An act to amend the Federal Election Campaign Act of 1971 to provide bipartisan campaign reform
Christopher ShaysUnderstanding Election Campaign Financing
(2014) McCutcheon v. FEC
(2010) Citizens United v. FEC
Other names for this bill...
Although this bill was introduced in the House of Representatives, it is commonly referred to as the McCain-Feingold bill. The original bill sponsored by Sens. John McCain and Russ Feingold was replaced by this one.
Major provisions of this bill...
This bill created many detailed restrictions on both hard money and soft money contributions. Here are some of the ones that affect our discussion of the issue of campaign financing...
For hard money...
o Increased the total amount an individual could give to all candidates combined to $95,000.
Both of those limits are adjusted for inflation, leading to today's current limits.
For soft money...
o Effectively banned unions and corporations from funding the broadcast of political advertisements - referred to as electioneering communications - within 60 days of a general election or 30 days of a primary.
Other Provisions...
This bill also made it a requirement that candidates for federal office include in TV and radio ads a statement identifying themselves and saying they approved the ad.
Supreme Court decisions have weakened this bill
2010 Citizens United v. FEC Supreme Court decision
Invalidated the restriction that corporations could not fund the broadcast of political advertisements within 60 days of a general election or 30 days of a primary.
2014 McCutcheon v. FEC Supreme Court decision
Invalidated the restriction on aggregate limits. The other restrictions remain in place.