James Buckley

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The U.S. Supreme Court issued its per curiam opinion in Buckley v. Valeo, striking down most spending limits in the Federal Election Campaign Act of 1974. The Court held that restricting expenditures necessarily reduces the quantity of expression and therefore violates the First Amendment, equating the spending of money with political speech. The ruling allowed unlimited independent campaign expenditures while upholding contribution limits to candidates as a legitimate anti-corruption measure.

President Ford signed the Family Educational Rights and Privacy Act on August 21, 1974, prohibiting federally funded educational institutions from disclosing student records to third parties without consent. The law gave students and parents the right to inspect and correct their own records. FERPA became the primary federal privacy protection for college applicants and students, later invoked as a barrier against mandatory disclosure of admissions data to the executive branch.