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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.
The stated purpose of McCain-Feingold was to purge politics of corruption by: (a) putting restrictions on paid advertising during the weeks just prior to political elections, and (b) tightly regulating the amount of money that political parties and candidates could accept from donors.