1. Campaign Financing Cost of Modern Campaigns Campaign Reform Legislation Post-Watergate Reforms (FECA) Bipartisan Campaign Reform Act (BCRA) Sources of Campaign Funding Campaign Finance Regulation and the First Amendment The Rise of SUPER PACS Public Funding of Campaigns

2. Total Federal Campaign Costs

3. 2008 Presidential Elections

4. FECA & the BCRA FECA Disclosure requirements PACS: federally mandated, regulated fundraising organizations that represent groups and can contribute directly to campaigns Federal Election Commission to oversee regulations Partial public funding for presidential campaigns Contribution limits Problems with FECA: Soft Money (issue ads/party building) BCRA Limits soft money contributions to parties Limits issue ads within 30 days of primary and 60 days of general elections (overturned) Limited amount of candidate’s own money that can be spent (overturned) Problems with BCRA: 527 and 501(c) organizations

5. Sources of Campaign Funding Individuals Parties Political Action Committees Member PACs Personal Savings Public Funds Soft Money Groups

6. BCRA Individual Contribution Limits

7. Sources of Campaign Funding Direct Support Individuals: See Chart Parties: $5,000/election to House candidate and $42,600/election to a Senate candidate Political Action Committees: $5,000/election to a candidate, $15,000/year to party Member PACs: same as other PACs Personal Savings: no limits Public Funds: presidential election Indirect Support Soft Money Groups: 527 & 501(c) organizations SuperPACs

8. How Do PACS Allocate Their Contributions?

9. 527 & 501(C)ORGANIZATIONS 527 Ads

10. Super PACS Colbert Super PAC website Colbert Super PAC Power Transfer Colbert Romney Ad Current Super PAC Ads

11. Areas of Debate Should the government regulate campaign spending? Buckley v. Valeo: Are limits on campaign expenditures consistent with the 1 st Amendment? Should we adopt a mandatory system of publically financed campaigns?