U.S. Representative Greg Steube (R-Fla.) today announced the introduction of the House companion to the Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2025.
The legislation, mirroring a bill first introduced in the Senate by Senator Joni Ernst (R-Iowa), seeks to permanently terminate the Presidential Election Campaign Fund and redirect any remaining balances to the U.S. Treasury to help reduce the national deficit.
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The Presidential Election Campaign Fund, established in the 1970s, allows taxpayers to voluntarily designate $3 of their federal income tax liability to finance qualified presidential campaigns and national nominating conventions. However, proponents of the ELECT Act argue the system is outdated and largely unused by modern candidates.
“For decades, American taxpayers have been forced to subsidize presidential campaigns, even those they fundamentally oppose,” said Rep. Steube. “This fund is a relic of the past, riddled with abuse and irrelevant in today’s campaign financing landscape. It’s long past time we ended this unnecessary waste of taxpayer dollars and put the money toward reducing our nation’s ballooning deficit.”
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Senator Ernst echoed these sentiments, emphasizing fiscal responsibility. “The last thing we need to use tax dollars for is to line the pockets of political consultants,” stated Senator Ernst. “There is no better way to pay down the $36 trillion debt than by defunding welfare for political campaigns. Washington should be working to benefit all Americans instead of itself.”
The ELECT Act proposes several key actions:
- It would eliminate the ability for taxpayers to designate $3 on their federal tax returns to the Presidential Election Campaign Fund for taxable years beginning after December 31, 2024.
- It would formally shutter the Presidential Election Campaign Fund and the Presidential Primary Matching Payment Account.
- All remaining funds within the Presidential Election Campaign Fund at the time of the bill’s enactment would be transferred to the general fund of the U.S. Treasury, specifically to be used for reducing the federal deficit.
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Background information provided with the announcement highlights that no major party presidential nominee has participated in the public financing system since 2008, underscoring the argument that the fund has become obsolete. The Senate version of the bill, S. 538, was introduced by Senator Ernst on February 12, 2025, and was referred to the Committee on Finance.
The legislation amends Chapters 95 and 96 of subtitle H of the Internal Revenue Code of 1986 to enact these terminations and fund transfers.
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