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Bipartisan Campaign Reform Act of 2002

A federal law better known as the McCain-Feingold Act, regulating the financing of political campaigns. Under this law, corporations may not make direct contributions (i.e., in the "name" of the corporation) to political candidates or parties in connection with federal elections. However, corporations may establish "political action committees" (PACs), which are permitted to raise voluntary contributions from a "restricted" class of individuals, such as executive and managerial employees, stockholders, and their families. Directors and officers of corporations have exposure to liability for violating the McCain-Feingold Act, resulting from the corporation's campaign financing activities.

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