Portland Politics: Novick and Fritz Cut Deal to Help Each Other

With just weeks to go before Steve Novick leaves office - he was defeated by Chloe Eudaly in November - he has struck a deal with Amanda Fritz to help each other pass two pieces of legislation before the year is over.

Fritz's bill would establish public financing and Novick's proposal would impose a tax surcharge on publicly traded companies that pay their CEOs more than 100 times what they pay their median worker.

Novick's proposal, which is opposed by the Portland Business Alliance, would raise between $2.5 and $3.5 million. It's expected to be heard by the City Council on Wednesday.

"In 1964, trust in government was the norm in America—and the average CEO made only 20 times what the typical worker made," Novick said. "I don't think that's a coincidence. In 1964, people thought the economy and the government worked for everybody.

"Now, they think the game is rigged, and two major reasons for that are the explosion of CEO pay and the rising amount of, and increased attention to, money in politics."

Novick and Fritz say that the money raised by Novick's proposal would generate at least twice the estimated $1.2 million annual cost of Fritz's proposal.

“I am excited to be championing Open and Accountable Elections, a new and improved public campaign finance system,” Fritz said. “This program will allow candidates to reach out to a broad cross-section of Portlanders to help fund their campaigns, and add accountability and
transparency requirements for all candidates, whether or not they choose to use public financing."

This is not Fritz's attempt at public financing of campaigns. A previous incarnation was repealed by voters.

Even with Fritz and Novick supporting each other, they will still need to find a third vote on both proposals, which is not guaranteed.