What did the Federal Election Campaign Act of 1974 establish?

The Federal Election Campaign Act of 1974 established the Federal Election Commission (FEC), which was created to regulate campaign financing and ensure transparency in electoral processes. One of the key features of this law was the introduction of public financing for federal elections, allowing candidates to receive government funds for their campaigns under certain conditions. This aimed to reduce the influence of private money in politics and promote fair competition among candidates. By establishing the FEC, the act put mechanisms in place to oversee the contribution limits and to enhance accountability regarding campaign financial practices, making it a significant reform in the landscape of electoral politics.