Bipartisan Campaign Reform Act (BCRA) of 2002
The Bipartisan Campaign Reform Act (BCRA), also known as McCain-Feingold Act, was a significant piece of legislation aimed at regulating campaign financing in the United States. Key provisions of the BCRA include:
- Restrictions on Soft Money: The act prohibited the use of soft money (unregulated donations to political parties for general purposes) at the national level and imposed stricter regulations on state and local party soft money.
- Regulation of Issue Advocacy Ads: The BCRA addressed issue advocacy advertisements, which are ads that discuss political issues rather than specific candidates. It required such ads to be disclosed if they are aired shortly before an election and target a specific candidate.
- Contribution Limits: The law increased the individual contribution limits to candidates but maintained overall caps on contributions from individuals and political action committees (PACs).
- Political Advertising Disclosure: It mandated greater transparency in campaign advertising by requiring that organizations disclose their donors when they engage in electioneering communications.
Overall, the BCRA aimed to reduce the influence of money in politics and promote transparency in campaign financing.
Federal Election Campaign Act (FECA) of 1971
The Federal Election Campaign Act (FECA) of 1971 was one of the first major reforms of campaign finance law in the United States. Its primary objectives and provisions include:
- Limitation on Contributions: FECA established limits on individual contributions to candidates, political parties, and PACs. It aimed to reduce the potential for corruption and favoritism in politics.
- Disclosure Requirements: The act introduced mandatory reporting of campaign contributions and expenditures, requiring candidates to disclose their financial activities, thus enhancing transparency in political financing.
- Public Financing: FECA provided for public financing of presidential campaigns, allowing candidates to receive federal funds if they agreed to adhere to certain spending limits.
- Creation of the Federal Election Commission (FEC): The act established the FEC, an independent regulatory agency, to oversee and enforce campaign finance laws, ensuring compliance and regulating federal elections.
Overall, FECA laid the groundwork for the modern campaign finance system in the U.S. and aimed to promote ethical practices in political fundraising and expenditures.