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Campaign Finance Reform

Campaign Finance Reform. Federal Election Campaign Act (1974). FEC created Contributions disclosed to FEC Limit on campaign contributions Public financing of presidential campaign Campaign spending limited. Buckley v. Valeo. Challenged Fed. Election Campaign Act (1974)

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Campaign Finance Reform

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  1. Campaign Finance Reform

  2. Federal Election Campaign Act (1974) • FEC created • Contributions disclosed to FEC • Limit on campaign contributions • Public financing of presidential campaign • Campaign spending limited

  3. 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!”

  4. Hard vs. Soft Money • Hard $ -- contributed directly to campaigns; subject to limits • Soft $ (pre-2002) – contributed to party for “party building activities”; no limits

  5. 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

  6. New Loopholes • 527 organizations and Super PACs • Ex: Swift Boat Vets in 2004 • Public funding for President

  7. What are the arguments for and against campaign finance reform?

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