Final answer:
The 1973 campaign finance reform law led to the growth of Political Action Committees (PACs), as the Federal Election Campaign Act allowed corporations and unions to form PACs to fund and contribute to federal electoral campaigns within regulatory limits.
Step-by-step explanation:
The passage of the campaign finance reform law in 1973 led to the rapid growth in Political Action Committees (PACs). The Federal Election Campaign Act (FECA) of 1971 and its subsequent amendments, including those in 1974, created the framework for PACs. These amendments allowed corporations and unions to form these committees for the purpose of fundraising and contributing to federal electoral candidates. With rules on how these organizations could contribute to campaigns, the establishment of the Federal Election Commission (FEC) to oversee this activity, and the evolving landscape of campaign finance law influenced by court decisions and subsequent legislations like the McCain-Feingold Act, PACs became a significant method for channeling organizational funds into politics. By enabling interest groups and other organizations to contribute to candidates, albeit within the regulatory confines set forth, the creation and growth of PACs provided a means to exert influence in the federal election process. The passage of the campaign finance reform law in 1973, commonly known as the Federal Election Campaign Act (FECA), led to the rapid growth of: c. PACs (Political Action Committees). The FECA introduced regulations on campaign contributions and expenditures, including the establishment of PACs. PACs are organizations that collect and distribute contributions to candidates, parties, or other political committees. They became a significant mechanism for individuals and groups to participate in the political process while adhering to the new campaign finance regulations.