Final answer:
The Federal Election Campaign Act of 1974 established limits on contributions to candidates, created the FEC to enforce campaign finance laws, and regulated campaign spending, but it did not implement term limits for members of Congress.
Step-by-step explanation:
The Federal Election Campaign Act of 1974 did several things to regulate campaign finance and contributions: it established limits on contributions to candidates (A), created the Federal Election Commission (FEC) to oversee and enforce campaign finance laws (B), and regulated campaign spending (C). However, it did not implement term limits for members of Congress (D), which is the correct answer to the question about what the Act did not do.
While the Act set forth important guidelines for financial practices in campaigns, later rulings, such as Buckley v. Valeo, challenged parts of the Act. The Supreme Court held that certain expenditure limits violated the First Amendment, though it allowed contribution restrictions to stand. Subsequent reforms, like the McCain-Feingold Act, targeted other campaign finance issues, such as soft money contributions to parties.