Anthony Corrado

This book provides a detailed analysis of the role of political action committees (PACs) in the presidential selection process and describes how candidates succeeded in their quest by using precandidacy PACs as shadow campaign organizations.

Ronald Reagan started it, back in 1977. George Bush perfected the art in 1988. In the 1980s and 1990s, Democrats as well as Republicans running for president (or thinking of doing so), have followed Reagan's lead in establishing precandidacy PACs as a way of raising more money faster, without the regulatory rigors laid down by Congress and the Federal Election Commission. Marshalling years of experience on the campaign trail, Anthony Corrado has documented for the first time the fundraising and spending patterns of presidential candidates who feel forced to circumvent the system in order to amass enough funds to mount a contemporary presidential campaign. He shows how a variety of factors—contribution limits, the delegate selection process, expenditure ceilings, and costly campaign strategies—have combined to push candidates to establish PACs to raise and spend money on campaign activities well in advance of an official declaration to run. These lofty-sounding organizations—such as Bush's "Fund for America's Future" and Gephardt's "Effective Government Committee"—operate as "shadow campaigns" throughout the nomination process and often live on beyond the candidate's formal bid for office. The year 1992 is a special case in presidential election year history because of the strong Bush incumbency, a reluctant Democratic challenge, and a series of foreign policy crises. Corrado explains why precandidacy PACs persist and how they are likely to grow (in number and clout) if an array of bold new reform measures is not implemented prior to the next open presidential election in 1996. After showing how the Federal Election Campaign Act not only permits but in fact inspires presidential candidates to break the laws governing campaign finance, Corrado points out how, ironically, less regulation may yield greater compliance and a more effective nomination process in the 1990s and beyond.

"The New Campaign Finance Sourcebook has been integrated with the award-winning and frequently visited Brookings website to provide a timely, interactive tool for policymakers, journalists, and scholars. Four of the country's leading experts on campaign finance reform have contributed original essays on important facets of finance law and administration. The essays are accompanied by a list of corresponding documents available on the website. The book offers a thorough overview and analysis of this highly controversial issue, including the history of campaign finance regulation and the current state of the law, current practices and trends in the flow of money, the constitutional debate, the use of political party money, issue advocacy, public financing of presidential elections, implementing and enforcing campaign finance laws, and campaigning on the internet. The authors conclude with a broad overview of alternative approaches to reform. The related website (www.brookings.edu/campaignfinance) features sidebars that correspond to the book's chapters as well as associated documents. The site is frequently updated with recent developments in campaign finance regulation and analyses of current court cases and administrative decisions. There are also links to advisory opinions from the Federal Elections Commission, nonprofit organizations that study reform, and related publications-."