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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.
Senator Russ Feingold (D-WI) and Senator John McCain (R-AZ) introduced legislation of a limited version of the line-item veto. This bill would give the president the power to withdraw earmarks in new bills by sending the bill back to Congress minus the line-item vetoed earmark.ill Clinton echoed the request in his State of the Union address in 1995. Congress attempted to grant this power to the president by the Line Item Veto Act of 1996 to control  pork barrel spending , but in 1998 the US Supreme Court ruled the act to be unconstitutional in a 6-3 decision in Clinton v. City of New York.