No later than the 15th day after the end of all quarters save the fourth, campaigns must file their fundraising reports with the FEC. For the third quarter, that much-anticipated day is today. As we’ve seen, many campaigns choose to file early, but we should still expect to see a flood of reports, at least from House candidates.
Senate reports are also due today, but thanks to truly insane regulations, these reports are filed in hardcopy and then, at great expense and lousy resolution, scanned in electronically. This doesn’t just cost money, it takes time as well – there’s at least a three-to-four week lag before these reports become available. That means reports from the third quarter next year won’t even be available until after the election! (For more on this insane state of affairs – which is entirely the fault of the Republicans – and what you can do to help, read Adam B here.)
Obviously, this is wildly unacceptable in this modern age. So I have a piece of advice for smart Senate campaigns across the country: post your filings on your websites. Not just a press release with your totals raised and on-hand – I’m talking about the entire PDF, or better yet, an Excel spreadsheet. Not only should these campaigns have nothing to hide, there’s nothing they can hide, because all this information will become public soon anyway.
This also leads me to another point. In the online era, the concept of quarterly filings seems rather antique. While I doubt that hidebound legislators would ever go in for this, I think some form of rolling disclosures would make a lot more sense. On one occasion, I worked in the finance department of a campaign, and we had to track donations daily anyway. Shooting this information over to the FEC on, say, a weekly basis would have meant almost zero additional work, except perhaps hitting “upload.”
The fact is, some form of this is already happening now. ActBlue updates totals in real time, and a growing number of campaigns use it as their exclusive online donation mechanism. Obviously these numbers don’t reflect checks received at live events and the like, but as ever-increasing amounts of money are contributed on the Internet, ActBlue totals are becoming more meaningful.
Like I say, I’m sure most politicians would resist this sort of reform. But with things like ActBlue and Dean bats pushing them, some smart campaigns will embrace this sort of open-ness.
In the meantime, though, I’m looking forward to all the third quarter reports. James will have a mammoth chart of all available numbers as soon as it’s feasible, but for now, you can catch up on all the early reports at these links:
Fundraising Reports | Son of… | Bride of… | Revenge of… | Indiana Jones and…