Instructions: Identify the Following

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The Answer is The McCain-Feingold Campaign Finance Reform refers to the Bipartisan Campaign Reform Act (BCRA) of 2002, which is often called after its chief sponsors, Senator John McCain (R-AZ) and Senator Russ Feingold (D-WI). The act was signed into law by President George W. Bush on March 27, 2002.

The significance of the McCain-Feingold Act lies in its attempt to address the issue of unlimited "soft money" contributions to political parties, which were funds not regulated by federal campaign finance laws and thus not subject to contribution limits. These contributions were often used by parties for "issue ads" that indirectly supported or opposed political candidates, circumventing the restrictions on "hard money" which is directly contributed to campaigns and subject to limits.

Key provisions of the McCain-Feingold Act included:

1. Banning national political party committees from raising or spending any funds not subject to federal limits, effectively eliminating soft money at the national level.
2. Prohibiting corporations and labor unions from using their general treasury funds to pay for "electioneering communications" — broadcast ads that mention a federal candidate within 30 days of a primary or caucus or 60 days of a general election.
3. Increasing the limits on hard money contributions that individuals could give to candidates and parties.

The act was a significant piece of campaign finance reform legislation, aiming to increase transparency in political funding and to curb the influence of wealthy donors and special interest groups on elections and political processes.

However, the effectiveness of the McCain-Feingold Act has been debated, and several of its key provisions have been challenged in court. The most notable challenge came in the form of the Supreme Court case Citizens United v. Federal Election Commission (2010), which struck down the prohibition on independent expenditures by corporations and unions, arguing that it violated the First Amendment right to free speech. This decision effectively weakened the McCain-Feingold Act and led to the rise of Super PACs, which can raise and spend unlimited amounts of money to advocate for or against political candidates, as long as they do not coordinate directly with campaigns or parties.

Instructions: Identify the Following

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