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, including the Securities and Exchange Commission, the Federal Communications Commission, the Internal Revenue Service, and the Federal Election Commission. By examining the fundamentals, the authors 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.

Format: Hardback
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 multifaceted, with many factors contributing to its development. To understand how to fix it, we must first understand its origins. The nature of democracy, the American capitalist economic system, the content of the U.S. Constitution, and the structure of our governmental institutions all play a role in shaping the campaign finance system. Additionally, the competition for governmental power and the behavior of campaign finance actors also contribute to its complexity.

One of the key factors that has contributed to the development of the campaign finance system is the Supreme Court's commitment to free speech over political equality. This commitment has been evident in several Supreme Court decisions, including Buckley v. Valeo (1976) and the Bipartisan Campaign Reform Act (BCRA, 2002). The Supreme Court has ruled that campaign finance regulations must be narrowly tailored to serve a compelling government interest, and that they must not unduly burden the right to free speech.

However, the Supreme Court's commitment to free speech has also led to some challenges in campaign finance reform. For example, the disclosure and enforcement of campaign finance laws have been insufficient, and multiple federal agencies have been involved in regulating campaign finance. This has led to a lack of transparency and accountability in the campaign finance system.

Another factor that has contributed to the development of the campaign finance system is corruption. Corruption can take many forms, including bribery, graft, and influence peddling. Campaign finance actors have used their wealth and influence to gain access to political power and to influence government decisions. This has led to a lack of trust in the political system and has contributed to the development of the campaign finance system.

To address these challenges, there have been several attempts to reform the campaign finance system. These attempts have included the passage of the Bipartisan Campaign Reform Act (BCRA, 2002), which imposed new disclosure and enforcement requirements on campaign finance actors. However, the BCRA has been criticized for its narrow focus on campaign finance and for its potential to limit the right to free speech.

In addition to the BCRA, there have been other attempts to reform the campaign finance system. These include the creation of public financing systems, which provide public funding for political campaigns. Public financing systems can help to reduce the influence of money in politics and to increase the transparency and accountability of the campaign finance system.

However, public financing systems have also been criticized for their potential to limit the right to free speech. Some argue that public financing systems can create a government-funded political elite that is not accountable to the public.

Another approach to campaign finance reform is to increase the transparency and accountability of the campaign finance system. This can be done by requiring more disclosure of campaign finance information, by increasing the penalties for campaign finance violations, and by creating independent regulatory agencies to oversee the campaign finance system.

However, increasing the transparency and accountability of the campaign finance system can be challenging. Many campaign finance actors are opposed to increased disclosure and enforcement requirements, and they have used their wealth and influence to influence government decisions.

In conclusion, the U.S. campaign finance system is complex and multifaceted, with many factors contributing to its development. To fix it, we must first understand its origins. The nature of democracy, the American capitalist economic system, the content of the U.S. Constitution, and the structure of our governmental institutions all play a role in shaping the campaign finance system. Additionally, the competition for governmental power and the behavior of campaign finance actors also contribute to its complexity.

To address these challenges, there have been several attempts to reform the campaign finance system. These attempts have included the passage of the Bipartisan Campaign Reform Act (BCRA, 2002), the creation of public financing systems, and the increase of transparency and accountability of the campaign finance system. However, these attempts have been criticized for their potential to limit the right to free speech.

In order to fix the U.S. campaign finance system, we must take a comprehensive approach that addresses all of these factors. This approach should include the passage of new disclosure and enforcement requirements, the creation of public financing systems, and the increase of transparency and accountability of the campaign finance system. We must also work to reduce the influence of money in politics and to increase the trust in the political system.

By taking these steps, we can create a more democratic and accountable political system that is responsive to the needs of the American people.

Dimension: 229 x 152 (mm)
ISBN-13: 9780472076888