The first major attempt to regulate campaign finance took place in 1971 with the Federal Election Campaign Act (FECA). The law sets requirements for disclosing contributions to federal campaigns, both presidential and congressional. The main financing regulation came after it was amended in 1974. After reports of significant financial abuses during the 1972 presidential election and the Watergate scandal, people wanted more constraints on financing, in particularly that of special interest groups. The law required strict disclosure of campaign donations. Candidates had to name all contributors who gave more than $200 per year. They also establish contribution limits and spending limits. Individuals could contribute no more than $1,000 to a candidate and political action committees (PACs) could contribute no more than $5,000. There were also limits on spending from a candidate's personal fund and on total campaign spending (The FEC, 2011). For the presidential elections, FECA instituted a public financing system to level the playing field and limit the amount of money spent on the campaign. During the primaries, there is a matching program in which the government will match up to $250 of each contribution made to eligible candidates. In exchange, they agree to limit their spending. The other program is during the general elections; the president receives a lump sum of money and in exchange he accepts no other private donations. The main provision of FECA resulting from the misuse of money and the Watergate scandal is the ban on donations directly from businesses, labor organizations, and national organizations. banks. There were also prohibitions against donations from government contractors, foreign nationals, ca...... middle of paper ...... March 2, 2011.Mann, Thomas E. "Citizens United v. Federal Election Commission Is an Egregious Exercise in Judicial Activism. Brookings Institute. January 26, 2010. The Web. March 2, 2011. Mann, Thomas E. “Money in 2008: A Collapse of the Campaign Finance Regime? revolution in the nomination process. Rowman and Littlefield, 2009. Print. McCorkle, Mac. Lecture Notes. February 9, 2011 “The Oyez Project, Buckley v. U.S. Supreme Court Media.” , Linton. “Has Obama Killed Public Campaign Finance.” October 22, 2008. The web. March 2. 2011.