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The Campaign Finance Institute

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Bipartisan Campaign Reform Act of 2002. Some said the law would undermine the political parties, weaken free speech, curtail competition, and strengthen the very interest groups it was meant to weaken. Others said the law would do nothing of the sort: it would root out a serious problem, the parties would be fine, and the system would thrive. Reality, it turns out, was more complex than either position. The Election After Reform is the first serious book to get beyond speculations by looking at real evidence—the first elections under the new law. From it, the reader learns not only about the politics of 2004 but how to begin assessing the effects of reform.

"The short-term effects of the Bipartisan Campaign Reform Act of 2002 seem clear. Abolishing party soft money for federal elections put officeholders and federal candidates out of the business of asking for unlimited party contributions. Surprisingly, the absence of soft money did not hurt the major parties’ overall fundraising totals in 2004, especially the national party committees that spent heavily to support presidential candidates. Among nonparty organizations, concern felt about the presidential race helped stimulate mega-donations from a few former soft money donors to 527 committees. The increase in 527 money equaled less than half of the value of party soft money. Even so, the overwhelming majority of party soft money donors—especially corporate donors—did not increase their 527 giving or hard money giving to make up for the soft money that BCRA took out of the system. Finally, the sections of the law on electioneering had a modest effect on the timing and funding for political advertising. However—and acknowledging that there may be individual stories to the contrary—it is hard from our vantage point to see any systematic effect on the amount, content, diversity, or intensity of political speech.

"Although BCRA’s short-term effects are clear, the future is less so. The massive increase in hard money contributions in 2004 occurred during a polarized election in which national security issues commanded the voters’ attention. We do not know whether the next few elections will raise equally compelling issues. One could argue the point both ways.... We will have to track the results through additional cycles to know how much the parties’ success depended upon temporary issues as opposed to a strengthened organizational capacity that will be sustained."

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Campaign Finance Institute
Washington DC
US 20036
+1.2029698890

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