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Politics

Chafee dips into personal fortune again

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November 1, 2006 3:09 pm
By Steve Peoples

Senator Lincoln Chafee has loaned his campaign another $298,000, according to paperwork filed yesterday with the Federal Election Commission.

Chafee, who is listed among the 10 richest members of Congress, had already dipped into his personal fortune twice -- once for $300,000 and then for $200,000 -- during the general election cycle, bringing his personal contributions to just under $800,000 in the last three weeks.

Chafee's initial loans had triggered a provision in federal election law known as the Millionaire's Amendment, adopted in 2004 to prevent wealthy candidates from having an unfair financial advantage in expensive races.

The amendment allows Chafee's Democratic opponent, Sheldon Whitehouse, to seek additional funds from donors who had previously hit the $2,100 personal contribution limit.

Chafee's first round of personal loans, which totaled $500,000, allowed Whitehouse donors to give triple the normal limit, or $6,300. The latest loan of $298,734.25 lets Whitehouse donors shatter the normal limit by giving a total of $12,600 for the general election cycle, or six times more than usual.

Campaign finance reports filed last week showed that the Whitehouse campaign had a 6-to-1 advantage in cash on hand for the home stretch of the U.S. Senate race.

For the reporting period that ended Oct. 18, Whitehouse reported having $984,000 in the bank; his opponent Sen. Lincoln Chafee had $152,000.

-- Projo.com staff writer Steve Peoples

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