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Order Code 97-1040 GOV
Updated January 24, 2003
CRS Report for Congress
Received through the CRS Web
Campaign Financing: Highlights and
Chronology of Current Federal Law
Joseph E. Cantor
Specialist in American National Government
Government and Finance Division
Summary
Current law governing financial activity of federal election campaigns is based on
two principal statutes: the Federal Election Campaign Act (FECA) of 1971, as amended
in 1974, 1976, 1979, and 2002, and the Revenue Act of 1971. These laws were enacted
to remedy a widely perceived failure of prior law-the Corrupt Practices Act of
1925-and in response to alleged abuses over the years. This report summarizes major
provisions of federal law and offers a chronology of key legislative and judicial actions.
The FECA features prohibitions on union and corporate spending, limits on
individual, interest group, and political party contributions to candidates and committees
involved in federal elections, and public disclosure of contributions and expenditures by
participants on a regular basis. Within this framework, a dual system of finance has
evolved: a presidential system, funded in large measure from public monies, with
concomitant, voluntary limits on campaign expenditures; and a congressional system,
funded solely by private donations and free of circumscriptions on campaign spending.
Highlights of Current Law
Contribution Limits and Prohibitions1
Individuals. $2,000 per candidate per election (with future indexing); $10,000 to
a state party committee; $25,000 to a national party committee (with future indexing);
$5,000 to other committees; and an aggregate of $95,000 per two-year election cycle [sub-
limits: $37,500 to candidates; $57,500 to political action committees (PACs) and
parties-with $37,500 maximum to state/local PACs and parties] (with future indexing).
1 The FECA distinguishes between expenditures, money spent to communicate election messages,
and contributions, money given to others (candidates, parties, or PACs) to make expenditures for
election messages. Limits apply to calendar year unless otherwise stated; for limits applied on
a per election basis, primary, general, and runoff elections are counted separately
Congressional Research Service **o The Library of Congress](ViewImageLocal?handle=hein.crs/crsuntaaetz0001&div=1&collection=&method=preview&ext=.png&size=3)
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