McCain and Palin Utilize the Presidential Election Campaign Fund
September 9, 2008
Yesterday the McCain – Palin campaign was approved to receive $84.1 million in public funding from the Federal Election Commission’s Presidential Election Campaign Fund (PECF). In doing so, they forfeit the right to raise money through private donations. Obama announced in June that his campaign would not receive public funding, relying instead on its ability to raise money privately. He is the first presidential candidate to decline public funding since the program was created in 1974.
According to the Federal Election Commission, the PECF is “an effort to reduce the role of large private contributions in Presidential elections.” We have written previously about the Presidential Election Campaign Fund here. An overview of the program is available from the FEC.