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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.
Two key issues were addressed in the McCain-Feingold Bill, which is formally known as the Bipartisan Campaign Reform Act of 2002.The first was âsoft moneyâ contributions, money that comes from organizations and groups, rather than political campaigns and parties.wo key issues were addressed in the McCain-Feingold Bill, which is formally known as the Bipartisan Campaign Reform Act of 2002.