Campaign Finance Sources of Campaign Money Presidential Candidates –Private Donors –Federal Government Congressional Candidates (& all other) –Private.

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Presentation transcript:

Campaign Finance

Sources of Campaign Money Presidential Candidates –Private Donors –Federal Government Congressional Candidates (& all other) –Private Donors

Private Sector Donations Individual Contributions Political Action Committees (PAC’s) –Corporations, labor unions, or interest groups set them up to raise campaign funds Hard Money- $ given directly to candidate for an election Soft Money- $ given to a political party, not directly to a candidate Independent expenditures- $ spent by PAC’s to promote a policy or help a candidate, BUT done independently of party or candidate

Campaign Finance Laws Bipartisan Campaign Finance Reform Act of 2002 (BCFRA or “McCain-Feingold”) All federal election contributions and expenditures are reported to FEC Individual contributions capped at $2,000 PAC contributions capped at $5,000 per candidate, $15,000 per party (limited) Ban on Soft Money contributions directly from corporations or unions

Can’t Stop the Money Despite 1971 and 2002 laws, Congress has been unable to stop growth of money Buckley v. Valeo (1976) –Gov’t can impose limits, BUT –Can’t limit independent expenditures, personal spending, or total spending –MONEY = SPEECH  1 ST AMENDMENT!

New Money 527 Organizations –Section 527 of IRS tax code –Raise and spend money to advance political causes –Soft money loophole –2004: over $300 million spent by 527’s