major provisions of McCain-Feingold
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4-5 The ban on soft money is compensated with raising the contribution limits , so individual limit to any candidate have been raised from 1 ,000 to 2 ,000 in general and primary election separately , an individual cumulative limit has been raised to 37 ,500 per year which was previously 25 ,000 , and annual aggregate limit of an individual has also been hoisted from 20 ,000 to 25 ,000 , besides this an individual can now contribute up to 10 ,000 to any national political party committee (Section-by-Section Analyses of McCain-Feingold , pars
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Paper Topic: major provisions of McCain-Feingold McCain-Feingold Bill The McCain-Feingold Cochran Campaign Reform Bill also known as a Bipartisan Campaign Reform Act (BCRA ) of 2002 is the bill related some amendment made in financial issues of electoral campaigning Firstly , it post the ban on Soft Money ‘ whose contributions are sometimes called “nonfederal ” contributions because they are often used by the political parties for the intentions other than supporting candidate for federal office
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So the bill makes sure that money comes through proper legal channels in electoral campaign and that influence of wealthy people upon the government can be reduced effectively The bill also support elimination of involuntary contributions which means that no one should be compelled to support any candidate unwillingly , two reforms regarding this issues are firstly treasury funds cannot be used without shareholders ‘ permission in any political activity , secondly unions will require to get authorization from the employees or worker before spending their dues on political activities (Campaign Reform Bill : Senate Debates , pars 9 Some critics also says that the bill imply restriction on Political Active Committee (PAC ) contribution but PAC restriction are not the point of focus and they are even under negotiations (Feingold , pars
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It has been reason thorough which political parties are raising tens of million of dollars since 1995 Both Republicans and Democratic money fund recorded raise of 183 and 217 in 1995 election with respect to 1991-92 election respectively This soft money does not come from average American rather it provide wealthiest sectors a passage to influence the political process and it makes the contribution of common people in election insignificant which is against democracy
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However there are no set boundaries on the amount of soft money given to the political parties by the individuals unlike hard money which is been limited in amount as well as closely regulated
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17 Some also thinks that limiting the fund rising would only let the rich candidate to stand for election , well this might not be the case as limiting the fund in elections and maximizing the contribution of the general public would give vest power in the public to chose their representative rather than a person who has
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The McCain-Feingold bill has places full stop to this channel of 263 million worth of soft-money (Feingold , pars
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So this soft money had been loophole which has introduced excesses and corruption in current system of financing political campaign
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Labor union and corporations gives soft money to the parties which are not allowed otherwise
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