Prior to BCRA, political party committees could accept unlimited contributions outside the purview of the FEC provided the funds were used for “party building activities”. These activities were defined to include things such as physical buildings, “Get Out the Vote” projects or voter registration efforts. Soft money could not be used to directly support federal candidates.
Soft money could come from individuals, corporations, unions, and organizations. Because soft money fell outside the purview there were no “contribution” limits on the amount or source[1].
Soft money was controversial because it can be incredibly difficult to distinguish between money used for supporting federal candidates and party building activity. A voter registration drive or buttons that say “Vote Democratic” could be funded with soft money in the district of a highly competitive congressional race, benefiting that district’s candidate without using express advocacy or scarce hard money.
Modern references to soft money may refer to Super PACs and 501(c)(4)s which can accept unlimited contributions from individuals, corporations, and unions but cannot contribute directly to candidates.
[1] Corrado, Anthony. The New Campaign Finance Sourcebook. Washington, D.C.: Brookings Institution, 2005. Print. P. 65
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