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1 1 (January 24, 2007)

handle is hein.crs/crsuntaaiye0001 and id is 1 raw text is: Order Code 97-1040 GOV Updated January 24, 2007 CuRS Report for Congress 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 Prohibitions' Individuals. $2,300 per candidate per election (indexed for inflation); $10,000 to a state party committee; $28,500 to a national party committee (indexed); $5,000 to other committees; and an aggregate of $108,200 per two-year election cycle [sub-limits: 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. Limits shown here reflect all inflation adjustments for the 2007-2008 election cycle, as required by law. Congressional Research Service The Library of Congress Prepared for Members and Committees of Congress

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