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The Watergate scandal was a major political scandal in the United States involving the administration of President Richard Nixon which began in 1972 and ultimately led to Nixon's resignation in 1974.
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation. [1] [2]
Buckley v. Valeo, 424 U.S. 1 (1976), was a landmark decision of the US Supreme Court on campaign finance.A majority of justices held that, as provided by section 608 of the Federal Election Campaign Act of 1971, limits on election expenditures are unconstitutional.
The new “Watergate babies” undid the seniority system that had governed Congress, opened up the candidate nomination process, and brought into the open previously back-room decision making.
Campaign finance laws in the United States have been a contentious political issue since the early days of the union. The most recent major federal law affecting campaign finance was the Bipartisan Campaign Reform Act (BCRA) of 2002, also known as "McCain-Feingold".
Over the decades it has risen much faster. Jane Mayer notes that in 1972 a $2 million dollar political donation by an insurance magnate (by W. Clement Stone to Richard M. Nixon) in 1972 "caused public outrage and contributed to a movement that produced the post-Watergate reforms in campaign financing".
The phrase Follow the money was mentioned by Henry E. Peterson at the 1974 Senate Judiciary Committee hearings as Earl J. Silbert was nominated to U.S. Attorney. [3] A 1975 book by Clive Borrell and Brian Cashinella, Crime in Britain Today, also uses the phrase.
The greatest scandal in American political history has its roots in room 214 of The Watergate Hotel in Washington, D.C. The famed room still exists and can be booked for overnight stays for an ...