Campaign finance is the body of law and practice covering how candidates, parties, and outside groups raise and spend money to influence elections. Federal rules cap direct contributions to candidates, require disclosure of large donors to the FEC, and distinguish between "hard money" given to campaigns and "soft money" routed through independent groups.
In practice, the regime sits on top of two doctrinal pillars: Buckley v. Valeo (1976), which treated campaign spending as protected speech and struck down expenditure caps, and Citizens United v. FEC (2010), which extended that logic to independent corporate and union spending. Super PACs and 501(c)(4) nonprofits have grown to dominate the field because contribution limits don't apply to independent expenditures.
Reformers argue the current system lets a small number of mega-donors dictate which candidates can compete, regardless of voter support. Defenders say spending limits chill political speech and incumbents would be the chief beneficiaries of tighter rules. The standoff has held since Buckley and shows no sign of judicial revisiting.
Campaign finance rules decide whose voice carries in elections. When a small donor class supplies most of the money, policy tends to follow donor priorities — even when voters disagree.
People often think campaign finance laws cap total election spending. They don't — caps apply mostly to direct contributions, while independent groups can raise and spend unlimited sums.
Campaign finance rules decide whose voice carries in elections. When a small donor class supplies most of the money, policy tends to follow donor priorities — even when voters disagree.
People often think campaign finance laws cap total election spending. They don't — caps apply mostly to direct contributions, while independent groups can raise and spend unlimited sums.