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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.
A MoveOn.org Political Action ad plays the partisan blame game with the economic crisis, charging that John McCainâs friend and former economic adviser Phil Gramm âstripped safeguards that would have protected us.â The claim is bogus. Grammâs legislation had broad bipartisan support and was signed into law by President Clinton. Moreover, the bill had nothing to do with causing the crisis, and economists â not to mention President Clinton â praise it for having softened the crisis. A McCain-Palin ad, in turn, blames Democrats for the mess.