Definition: The Presidential Election Campaign Fund (PECF) is an attempt to publicly fund federal elections elections. It is funded by a voluntary check-off that appears on US income tax return forms as the question: "Do you want $3 of your federal tax to go to the Presidential Election Campaign Fund?"
The fund was implemented by Congress in 1973. Democratic and Republican nominees (assuming that they receive at least 25% of the national vote in the prior election cycle) receive a fixed amount; third party candidates may qualify for funding (less than the big two) if the party received more than five percent of the national vote in the prior election cycle.
The two national parties also receive funds to defray the cost of their national conventions; in 2008, that was $16.8 million each.
By accepting PECF money, a candidate is limited in how much money can be raised in large contributions from individuals and organizations in the primary run. In the general election race, after the conventions, candidates accepting public financing can raise funds only for general election legal and accounting compliance
The Presidential Election Campaign Fund is administered by the Federal Election Commission (FEC).
The fund was implemented by Congress in 1973. Democratic and Republican nominees (assuming that they receive at least 25% of the national vote in the prior election cycle) receive a fixed amount; third party candidates may qualify for funding (less than the big two) if the party received more than five percent of the national vote in the prior election cycle.
The two national parties also receive funds to defray the cost of their national conventions; in 2008, that was $16.8 million each.
By accepting PECF money, a candidate is limited in how much money can be raised in large contributions from individuals and organizations in the primary run. In the general election race, after the conventions, candidates accepting public financing can raise funds only for general election legal and accounting compliance
The Presidential Election Campaign Fund is administered by the Federal Election Commission (FEC).
Also Known As: public financing