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Soft loans are usually provided by governments to projects they think are worthwhile. The World Bank and other development institutions provide soft loans to developing countries. This contrasts with a hard loan , which has to be paid back in an agreed hard currency, usually of a country with a stable, robust economy.
Both the Republican and Democratic parties nonetheless used this money to support their candidates, and money donated to parties became known as soft money. [4] In 1992, President George H. W. Bush vetoed a bill passed by the Democratic Congress that would have, among other things, restricted the use of soft money. [5]
In a series of advisory opinions between 1977 and 1995, the FEC ruled that political parties could fund "mixed-purpose" activities—including get-out-the-vote drives and generic party advertising—in part with soft money, and that parties could also use soft money to defray the costs of "legislative advocacy media advertisements," even if the ...
The BCRA was a mixed bag for those who wanted to remove big money from politics. It eliminated all soft money donations to the national party committees, but it also doubled the contribution limit of hard money, from $1,000 to $2,000 per election cycle, with a built-in increase for inflation. In addition, the bill aimed to curtail ads by non ...
Later, this money was used for candidate-related issue ads, which led to a substantial increase in soft money contributions and expenditures in elections. This in turn led to passage of the Bipartisan Campaign Reform Act of 2002 ("BCRA"), effective on January 1, 2003, which banned soft money expenditure by parties. Some of the legal limits on ...
Its key provisions were 1) a ban on unrestricted ("soft money") donations made directly to political parties (often by corporations, unions, or wealthy individuals) and on the solicitation of those donations by elected officials; 2) limits on the advertising that unions, corporations, and non-profit organizations can engage in up to 60 days ...
Justice Kennedy later explained how "all of us are concerned with money in politics". However, he was shocked that "the government of the United States ... argued before the Supreme Court ... that if there was an upcoming political campaign ... and a book was being published ... and it was critical of a candidate, that [the government] could ...
Because of individual federal campaign contribution limits in the wake of the Bipartisan Campaign Reform Act (McCain-Feingold), pay-to-play payments of "soft money" (money not contributed directly to candidate campaigns and that does not "expressly advocate" election or defeat of a candidate) donations to state parties and county committees ...