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Campaign Finance Reform, 1974

Campaign Finance Reform, 1974. Created FEC Created Public Funding for Presidential Races Public Funding: Presidential PRIMARY Races Govt. matches small contributions (less than $250) from individual donors. Eligibility: Must receive $5,000 in 20 states from small donors ($250 or less ).

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Campaign Finance Reform, 1974

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  1. Campaign Finance Reform, 1974 • Created FEC • Created Public Funding for Presidential Races • Public Funding: Presidential PRIMARY Races • Govt. matches small contributions (less than $250) from individual donors. • Eligibility: Must receive $5,000 in 20 states from small donors ($250 or less). • Public Funding: GENERAL Election • $84 million; but must stop fundraising AFTER he’s nominated. • Outlawed foreign contributions • Created restrictions on contributions.

  2. Contribution Restrictions • Individual • $1,000 to candidate • $20,000 to national party • PAC (officially registered fundraising interest group). • $5,000 to candidate • $15,000 to national party • No ban on soft money (funds to party: not given DIRECTLY to candidate).

  3. Hard Money • Money to candidates. • Money to political parties used for candidate-specific electoral activity. • FEC limitations. Soft Money • Money to political parties. Used for “party-building” purposes. • No limitations. • Empowered parties.

  4. Uses of Soft Money • Voter Registration Drives (“Get out the Vote:” GOTV) • Generic Party Advertising • Office Expenses • Advertisements that didn’t specifically say, “vote for,” or “vote against.” • (i.e., campaign signs and certain commercials)

  5. Buckley v. Valeo (1976) • Candidates can spend an unlimited amount of their own money. • Money=Speech • 1992: Ross Perot spent $60 million. • Limitations may be placed on donations to others.

  6. McCain-Feingold Act, 2002(Bipartisan Campaign Reform Act) • Ban on soft money • Ban on “issue/electioneering ads” 60 days before a general election/30 days before primary. • Individual Donor: • $2,000 to a candidate • $26,700 to a political party • PAC contributions stay the same.

  7. 527s: Nonprofit, unregulated interest groups (not directly affiliated with the candidate): issue-oriented ads Democrats: 2004 • Americans Coming Together: $76 mill. • Joint Victory Campaign: $73 mill. • Media Fund: $55 mill. • Total: $266 million Republicans: 2004 • Progress for American Voter Fund: $36 mill. • Swift Boat Veterans for Truth: $23 mill. • Total: $144 million

  8. Large Individual Donations to 527s • Top 15 donors gave $125 million. • George Soros (D): $23.5 million • Financier and Philanthropist • Peter Lewis (D): $23 million • Progressive Auto Insurance • Bob and Doylene Perry (R): $8 million • Texas home-building company • Alex Spanos (R): $5 million • Owner of San Diego Chargers/Apartment developer

  9. PAC Donations and Congress • PACs focus donations on House and Senate. • 57% of House candidate money • 67% of Senate candidate money • A little money goes a long way. • Donate to: • Open seats and Incumbents • Able to influence legislators’ vote.

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