Lecture 8-2

Who runs for president?

• The odds favor those who have held other high offices.

• Incumbency is a distinct advantage.

• Candidates must have a “clean slate” personally and politically.

• An attractive television image is almost a necessity.

Who runs for president?

• Determination is needed to carry a candidate through the primary and caucus stages of the campaign.

Financing the campaign

• The Federal Election Campaign Act 1971 has reshaped presidential races by limiting contributions and has provided some public financing during the nomination stage.

• It also provides complete public financing of the election state.

FECA 1971

• Required disclosure of all donors giving more than $100

• Encouraged the creation of PACs to get around the Taft-Harley Act limit on gifts from corporations and unions

• Buckley v. Valeo 1976 “money is speech” opened enormous loopholes

OLD Limits

• Up to $1,000 to a federal candidate in ach primary and general election

• Up to $5,000 per year to PACs

• Up to $20,000 per year to a National party committee

• TOTAL contributions to candidates from a single person - $25,000 per year

OLD Limits

• PACs $5,000 per federal candidate

– PACs contributed $258 million in 2002

New Rules

• McCain - Feingold

• Limits

• Soft Money

• 527s