For The Love of Money

By Hays Gorey

On his way to a campaign fund raiser at a Cleveland hotel, Delaware Democrat Joseph Biden noticed that similar events were being staged for two Senate colleagues, Bill Bradley and Tom Harkin. The irony struck him: "Harkin's from Iowa, Bradley's from New Jersey, and I'm from Delaware. What are we all doing in Ohio?"

Grubbing for money, of course. Congressmen and Senators spend so much time filling their campaign war chests that Senate Democratic leader George Mitchell last year instituted a monthly one-week recess that members can devote to fund raising. Of the 31 Senators seeking re-election this year, 17 will raise more money from out-of-state contributors than they do from their own constituents. A growing share of the booty flows from special-interest groups whose goal is to trade cash for influence on Capitol Hill.

The system is rife with the potential for corruption. But despite rising public resentment, Congress was unwilling to change it until Charles Keating came along. He is the former savings and loan chairman who doled out $1.4 million to the so-called Keating Five -- four Democrats and a Republican who ran interference for him with federal regulators investigating his fraud- ridden thrift. When asked if his money had bought the Senators' services, Keating replied, "I certainly hope so." Says Common Cause President Fred Wertheimer: "Keating has confirmed the public's worst fears."

Now both Democrats and Republicans are rushing to align themselves with reform proposals. But the scramble is unlikely to translate into a real overhaul. While both parties are sanctimoniously mouthing the language of reform, their real objective is to undercut their opponent's fund-raising advantages while protecting their own. Since Republicans raise more money from private contributors, they resist spending limits on congressional campaigns. Because Democrats get more cash from political-action committees, they oppose G.O.P. efforts to abolish PACs.

In the House, a bipartisan task force that tried to resolve the impasse came up empty after months of negotiations. Speaker Tom Foley and Republican leader Bob Michel last week made a last-ditch effort to achieve a compromise. Predictably, it failed. Now a bipartisan bill making such cosmetic changes as providing discounted rates for television commercials will probably pass. It will do almost nothing to curb the abuses.

The most far-reaching plan comes from Massachusetts Democrat John Kerry, who has introduced an amendment calling for public financing of Senate campaigns by raising the checkoff on federal tax forms from $1 to $3. But only 1 in 5 taxpayers bothers to check the box, even though it adds nothing to tax bills. The idea is a cop-out: if Congress wants campaigns to be funded by taxpayers, it should vote to allocate the money.

Public financing, caps on spending and tough restrictions on PACs are the only ways to stop the scandal. The current system gives the wealthy inordinate influence, while ordinary citizens are virtually excluded from a meaningful role. Ambrose Bierce once described American politics as "the conduct of public affairs for private advantage." As they jockey for partisan gain instead of meaningful reform, the two parties are likely to prove him as correct in 1990 as he was in 1906.

CHART: NOT AVAILABLE

CREDIT: TIME Chart by Joe Lertola

CAPTION: TOTAL SPENDING FOR CONGRESSIONAL RACES IN MILLIONS OF DOLLARS

CHART: NOT AVAILABLE

CREDIT: TIME Chart

CAPTION: REFORM: DON'T BET ON IT