Meehan Has Most Cash Available in House
Fecmeehan
The Eagle-Tribune
Bryan McGonigle
Boston University Washington News Service
Oct. 19
WASHINGTON, Oct. 19 — The campaign finance overhaul advocate representing the Merrimack Valley doesn’t take money from political action committees, but he has the biggest campaign nest egg in the House of Representatives, with most of the unspent funds left over from two years ago.
According to the latest reports filed with the Federal Election Commission, Rep. Marty Meehan, D-Mass., had more campaign cash in the bank as of Sept. 30 than any other member of the House – about $4.9 million in money raised but not yet spent. In a distant second place is Rep. Frank Pallone Jr., D-N.J., with $3.1 million.
It helps, of course, that he has no Republican opponent in his campaign for reelection next month.
Although Meehan has raised less than any other House member from Massachusetts this year, he has raised more than he’s spent during almost every election since taking office in 1993.
“Over 8,000 individuals have contributed to my campaigns since I came to Congress, and most of my fundraising comes from a series of annual events with my constituents, because it is a great way to stay in touch with the district,” Meehan said.
According to the Center for Responsive Politics, a research organization that monitors and reports on campaign finance, 68 percent of Meehan’s campaign money came from Massachusetts donors. Topping the contributors’ list were lawyers and law firms, who gave him almost $88,000 this election cycle, according to the Center for Responsive Politics.
Much of Meehan’s money came in 2004, when he was gearing up for a Senate run if Sen. John Kerry, D-Mass., had been elected president. Meehan raised more than $3.1 million in that election cycle alone and had more than $4.5 million in unspent cash on Election Day– nearly $3 million more than he had on hand in 2002. When Kerry lost his presidential bid, Meehan was left with a lot of money.
What does one do with that much unspent campaign cash?
Meehan said some of his campaign money is invested in certificates of deposit. That’s fairly common, according to Massie Ritsch, communications director for the Center for Responsive Politics.
“You do see them [politicians] invest in savings accounts or in earned interest or occasionally invest in equities or even in businesses,” Ritsch said. “They just have to report their gains.”
Meehan’s investments earned more than $140,000 in interest in 2005, according to campaign reports filed with the Federal Election Commission.
A longtime advocate of overhauling the campaign finance system, Meehan co-sponsored the Bipartisan Campaign Reform Act, which was signed into law in March 2002 and prohibits foreign contributions, regulates political ad spending and requires fuller political expenditure disclosure.
Meehan stopped accepting PAC money during the 2002 election campaign.
“I don’t take PAC contributions because I want to avoid even the appearance of being indebted to special interests,” Meehan said.
Meehan added that his large stash of money does not conflict with his campaign finance overhaul efforts and shows that new rules work since he’s been able to amass so much through small contributions without relying on political action committees.
“Passing landmark campaign finance legislation does not mean you raise the white flag and give up raising money for campaigns,” Meehan said. “The intent of campaign finance reform was never to reduce the overall amount of money being spent, but to get people to run for office with smaller contributions, which allows more people to
participate in the process.”
Meehan said that although he donates to other Democratic campaigns to help his party gain control of Congress, he is able to keep more money because he doesn’t have to spend much. This is the third election he has run unopposed since taking office.
“I’m very frugal with my money,” Meehan said. “I don’t have to spend it if I don’t have to. Ben Franklin said, ‘A penny saved is a penny earned,’ and that’s true.”
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