In 1975, Congress established FEC to administer and enforce the Federal Election Campaign Act—the statute that governs the financing of federal elections. To carry out this role, FEC discloses campaign finance information; enforces provisions of the law, such as limits and prohibitions on contributions; and oversees the public funding of presidential elections.
Source: ELECTIONS: The Nation’s Evolving Election System as Reflected in the November 2004 General Election, U.S. Government Accountability Office, https://www.gao.gov/assets/160/157713.pdf