Here’s an outline of campaign finance in the U.S., formatted for HTML:

Campaign Finance in the United States: An Overview

I. Introduction

Campaign finance refers to the raising and spending of money to influence elections. It’s a complex area governed by federal and state laws, aiming to balance free speech rights with concerns about corruption and undue influence.

II. Key Federal Laws and Regulations

1. Federal Election Campaign Act (FECA) of 1971:
   • Established disclosure requirements for campaign contributions and expenditures.
   • Limited individual and PAC contributions.
2. Amendments to FECA (1974):
   • Created the Federal Election Commission (FEC) to enforce campaign finance laws.
   • Established public financing for presidential elections.
3. Bipartisan Campaign Reform Act (BCRA) of 2002 (McCain-Feingold):
   • Banned “soft money” contributions to national parties. (Soft money was unregulated money)
   • Regulated “electioneering communications” (ads mentioning a candidate close to an election).

III. Supreme Court Cases

1. Buckley v. Valeo (1976):
   • Struck down limits on independent expenditures and candidate’s personal spending as violations of free speech.
   • Upheld contribution limits, arguing they prevent corruption or its appearance.
2. Citizens United v. Federal Election Commission (2010):
   • Ruled that corporations and unions have the same free speech rights as individuals, allowing them to spend unlimited amounts of money on independent political expenditures.
   • Led to the rise of Super PACs and increased spending in elections.
3. McCutcheon v. FEC (2014):
   • Struck down aggregate limits on individual contributions to candidates and political committees.

IV. Types of Campaign Finance

1. Hard Money:
   • Regulated contributions to candidates and parties.
   • Subject to contribution limits and disclosure requirements.
2. Soft Money:
   • Money raised for party-building activities or generic issue advocacy.
   • Largely banned at the federal level by BCRA, but can still exist at the state level.
3. Independent Expenditures:
   • Spending on communications that expressly advocate for or against a candidate but are not coordinated with the candidate’s campaign.
   • No limits on spending, thanks to *Buckley* and *Citizens United*.
4. Political Action Committees (PACs):
   • Organizations that raise and spend money to elect and defeat candidates.
   • Subject to contribution limits.
5. Super PACs:
   • Independent expenditure-only committees that can raise unlimited sums of money from corporations, unions, and individuals.
   • Cannot directly coordinate with candidates’ campaigns.
6. 501(c)(4) Organizations:
   • “Social welfare” organizations that can engage in political activity as long as it’s not their primary purpose.
   • Can keep their donors secret.

V. Ongoing Debates and Issues

• The role of money in politics and its impact on elections.
• Whether campaign finance laws effectively prevent corruption or undue influence.
• The impact of *Citizens United* and the rise of Super PACs.
• Calls for campaign finance reform, such as public financing of elections.
• The influence of undisclosed “dark money” in elections.