Campaign Finance Reform Bipartisan Campaign Reform Act of 2001
Key components of the McCain-Feingold campaign-finance legislation:
Prohibits national party committees from raising, spending or transferring soft money.
Subjects to federal limitations and reporting requirements money spent on federal elections by state and local parties, meaning soft-money fundraising could not simply shift to states.
Bars federal candidates and officeholders from raising or spending soft money. This would end the practice of elected officials having "leadership PACs."
Raises limits as follows: to candidates, $2,000; to PACs, $5,000; to state and local parties, $10,000; to national parties, $25,000; aggregate limit, $75,000.
Requires disclosure of donors and spending on issue ads run before an election. The rules apply to anyone who spends more than $10,000 on broadcast ads that name or show the likeness of a candidate for federal office within 60 days of a general election or 30 days of a primary.
Prohibits corporations and unions from paying directly for such ads during that time period. They could run such ads but would have to pay for them through their political action committees, which can take maximum donations of $5,000.