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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.
Legislative Background. The Bipartisan Campaign Reform Act (BCRA) is the result of two different proposed bills to amend the Federal Election Campaign Act (1971), which regulates political campaign financing. The first bill was proposed by Senators John McCain and Russ Feingold.he Bipartisan Campaign Reform Act of 2002, nicknamed the McCain-Feingold Act after two of its Senate sponsors, sets limits on campaign financing available, restricts the types of political advertising aired prior to an election, and requires greater fiscal transparency for political donations. Other People Are Reading.