Fifty years after Richard Nixon's resignation amid the Watergate scandal, campaign finance in the United States has regressed to pre-Watergate levels, with ultra-wealthy donors and secret spending dominating elections. The scandal, which involved a secret slush fund of corporate and wealthy donations financing dirty tricks and a cover-up, prompted landmark reforms in the 1970s to increase transparency and limit big money's influence.
Today, lightly regulated Super PACs allow unlimited contributions, while 'dark money' from undisclosed donors flows through non-profits and shell companies. In the 2022 midterms, the top 100 individual donors spent over $1.2 billion, mostly through Super PACs, dwarfing small donations. Billionaires with anti-democratic views and extensive government business are poised to pour vast sums into the 2024 presidential race.
Polls show 80% of Americans believe major donors have too much influence, and nearly two-thirds want Congress to act. However, the Supreme Court's 2010 Citizens United decision and subsequent rulings have removed key spending limits, while the Federal Election Commission remains deadlocked and ineffective. Campaign finance laws have not been updated to address digital fundraising and coordination loopholes.
Reform advocates point to the Freedom to Vote Act, a broad democracy package that would curb Super PACs, dark money, and strengthen enforcement. The bill came within a few votes of passing in 2022, and leaders have vowed to reintroduce it. Without action, the system risks further eroding public trust in democratic institutions.
