ClaimBitcoin is the Bitcoin generator that everyone has been waiting for. Currently it is the only working Bitcoin generator out there, and at the moment it can. Get breaking Finance news and the latest business articles from AOL. From stock market news to jobs and real estate, it can all be found here. Send to Card You can send money directly to your receivers debit card. The money is typically securely deposited to the card within minutes after the transfer is. Political action committee Wikipedia. This article needs to be updated. Please update this article to reflect recent events or newly available information. February 2. This article is about political organizations. For other uses, see PAC. In the United States, a political action committee PAC is a type of organization that pools campaign contributions from members and donates those funds to campaign for or against candidates, ballot initiatives, or legislation. 12 The legal term PAC has been created in pursuit of campaign finance reform in the United States. This term is quite specific to all activities of campaign finance in the United States. Democracies of other countries use different terms for the units of campaign spending or spending on political competition see political finance. At the U. S. federal level, an organization becomes a PAC when it receives or spends more than 1,0. Federal Election Commission, according to the Federal Election Campaign Act as amended by the Bipartisan Campaign Reform Act of 2. Mc. Cain Feingold Act. 3 At the state level, an organization becomes a PAC according to the states election laws. Contributions from corporate or labor union treasuries are illegal, though they may sponsor a PAC and provide financial support for its administration and fundraising Union affiliated PACs may only solicit contributions from members Independent PACs may solicit contributions from the general public and must pay their own costs from those funds. Federal multi candidate PACs may contribute to candidates as follows 5,0. PAC per year. PACs may make unlimited expenditures independently of a candidate or political party. In its 2. 01. 0 case Citizens United v. FEC, the Supreme Court of the United States overturned sections of the Campaign Reform Act of 2. Mc. Cain Feingold Act that had prohibited corporate and union political independent expenditures in political campaigns. 4Citizens United made it legal for corporations and unions to spend from their general treasuries to finance independent expenditures related to campaigns, but did not alter the prohibition on direct corporate or union contributions to federal campaigns. 56 Organizations seeking to contribute directly to federal candidate campaigns must still rely on traditional PACs for that purpose. 78HistoryeditThe first PAC was the CIO PAC, formed in July 1. CIO president Philip Murray and headed by Sidney Hillman. CategorizationeditFederal law formally allows for two types of PACs connected and non connected. Judicial decisions added a third classification, independent expenditure only committees, which are colloquially known as Super PACs. Connected PACseditMost of the 4,6. PACs are connected PACs established by businesses, labor unions, trade groups, or health organizations. These PACs receive and raise money from a restricted class, generally consisting of managers and shareholders in the case of a corporation and members in the case of a union or other interest group. As of January 2. 00. PACs, 2. 72 related to labor unions and 9. Non connected PACseditGroups with an ideological mission, single issue groups, and members of Congress and other political leaders may form non connected PACs. These organizations may accept funds from any individual, connected PAC, or organization. As of January 2. 00. PACs, the fastest growing category. 9Leadership PACseditElected officials and political parties cannot give more than the federal limit directly to candidates. However, they can set up a Leadership PAC that makes independent expenditures. Provided the expenditure is not coordinated with the other candidate, this type of spending is not limited. 1. Under the FEC Federal Election Commission rules, leadership PACs are non connected PACs, and can accept donations from individuals and other PACs. Since current officeholders have an easier time attracting contributions, Leadership PACs are a way dominant parties can capture seats from other parties. A leadership PAC sponsored by an elected official cannot use funds to support that officials own campaign. However, it may fund travel, administrative expenses, consultants, polling, and other non campaign expenses. 1. Between 2. 00. 8 and 2. PACs raised and spent more than 4. Controversial use of leadership PACseditFormer Rep. John Doolittles R leadership PAC paid 1. Payouts to his wifes firm were 6. The Doolittle home was raided in 2. After years of investigation, the Justice Department dropped the case with no charges in June 2. One Leadership PAC purchased 2,1. Bose Corporation. 1. Former Rep. Richard Pombo R used his leadership PAC to pay hotel bills 2. Former Speaker Nancy Pelosis D leadership PAC, Team Majority, was fined 2. Super PACseditSuper PACs, officially known as independent expenditure only committees, may not make contributions to candidate campaigns or parties, but may engage in unlimited political spending independently of the campaigns. Unlike traditional PACs, they can raise funds from individuals, corporations, unions, and other groups without any legal limit on donation size. 1. Super PACs were made possible by two judicial decisions the aforementioned Citizens United v. Federal Election Commission and, two months later, Speechnow. FEC. In Speechnow. Court of Appeals for the D. C. Circuit held that PACs that did not make contributions to candidates, parties, or other PACs could accept unlimited contributions from individuals, unions, and corporations both for profit and not for profit for the purpose of making independent expenditures. The result of the Citizens United and Speech. Now. org decisions was the rise of a new type of political action committee in 2. PAC. 2. 0 In an open meeting on July 2. FEC approved two Advisory Opinions to modify FEC policy in accordance with the legal decisions. 2. These Advisory Opinions were issued in response to requests from two existing PACs, Club for Growth, and Commonsense Ten, which later became Senate Majority PAC. The opinions gave a sample wording letter which all Super PACs must submit to qualify for the deregulated status, and such letters continue to be used by Super PACs up to the present date. FEC Chairman Steven T. Walther dissented on both opinions and issued a statement giving his thoughts. In the statement, Walther stated There are provisions of the Act and Commission regulations not addressed by the court in Speech. Now that continue to prohibit Commonsense Ten from soliciting or accepting contributions from political committees in excess of 5,0. The term Super PAC was coined by reporter Eliza Newlin Carney. 2. According to Politico, Carney, a staff writer covering lobbying and influence for CQ Roll Call, made the first identifiable, published reference to super PAC as its known today while working at National Journal, writing on June 2. Workers Voices, that it was a kind of super PAC that could become increasingly popular in the post Citizens United world. 2. According to FEC advisories, Super PACs are not allowed to coordinate directly with candidates or political parties. This restriction is intended to prevent them from operating campaigns that complement or parallel those of the candidates they support or engaging in negotiations that could result in quid pro quo bargaining between donors to the PAC and the candidate or officeholder. However, it is legal for candidates and Super PAC managers to discuss campaign strategy and tactics through the media. 2. Super PACs may support particular candidacies. In the 2. 01. 2 presidential election, Super PACs played a major role, spending more than the candidates election campaigns in the Republican primaries. 2. As of early April 2. Restore Our Futurea Super PAC usually described as having been created to help Mitt Romneys presidential campaignhad spent 4. Winning Our Future a proNewt Gingrich group spent 1. Some Super PACs are run or advised by a candidates former staff or associates. 2. In the 2. 01. 2 election campaign, most of the money given to super PACs came from wealthy individuals, not corporations. 2. According to data from the Center for Responsive Politics, the top 1. PAC donors in 2. 01. Super PACs was donated by publicly traded corporations. 3. Super PACs have been criticized for relying heavily on negative ads. 3. As of February 2. Center for Responsive Politics, 3. Super PACs had received 9. This means early in the 2.
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