The panel that oversees campaign finance to restrict the influence of money in politics Monday denied Mayor Eric Adams millions of dollars in public matching funds he’d requested for his re-election, citing his track record of alleged fraud and his campaign’s noncompliance with the board’s inquiries.
The city Campaign Finance Board’s announcement at its lower Manhattan office dealt a significant blow to the mayor’s campaign to win a second term as he prepares to go on trial in federal court in April, charged with bribery and multiple counts of campaign finance fraud.
In his first run for City Hall in 2021, Adams had relied heavily on taxpayer dollars, with the CFB approving more than $10 million in matching funds under the system that provides eligible candidates with $8 for every $1 raised from New York City residents, up to $250.
For the first round of funding in the 2025 campaign, Adams had submitted claims to the CFB for a total of about $4 million in new public money. On Monday the board rendered its verdict, denying Adams’ request and listing only one mayoral candidate, former comptroller Scott Stringer, as so far eligible. Stringer’s campaign was approved for $2 million in matching funds.
CFB Chairman Frederick Schaffer — noting that the board doesn’t usually explain its decisions publicly — noted the “unusual circumstances” surrounding Adams required an extra level of transparency.
“After thoroughly reviewing all available information. including the indictment, the board has determined that there is reason to believe that the Adams campaign has engaged in conduct in violation of the campaign finance law,” he stated, adding that the campaign “also failed to provide documents requested by the board.”
The board’s rejection of Adams’ request reflected its response in part to allegations spelled out in the federal indictment. Prosecutors in the office of the Manhattan U.S. attorney allege that during his 2021 campaign, Adams and his aides solicited and accepted tens of thousands of dollars in illegal straw donations that mask the true source of the money, including some from foreign entities aligned with the Turkish government.
And the 2021 campaign repeatedly ignored the CFB’s demands for explanations about hundreds of dubious donations, including explaining who paid for lavish fundraising events that the board considered as potentially illegal undocumented in-kind contributions that circumvented contribution limits.
A review by THE CITY found that in their preliminary examination of his 2021 contribution disclosures, the CFB had deemed as invalid nearly one-third of the contributions the campaign claimed were eligible for matching funds.
Adams can appeal the board’s decision, but time is of the essence with a June primary just ahead.
If he chooses to exit the matching funds program, Adams can raise bigger individual donations up to $3,700. Matching fund contributions are capped at $2,100.
