1 jan 1974 ano - 1974 Amendment to the FECA

Descrição:

This amendment established the long overdue Federal Election Commission, which enforces federal election law and administers any public funding of elections.

It legislated issues around PACs, introducing various regulations, such as disclosure requirements, and limits on the amount they could contribute to candidates, and who they could solicit donations from.

A PAC was classified as a political committee that raises or spends more than $1,000 to influence the outcome of a federal election in a calendar year and is thus required to register with the Federal Election Commission (FEC).

A PAC may accept a contribution of up to $5,000 per year from any individual. It may not accept union or corporate treasury funds. A PAC may contribute up to $5,000 per election to a candidate and $15,000 to a party committee. It has no limit on the aggregate amount it may contribute.

PACs established by corporations and labour unions, referred to as separate segregated funds (SSF), operate under slightly different rules, e.g., a corporation or union may cover its SSF’s administrative expenses and support their fundraising efforts, but are still banned from making direct contributions.

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