meaning of Bipartisan Campaign Reform Act of 2002

Bipartisan Campaign Reform Act of 2002 meaning in Insurance Dictionary

A federal legislation better known since the McCain-Feingold Act, controlling the financing of governmental campaigns. Under this legislation, corporations cannot make direct efforts (in other words., in "name" regarding the corporation) to governmental prospects or functions regarding the federal elections. However, corporations may establish "political activity committees" (PACs), that are permitted to raise voluntary efforts from a "restricted" course of individuals, such as for example executive and managerial workers, stockholders, and their loved ones. Directors and officials of corporations have actually exposure to responsibility for violating the McCain-Feingold Act, caused by the company's campaign funding tasks.