintech Chime Financial (CHYM +12.88%) was playing a satisfying tune to investors on Thursday. The company’s stock flew almost 14% higher that trading session, thanks mostly to a fourth quarter that featured notably higher-than-expected revenue guidance.

Sweet music

Chime published its fourth-quarter and full-year 2025 results just after market close on Wednesday. For the former period, the company’s revenue was $596 million, bettering the same quarter of 2024 by 25%. The company’s strongest revenue stream, payments, rose 17% to $396 million. Its take from platform-related activity rose more precipitously, advancing 47% to $200 million.

Image source: Getty Images.

Meanwhile, Chime’s net loss under generally accepted accounting principles (GAAP) more than doubled. It was $45 million, or $0.12 per share, compared with a fourth-quarter 2024 deficit of $19.6 million.

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On average, analysts tracking the stock were modeling revenue below $578 million and a deeper bottom-line loss of $0.20 per share.

In its earnings release, Chime pointed to the take-up of its Chime Card as a particular catalyst for growth. Regarding the product, the company said, “Among new member cohorts, over half are adopting Chime Card, and those members are putting over 70% of their Chime spend on the product, which earns materially higher take rates compared to debit.”

Chime Financial Stock Quote

Today’s Change

(12.88%) $2.72

Current Price

$23.83

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Double-digit growth expected

Chime management proffered revenue and non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for full-year 2026. The company expects to post a top line of $627 million to $637 million, which would represent at least 21% growth over the 2024 result. Adjusted EBITDA should be $380 million to $400 million. No net income forecasts were provided in the earnings release.

It isn’t easy to find a niche in the financial industry, which is crowded with companies offering every imaginable type of service to clients. Yet Chime seems to be achieving that, as the Chime Card is clearly a hit among the company’s target demographic of clientele underserved by mainstream banks. This growth stock is definitely worth considering as a buy.

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