Many of these reforms, including PAC reforms that we are discussing here today, raise serious Constitutional questions. I am not a Constitutional scholar - although we have one of the country's finest at the Cato Institute. I respectfully suggest that the Chairman consider a separate hearing to address the constitutionality of the proposed reforms. We are here today to discuss PACs. PACs, as we know them today, are a creation of the 1974 campaign finance laws.
Nothing is further from the truth.
I suggest to you that what we have is a case of the Emperor's New Clothes. There is a conspicuous lack of evidence that a problem exists - much less as portrayed in the media or in popular rhetoric. There are no examples of abuse or scandal involving PACs. PACs have in fact, brought millions of Americans into the political process, and, with the full disclosure requirements, brought them in under the full light of day. If you want campaigns financed by small contributors, you want PACs.