Money spent on issue advocacy does not need to be publicly disclosed. Express Advocacy Express advocacy describes communication whose purpose is to elect or defeat a candidate for office. Money raised for express advocacy communications is subject to limits and regulation by the Federal Election Commission. All campaign committees and PACs engaging in express advocacy campaigns must be registered with the FEC and all funds raised and spent must be reported. Hard and Soft Money Hard and soft money describe the two types of funds raised by political parties.
Hard money is intended for express advocacy activity on behalf of candidates.
Corporations and unions may contribute soft money to parties in unlimited amounts, but cannot contribute hard money. Because issue advocacy activity does not constitute election activity, under current law, soft money may be used on issue advocacy advertising campaigns. An independent expenditure is distinct from issue advocacy. An independent expenditure is an express advocacy communication, calling for the election or defeat of a candidate, but which is done without consultation or coordination with the candidate's campaign committee. Organizations that do not have affiliated political action committees and are not registered with the Federal Election Commission cannot run independent expenditure campaigns, because they are not legally able to engage in election activity.