The Fundamentals of Campaign Finance in the U.S.: Why We Have the System We Have

The Fundamentals of Campaign Finance in the U.S. explores the development of the campaign finance regulatory structure, highlighting the Supreme Court's commitment to free speech over political equality and the driving force behind campaign finance reform—corruption—through historical, transactional, and institutional perspectives. It also examines the insufficiency of disclosure and enforcement of campaign finance laws and calls attention to multiple federal agencies. However, a narrow view on campaign finance makes change difficult and reforms often have limited success.

Format: Paperback / softback
Length: 392 pages
Publication date: 31 July 2024
Publisher: The University of Michigan Press

The Fundamentals of Campaign Finance in the U.S. takes care to situate the campaign finance system in the context of the broader U.S. political and economic system. Dwyre and Kolodny offer readers a brief tour through the development of the campaign finance regulatory structure,highlighting the Supreme Courts commitment to free speech over political equality from Buckley v. Valeo (1976) through the passage of the Bipartisan Campaign Reform Act (BCRA,2002). They also examine the driving force behind campaign finance reform—corruption—through historical,transactional,and institutional perspectives. While diving into the insufficiency of the disclosure and enforcement of campaign finance laws and calling attention to multiple federal agencies,including the Securities and Exchange Commission,the Federal Communications Commission,the Internal Revenue Service,and (principally) the Federal Election Commission,the authors show how a narrow view on campaign finance makes change difficult and why reforms often have limited success. By examining the fundamentals,Dwyre and Kolodny show the difficulties of changing a political system whose candidates have always relied on private funding of campaigns to one that guarantees free speech rights while minimizing concerns of corruption.
The U.S. campaign finance system is complex and has evolved over time due to various factors, including the nature of democracy, the American capitalist economic system, the content of the U.S. Constitution, the structure of governmental institutions, competition for governmental power, and the behavior of campaign finance actors. To understand the system and fix it, it is important to examine these factors.

The Fundamentals of Campaign Finance in the U.S. provides a comprehensive overview of the campaign finance regulatory structure. It highlights the Supreme Court's commitment to free speech over political equality, as seen in cases such as Buckley v. Valeo (1976) and the Bipartisan Campaign Reform Act (BCRA, 2002). The book also explores the driving force behind campaign finance reform: corruption. It examines the issue from historical, transactional, and institutional perspectives.

One of the key challenges in campaign finance reform is the insufficiency of the disclosure and enforcement of campaign finance laws. The authors point out that multiple federal agencies, including the Securities and Exchange Commission, the Federal Communications Commission, the Internal Revenue Service, and the Federal Election Commission, are responsible for regulating campaign finance. However, these agencies often face challenges in enforcing the laws due to limited resources and complex regulations.

Another challenge is the narrow view on campaign finance that often leads to limited success in reforms. The authors argue that a narrow view on campaign finance focuses on the amount of money spent on campaigns and ignores other important aspects of the system, such as the role of money in politics, the influence of special interests, and the impact of campaign finance on democracy.

To address these challenges, the authors propose a comprehensive reform agenda. They suggest that the disclosure and enforcement of campaign finance laws should be strengthened, and that campaign finance should be regulated as a public good rather than a private commodity. They also recommend that campaign finance should be limited to individuals and that political parties should be prohibited from receiving corporate contributions.

In addition to these reforms, the authors argue that the U.S. should adopt a more democratic approach to campaign finance. They suggest that public financing of campaigns should be increased, and that campaign finance should be regulated by an independent body rather than by the government. They also recommend that campaign finance should be transparent and that voters should have access to information about the sources of campaign funding.

However, implementing these reforms will not be easy. The authors point out that there are many powerful interests that benefit from the current campaign finance system, and that they will likely resist any attempts to reform it. They also suggest that it may be necessary to amend the U.S. Constitution to address some of the issues related to campaign finance.

Despite these challenges, the Fundamentals of Campaign Finance in the U.S. provides a valuable resource for anyone interested in understanding the campaign finance system and how it can be reformed. The book offers a clear and concise explanation of the issues, and it provides a range of solutions that can be implemented to address them.

In conclusion, the U.S. campaign finance system is complex and has evolved over time due to various factors. To understand the system and fix it, it is important to examine the nature of democracy, the American capitalist economic system, the content of the U.S. Constitution, the structure of governmental institutions, competition for governmental power, and the behavior of campaign finance actors. The Fundamentals of Campaign Finance in the U.S. provides a comprehensive overview of the campaign finance regulatory structure and offers a range of solutions that can be implemented to address the challenges facing the system. While implementing these reforms will not be easy, it is essential to work towards a more democratic and transparent campaign finance system that serves the interests of the American people.

Dimension: 229 x 152 (mm)
ISBN-13: 9780472056880