Finance
Hochul vetoes NY's public campaign finance law
New York Gov. Kathy Hochul shot down a priority of her fellow Democrats to overhaul how elections are financed in the Empire State.
The campaign finance reforms passed by the state Legislature would have allowed candidates who received donations of up to $250 to get matching public funds at a rate of up to 12 to 1. It would also make it harder to qualify for the matching funds because candidates would need a higher number of individual donors.
In a memo accompanying her veto, Hochul wrote the bill would “reduce the impact of small donors on elections.” That’s the same sentiment that many of the bill’s detractors share, who said campaign finance reforms are meant to boost grassroots campaigns, but this one would only empower mega-donors.
Advocates for campaign finance reform urgedHochul to veto it earlier this month on the grounds it would weaken existing campaign finance laws.