Sen. Diana DiZoglio says a revised campaign finance law, signed this week by Gov. Charlie Baker, will help state officials identify discrepancies between candidates’ income and spending and their bank records.
The depository reporting system, operated by the independent Office of Campaign and Political Finance directs candidates for public office to submit to “stringent campaign finance reporting requirements,” a statement from DiZoglio’s office said. Previously, the legislature and some mayoral candidates were exempt from using this reporting system.
The senator said, “It’s important that voters be able to quickly access information about who is donating to candidates and where candidates are spending their money.”
By including all legislative and mayoral candidates in the depository reporting system, the law increases accountability by requiring more frequent reports disclosing campaign contributions and confirmation of expenditures reported in monthly statements filed by their designated financial institutions. By increasing filing frequency and pairing candidate disclosures with bank reporting, the law enhances transparency in statewide campaign finance activity.
The revised process allows officials to more promptly address issues associated with data entry errors, missed deposits, balance issues and uncashed checks. The change will also make it easier to see how much money a candidate is raising and spending during the course of the entire election cycle.