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by Kathy Gill. Updated May 03, 2017. The McCain-Feingold Act is one of the several federal laws that regulates the financing of political campaigns. It is named after its chief sponsors, Republican U.S. Sen. John McCain of Arizona and Democratic U.S. Sen. Russell Feingold of Wisconsin.
In its 2010 case Citizens United v. FEC, the Supreme Court of the United States overturned sections of the Campaign Reform Act of 2002 (also known as the McCain-Feingold Act) that had prohibited corporate and union political independent expenditures in political campaigns.ederal multi-candidate PACs may contribute to candidates as follows: 1  $5,000 to a candidate or candidate committee for each election (primary and general elections count as separate elections); 2  $15,000 to a political party per year; and. 3  $5,000 to another PAC per year.