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Campaign Financing
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Who cannot give?
Limits on Giving
Disclosure: Who gives to whom?
Life Issue History
For almost a hundred years, some
people have worried about payments by a few to politicians, who are
supposed to represent all the people. Both Congress and the courts
have weighed in on the problem of preventing money from corrupting
our representatives.
Who cannot give?
In 1907, at the instigation of President Theodore Roosevelt,
Congress passed a law, forbidding corporations to give money or spend
money in federal elections.
In 1943, labor unions were forbidden to give or spend
on federal elections. At that time, however, both corporations and
unions or any group could form a Political Action Committee that could
solicit voluntary funds from individuals and those funds could be
used in campaigns to support points of view and give to candidates.
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Limits on Giving
In 1971, the Federal Election Campaign Act limited
the sources of campaign money. Individuals can give $1000 per candidate,
per election, $5000 per year to a PAC, and a total of $25,000 per
year to all federal candidates, parties, and PACs.
PACs and party committees may give a candidate $5000
per election. Parties may also make coordinated expenditures to pay
for ads and other campaign services for a particular candidate, with
the cooperation of the candidate. Limits are set and are tied (indexed)
to inflation.
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Disclosure: Who gives to whom?
All candidates, PACs, and parties must register with
the Federal Election Commission (FEC) and file periodic reports on
receipts and expenditures, itemizing amounts over $200.
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