Final answer:
Public funding for U.S. presidential campaigns has been in existence since the amendments to the Federal Election Campaign Act in 1974, establishing the FEC and setting financial regulations to ensure fair competition among candidates.
Step-by-step explanation:
The system of public funding for presidential campaigns has been a part of the United States political landscape since the passing of the Federal Election Campaign Act (FECA) in the early 1970s, specifically with amendments in 1974. These reforms were a response to the campaign finance scandals and issues of the time, creating the Federal Election Commission (FEC) and requiring disclosure of campaign finances, as well as setting limits on contributions. Public funding for presidential campaigns was introduced as an attempt to reduce the influence of private contributions on the electoral process, ensuring candidates could compete fairly without relying excessively on large donations. The Supreme Court's involvement, particularly in Buckley v. Valeo (1976), shaped how these campaign finance laws would be applied and even restricted, emphasizing on the balance between regulation and First Amendment rights. Despite these efforts, candidates, including President Barack Obama in 2008, have at times decided to forgo public funding in favor of raising more money without the imposed spending limits. Meanwhile, the Bipartisan Campaign Reform Act of 2002, also known as the McCain-Feingold Act, was another significant piece of legislation attempting to curb the influence of 'soft money' in politics.