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Under United States law, officially declared candidates are required to file campaign finance details with the Federal Election Commission (FEC) at the end of every calendar month or quarter. Summaries of these reports are made available to the public shortly thereafter, revealing the relative financial situations of all the campaigns.
Once they have established eligibility for matching payments, presidential candidates may receive public funds to match contributions from individual contributors, up to $250 per individual. Contributions from political committees are not eligible for matching funds. Cash contributions are also ineligible, as their origins cannot be tracked.
The Federal Election Commission maintains this database and publishes the information about campaigns and donors on its website. (Similar reporting requirements exist in many states for state and local candidates and for PACs and party committees.) There are extensive loopholes in campaign finance disclosure rules. [92]
The FEC was established in 1974, in an amendment of the Federal Election Campaign Act (FECA), to enforce and regulate campaign finance law. [8] Initially, its six members were to be appointed by both houses of Congress and the president, reflecting a strong desire for Congress to retain control. [8]
Campaign finance laws in the United States have been a contentious political issue since the early days of the union. The most recent major federal law affecting campaign finance was the Bipartisan Campaign Reform Act (BCRA) of 2002, also known as "McCain-Feingold".
As of 2023, the individual contribution limit was $41,300 per calendar year. [ 20 ] [ 21 ] Party committees additionally raise money from small donors, usually defined as individuals contributing of less than $200, the point at which the FEC requires a donors full name to be listed on fundraising reports. [ 22 ]
The 1974 amendments also established an independent agency, the Federal Election Commission (FEC) to enforce the law, facilitate disclosure and administer the public funding program. The FEC commenced in 1975 and administered the first publicly funded presidential election in 1976. In 1976, the Supreme Court in Buckley v.
An independent expenditure, in elections in the United States, is a political campaign communication that expressly advocates for the election or defeat of a clearly identified political candidate that is not made in cooperation, consultation or concert with – or at the request or suggestion of – a candidate, a candidate's authorized committee, or a political party. [1]