what was in the federal election campaign act that was passed after watergate
Campaign finance reform in the United States The Congress passed the Bipartisan Campaign Reform Act (BCRA), also called the McCain-Feingold bill after its chief sponsors, John McCain and Russ Feingold. The bill was passed by the House of Representatives on February 14, 2002, with 240 yeas and 189 nays, including 6 members who did not vote. Final passage in the Senate came after supporters mustered the bare minimum of 60 votes needed to shut off debate. The bill passed the Senate, 60-40 on March 20, 2002, and was signed into law by President Bush on March 27, 2002. In signing the law, Bush expressed concerns about the constitutionality of parts of the legislation but concluded, "I believe that this legislation, although far from perfect, will improve the current financing system for Federal campaigns." The bill was the first significant overhaul of federal campaign finance laws since the post-Watergate scandal era. Academic research has used game theory to explain Congress's incentives to pass the Act.[5]
Campaign finance in the United States Federal law restricts how much individuals and organizations may contribute to political campaigns, political parties, and other FEC-regulated organizations. Corporations and unions are banned from donating money directly to candidates ("hard money") or national party committees.[8]