Presidential
Financing System | Bipartisan
Campaign Finance Reform Act | 527s
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Senate Campaign Disclosure
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Finance Reform Main | Timeline
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Campaign
Finance Reform Bipartisan Campaign Finance Reform
For seven years, I worked
with Senator John McCain (R-AZ) to pass the Bipartisan Campaign
Finance Reform Act, commonly referred to as McCain-Feingold,
to close the biggest loophole in our campaign finance system:
unlimited “soft money” contributions from corporations,
unions, or wealthy individuals. The bill was passed with
strong bipartisan support and on March 27, 2002, President
Bush signed McCain-Feingold into law. On December 10, 2003,
the Supreme Court upheld the law against a challenge to
its constitutionality.
The success of McCain-Feingold signaled recognition from
Congress, the White House and the Supreme Court that the
worst abuse in the campaign finance system, unlimited soft
money contributions, had simply become too damaging to the
credibility of our political parties and democracy. By banning
those unlimited contributions to the political parties,
we have finally begun the process of reclaiming our democratic
processes for the American people.
BCRA closed the soft money loophole and strengthened the
reforms put in place after Watergate by making it illegal
for elected officials and party leaders to raise soft money
contributions from wealthy individuals, unions and corporations.
As a result of BCRA, presidents can no longer charge donors
a $50,000 admission fee to sleep in the Lincoln Bedroom,
and members of Congress can no longer vote on a bill directly
affecting a special interest, and then turn around and ask
that same entity for a $100,000 donation.
Both political parties have been strengthened by having
to rely on limited and regulated “hard money” contributions
from individuals.
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