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The Political Reform Act of 1974 (Act) governs the disclosure of political campaign contributions, spending by candidates and ballot measure committees. It also sets ethics rules for state and local government officials that impose strict limits on decisions or votes that affect the officials financial interests.
How does the FEC regulate campaign finance?
The Federal Election Commission (FEC) oversees the enforcement of laws specified under FECA by: Setting campaign contribution limits for individuals and groups. Overseeing public funding used in presidential elections. Tracking campaign finance data.
How long are fec terms?
Commissioners serve in staggered six-year terms; two seats are subject to appointment every two years. The Chair of the Commission changes every year, with no member serving more than once per term.
Why was the campaign finance law created in the 1970s?
Following reports of serious financial abuses in the 1972 presidential campaign, Congress amended the Federal Election Campaign Act in 1974 to set limits on contributions by individuals, political parties and PACs. The 1974 amendments also established an independent agency, the FEC.
What is FEC personal use of campaign funds?
Under the irrespective test, personal use is any use of funds in a campaign account of a candidate (or former candidate) to fulfill a commitment, obligation or expense of any person that would exist irrespective of the candidates campaign or responsibilities as a federal officeholder.
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Candidates and committees who raise or spend more than $25,000 must electronically file their reports; those who spend or raise less than $25,000 may file paper reports. All lobbyists, lobbyists employers, and lobbying firms with quarterly activity of $2,500 or more file electronically.
How is campaign funding regulated?
The Federal Election Commission (FEC) is an independent regulatory agency established in 1975 to administer and enforce the Federal Election Campaign Act of 1971, as amended (the Act). The FEC has jurisdiction over the financing of campaigns for the U.S. House, Senate, Presidency and the Vice Presidency.
What is the 24 hour reporting period for the FEC?
The 24-hour reporting period is for independent expenditures that are made after the 20th day, but more than 24 hours, before the day of an election. The FEC must receive the 24-hour report within 24 hours after the communication is publicly distributed or otherwise publicly disseminated.
What are the federal campaign contribution limits?
How much can you contribute to a candidate for federal office? Primary electionGeneral election $3300 to each candidate $3300 to each candidate Feb 22, 2024
How many members are appointed to the FEC?
To accomplish its legislative mandate, the FEC is directed by six Commissioners, who are appointed by the President with the advice and consent of the Senate. By law, no more than three Commissioners may be members of the same political party.
Related links
First 10 Years
The Taft-Hartley Act of 1947 barred both labor unions and corporations from making expenditures and contributions in Federal elections. The campaign finance
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