WASHINGTON - The U.S. House has voted to end the public financing of presidential campaigns.

The bill would dismantle a system set up after the Watergate scandal of the 1970s that has been overshadowed in recent years by the private money pouring into campaigns.

U.S. Rep. Tom Cole (R-OK) co-authored the legislation to end programs he called “clearly unnecessary.” The Fourth District Republican says ending the Presidential Election Campaign Fund would save taxpayers $650 million over 10 years.

The bill also ends the Election Assistance Commission, an oversight agency created after the disputed 2000 presidential vote. The legislation would remove from income tax forms the check-off box where taxpayers can voluntarily contribute $3 to a federal fund for presidential primaries and general elections.

The Republican-backed bill now goes to the Senate, where the Democratic majority is likely to let it die.

President Obama eschewed public funds when he was running for president, but the White House opposes the bill, saying it would expand the power of special interests in elections.