Financing Campaigns. Running for office is very expensive; for example, presidential candidates spend about 1 billion dollars each in the 2012 election.

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Presentation transcript:

Financing Campaigns

Running for office is very expensive; for example, presidential candidates spend about 1 billion dollars each in the 2012 election

1970s- New Campaign Financing system was created based on ▫Public disclosure of spending ▫Public funding of presidential elections ▫Limiting or prohibiting the contributions of certain groups like corporations and unions

In 1974, the Federal Election Commission (FEC) was created as an independent agency of the Executive Branch. ▫Administer election laws ▫Keep records of campaign contributions

Majority of campaign funding comes from: Private sources -Individual citizens (limited to $2,600) -Party organizations -Corporations -Special-interest groups

Political Action Committees (PACs): Established by interest groups to support candidates Limited to a $5,000 contribution per candidate

Two Methods to get around campaign spending limits: ▫“Soft Money” Donations: donations to the political party for general purposes. ▫Issue advocacy ads: support an issue rather than a candidate.

Bipartisan Campaign Reform Act (McCain- Feingold) passed in ▫Banned soft money donations to national political parties ▫Prohibited corporations and unions from using their general funds for political ads ▫Prohibited issue advocacy ads aimed at candidates from running within 60 days of general election.

Since 2004, tax-exempt 527 groups and 501c groups have become loopholes for big contributors. 527 groups have to reveal their donors 501c groups do not (“dark money”)

Citizens United v. FEC ▫Overturned parts of BCRA in its 5-4 decision in ▫Ruled restricting “electioneering communications” within general elections violates the First Amendment.

Rise of Super PACs: PACs that can raise unlimited sums from corporations, individuals, etc. to advocate a candidate. (Must report funds to the FEC on a quarterly or monthly basis)