ABSTRACT
In 1974, Congress passed and President Ford signed into law legislation amending the Federal Elections Campaign Act (FECA) of 1971, which had strengthened contribution disclosure rules and taken steps to slow the rising cost of campaigns. In Buckley v. Valeo, the Supreme Court equated money with speech, and it found all mandatory limitations except one to be violations of the First Amendment. The Court did, however, uphold the limitation on individual contributions made directly to campaigns. The FECA amendments of 1974 established mandatory limits for congressional races and voluntary ones for presidential races. In 1976, the Supreme Court in Buckley v. Valeo overturned the mandatory spending limits for congressional campaigns but allowed voluntary limits for presidential races. An important source of funding for most presidential nomination contestants is the system of partial public financing. In order to be eligible for funding from the US Treasury, a candidate must first demonstrate a certain breadth of support.
