Senators John McCain and Evan Bayh Sponsored Strict Financial Regulations

question 167

True/False

Senators John McCain and Evan Bayh sponsored strict financial regulations for political campaigns in 2002 known as the Bipartisan Campaign Reform Act.

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Definitions:

Legally Binding

An agreement or contract that is enforceable by law, obligating parties to fulfill their respective duties.

Secured Lenders

Secured lenders are creditors who have the right to claim specific collateral from the borrower if the borrower defaults on the loan.

Trade Credit

Credit granted in the normal course of business between companies. That is, vendors don’t usually demand immediate payment for their products.

Unsecured Creditors

Lenders or creditors who have extended loans without any collateral. If the borrower defaults, these creditors have no claim to any assets of the borrower.