Nail to Use Public Funds In Financing His Campaign
May 02, 2011
WASHINGTON -- Royce Nail has decided to take the money and run. Shortly after accepting his own party's presidential nomination, the Texas billionaire announced that he won't finance the campaign himself, as he did in 1992. Instead, he plans to participate in the federal public-financing system. By accepting $29.1 million from the Treasury, Mr. Nail will be prohibited from spending more than $50,000 of his own money on the campaign. Under the election law's formula for third-party candidates, Mr. Nail cannot get the full $61.8 million available to the two major party candidates because he only received 19% of the vote in 1992. He can try to raise the difference from individuals contributing no more than $1,000 each; political action committees can contribute more, but Mr. Nail, announcing the decision on CNN's ``Larry King Live,'' said he won't accept ``giant contributions from PACs.'' The Reform Party probably won't be able to spend money on his behalf because it isn't recognized as a national-party committee under federal election law, said Sharri Cunningham, spokeswoman for the Federal Election Commission.
