Campaign Finance Reform. Federal Election Campaign Act (1974) FEC created Contributions disclosed...
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Transcript of Campaign Finance Reform. Federal Election Campaign Act (1974) FEC created Contributions disclosed...
Campaign Finance Reform
Federal Election Campaign Act (1974)
FEC createdContributions disclosed to FECLimit on campaign contributionsPublic financing of presidential
campaignCampaign spending limited
Buckley v. Valeo Challenged Fed. Election Campaign Act
(1974) SC – requirement that candidates report all
contributions is OK “advocacy ad” by a PAC was considered a
contribution limit amount that candidates can spend on
their own campaigns is a violation of free speech
“Money is speech!”
Hard vs. Soft MoneyHard $ -- contributed directly
to campaigns; subject to limitsSoft $ (pre-2002) – contributed
to party for “party building activities”; no limits
Changes to the Law In 2002, Congress passes Bipartisan
Campaign Reform Act (McCain-Feingold) Before the law, soft $ was unlimited and
hard $ contributions limited to $1000. BCRA increased max. contribution to
$2000. Outlawed soft $ donations Outlawed donations from corporations
and unions
New Loopholes
527 organizations and Super PACs
Ex: Swift Boat Vets in 2004Public funding for President
What are the arguments for and against campaign finance reform?