#AceFinanceNews – (Reuters) – UNITED STATES – April 03 – The U.S. Supreme Court on Wednesday struck down a key pillar of federal campaign finance law by allowing donors to give money to as many political candidates, parties and committees as they wish.
In the latest in a series of decisions by the high court that have given big-money donors more influence in U.S. elections, the justices rejected the overall limits on how much individuals can donate during a federal two-year election cycle.
The ruling – a 5-4 decision with the court’s more conservative justices in the majority – could have an immediate impact on the 2014 midterm elections, in which Republicans are likely to keep control of the House of Representatives and are seeking to gain six Senate seats to take over that chamber.
CURRENT CAMPAIGN FINANCE LAWS – 2010
The FEC is responsible for enforcing the federal campaign finance law. It is a six-member commission made up of three Republicans and three Democrats, who, despite the statutory requirement that they be nominated by the President, are usually hand-picked by the Congressional leadership of the respective parties and consequently protect party interests. Due to its structure, the FEC often ends in deadlock on any significant questions.
An individual who is a citizen can contribute $2,400 to a candidate for the primary election, and $2,400 for the general election (a total of $4,800 per person). Individuals can also give $5,000 to a political action committee (PAC) per year; $30,400 a year to a national political party committee per year; and $10,000 to the federal account of a state party committee per year. The most an individual can give altogether is $115,500 for the two-year cycle ($45,600 to all candidates and $69,900 to all PACs and parties).
Read More: http://www.reuters.com/article/2014/04/02/us-usa-court-election-idUSBREA3116V20140402