2 More Initiatives Make November Ballot

Two more initiatives, one that would limit campaign contributions and another that would make it easier to file securities fraud lawsuits in state courts, have made the November ballot.

Secretary of State Bill Jones said Wednesday that supporters of the initiative to limit campaign contributions--the second such measure on the Nov. 5 ballot--collected valid signatures of at least 582,140 registered voters. They needed a minimum of 433,269.

The measure, whose backers include the California Public Interest Research Group (CalPIRG), is the sixth initiative to qualify for the November statewide ballot. Eight measures still need more signatures to qualify.

The CalPIRG proposal would put a $200-per-election limit on donations to statewide candidates and a $100-per-election cap on contributions to candidates running for most other offices.

However, groups of small contributors would have higher limits.

The initiative also would impose candidate spending limits, put a 25% limit on donations from outside a candidate’s district, bar fund-raising more than nine months before an election and ban contributions from businesses, unions, banks and nonprofit corporations.

Other provisions would prohibit contribution transfers between candidates, bar lobbyists from making or arranging contributions to those they try to influence, and require disclosure of top contributors in ballot measure advertising.

A rival contribution limit proposal backed by Common Cause and several other groups has also made the ballot.

The securities fraud initiative is sponsored by San Diego securities lawyer William Lerach. Backed by labor unions and retiree groups, it would make it easier for retirement fund stockholders and other investors to file securities fraud suits in state courts and would make top corporate executives personally liable for fraud.

State Senate President Pro Tem Bill Lockyer (D-Hayward) tried unsuccessfully to negotiate with Lerach to withdraw his initiative before certification. Lockyer’s bill to allow Lerach to drop the measure stalled in the Senate on Monday.

Lerach’s group said the initiative would help protect retirement savings.

An opposition group, headed by Chamber of Commerce President Kirk West, said the initiative would damage California’s most productive businesses and allow lawsuit abuses forbidden by federal law.