After the Watergate scandal and President Richard Nixon’s resignation, Congress attempts to weed out corruption in political campaigns by amending the Federal Election Campaign Act. Among other things, the law establishes the Federal Elections Commission as an independent regulatory agency with the responsibility of administering campaign finance laws affecting federal elections and overseeing public funding of presidential elections. The amendments impose strict limits on the amount of money an individual can contribute to a single campaign and requires reporting of contributions above a certain amount.