‘Despite several attempts to regulate campaign finance, money increasingly dominates the U.S. Electoral process and is the main factor contributing to a candidates success’ Discuss (30 marks)

Despite its popularity, there is no serious evidence that campaign finance regulation has actually accomplished any of the goals set out for it by its supporters. Efforts to regulate campaign finance have been little short of disastrous. They have distorted the political process, hindered grassroots political involvement, infringed on First Amendment rights, and helped to entrench incumbents in office while doing nothing to address the allegedly corrupting influence of money in politics.

The 1974 amendments to the federal election campaign act constituted the first effort to establish a comprehensive, national system of campaign finance regulation. Specifically, the amendments established these limits for federal campaign finance, individual contributions were limited to $1,000 per candidate per election, with primary and general elections counting as separate elections, individuals were limited to $25,000 per calendar year in total contributions to candidates, party committees, and political action committees, PAC’s and party committees were limited to contributing $5,000 per candidate per election. In addition, the 1974 amendments established the presidential financing system of matching funds to candidates for amounts raised in contributions of $250 or less, established overall spending limits for eligibility to receive matching funds, and provided for public funding of major party candidates in the general election for president. The Bipartisan Campaign Reform Act of 2002 brought about a modern take on the Federal Election Campaign Act of 1974.

Buckley vs Valeo, is a famous case around campaign finance as a coalition of liberals and conservatives attacked FECA as