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Despite repeated legislative attempts to regulate campaign finance, approximately $14 billion was spent during the 2020 presidential and congressional elections – double the 2016 figure.
Current regulations set maximum individual donation limits of $2,700 to candidates and $5,000 to political parties per election cycle. Funding directly to candidates is called ‘hard money’. Organisations such as unions, businesses and pressure groups must set up a political action committee (PAC) if they want to donate up to $5,000 directly to a candidate.
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