NEW YORK (CBSNewYork) – New York’s Attorney General has announced a new law involving political donations from non-profit groups.
AG Eric Schneiderman announced Wednesday that campaign finance reform begins now.
A law has gone into effect intended to close a large loophole which allows non-profit charitable organizations to become a source of what the attorney general called “dark money” for political campaigns.
The way the law stood, a big donor could hide his identity and pour $1 million into a candidate’s political coffers without it raising any questions.
“It’s like a person walking into a bank wearing a mask. You need to ask questions before he makes it to the teller’s window,” Schneiderman said.
Beginning Wednesday, any non-profits spending $10,000 or more must report the purpose of that spending.
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