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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.
Of the dozen plus laws governing campaign finance that were passed in the last century, the two that define today's system are the creation of the Federal Election Commission (FEC) in 1974 and the McCain-Feingold Act of 2002.