HR 1316, a campaign finance bill, passed the US House Administration Committee on June 8. It is co-sponsored by Rep. Mike Pence (R-Indiana) and Rep. Albert Wynn (D-Maryland). It will probably receive a vote in the full House in July.

Current law controls the amount of money an individual can give to political parties in support of that party’s federal campaigns. Current law sets these limits for every two-year period: $53,400 to the national committee of a political party; $53,400 to the same party’s senate campaign committee; and $53,400 to the same party’s house campaign committee. Also, the same individual can give $20,000 to a state political party for use in federal races.

However, current law says the combined total that an individual can give in a two-year period to all these party committees is capped at $101,400. HR 1316 removes this cap. Therefore, if someone as wealthy as Ross Perot were financing the birth of a new political party, that individual (if the bill passes) could give $1,180,200 to that new party for federal campaign activity, instead of only $101,400, in a 2-year period.